TO LIFT DEPRESSION

Dominion, Volume 26, Issue 97, 18 January 1933, Page 9

TO LIFT DEPRESSION

Chicago Attorney’s Plan FOUR-YEAR ARMS HOLIDAY Chicago, Jan. 16. Mr. Salmon P. Levinson, a Chicago attorney, who has participated in international negotiations on war debts, said to-day that he had evolved a plan to lift the fog of depression and that a country-wide movement in behalf of it had been launched. The suggestion is for a universal four-year armament holiday and a progressive reduction of arms during that period to a ratio of 50 per cent, of the present status, 'and at the end of the holiday a settlement qf European war debts to the United States on the basis of a billion and a quarter dollars. Mr. Levinson said that the plan had the support of Senators Borah. Vandenberg, La Follette. Glass, and Hastings. It provides for a payment of Europe’s five billion debt in four annual instalments of 312} million dollars each; savings to the United States war budget of 1400 million dollars through the four-year arms holiday, and n saving of 2400 million dollars for eight years thereafter through the 50 per cent, reduction in armaments, “thus making a total saving in twelve years of the full amount, of the present worth of the Allied debts.” Mr. Levinson proposed that the European nations also reduce their armaments by 50 per cent, by the end of the four-year holiday.