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Show War Debts Are Gone There are millions of people in the world today who still expect war debts to be paid. There are probably a few thousand intelligent intelli-gent and thinking people who realize re-alize that war debts, as calculated; at present, will never be paid thh, side of the day of judgement. Ihe postponement of the payment pay-ment of reparations this year, made at the suggestion of President Presi-dent Hoover, to prevent the economic eco-nomic collapst- ol Germany, demonstrates dem-onstrates that there is no possibility possi-bility of Germany ever completing the huge paymrnts scheduled under un-der the Young plan. Bear in mind that the Young plan was a reduction of the amount involved in the Dawes Plan, and the latter j was a considerable decrease of the amount expected under the settlement made in the Versailles Treaty. Even the victors in war are finding out that the modern warfare will be as costly to them as to the vanquished which is probably as well for he cause of peace. Even the relief of Germany, however, given by the postponement postpone-ment of payments for one year, was only made possible by the United States Government being willing to forego payments to it on the war debts for money loaned loan-ed its allies during the struggle. The ifction, long maintained by the American Government, that war debts and reparations were distinct, has finally been anban-doned anban-doned in a practice which realizes their inter-dependence. The nations na-tions of the wolrd depending on the payments of war debts may as well revise their financial policies poli-cies in the light of the impossibility impossibil-ity of their payment. Bankers of international prominence prom-inence agree that the postponement postpone-ment of payment by Germany this year is but the beginning of successive postponements and reductions. re-ductions. While the French will never consent willingly there are growing indications that both in America and England sentiment is leaning towards the viewpoint that partial cancellation and liberality in the matter of war debts is necessary nec-essary nd imperative for the reconstruction re-construction of nomal economic activity throuhout the world. There will be many Americans who will oppose any cancellation of the debts due us by European nations for money we loaned them during the War, largely because the American taxpayer will then have to pay the bond's which the American Government owes for the money thus loaned. Yet, it is well to realize that it is cheaper cheap-er and more satisfactory to act as the banker in a great war than to do more of the fighting. We shoulld. take a leaf from English history, for Britain acted as the paymaster of the coallition whic finally succeeded in destrovino-Napoleon. destrovino-Napoleon. For the English, that was cheaper than allowing the French to rule the world. |