U.S.A. OPINION

Hokitika Guardian, 5 December 1932, Page 5

U.S.A. OPINION

ON DEBT QUESTION

CONSIDERATION OF NOTE URGED

(United Press Association —3y Electric Telegraph—Copyright.)

WASHINGTON, December 4

, President Hoover’s , Cabinet was busy throughout the day discussing the situation.

No statement was made other than an intimation that neither the British nor French note might be officially answered'.

Moan white, it "is persistently rumoured that several Senators, presumably leading Democrats, are formulating a long-range pifigramme ;envisag>ng the settling of all of the debts.' A fixed cash amount is tentatively mentioned of one billion dollars to be finalised by an international loan ; also the granting to th e United States of concessions ; and substantial reductions *n the European armaments. It is understood that- high Government officials are greatly concerned, as to the effect on world trade of further currency depreciation. They are studying this angle intensively. Commenting on th e British debt note the ’Journal of Commends” to-day said: “Now our best customer is not engaged in making threats. They! are not '■ trying needlessly to alarm the numerous exporting groups whose sales 'abroad will be curtailed in proportion' as the pound depreciates. They are only setting forth certain obvious facts which it is perilous for the people of the United States to ignore.” The “Herald Tribune” says: “The (British notie conveys a sense of danger which not ©ven the most suspicious citizen: from Missouri could miss. Any easing of >the December task that is feasible should certaDily be granted, but far larged find more vital is the problem of a final settlement. The interest of this nation in seeing the pound sterling restored to its old position, and Britain, our largest customer, share in the general return to prosperity, can hardly be over estimated.

The “Washington Star” (an independent paper) says : “It is plainly and patently incumbent upon the American people to suppress their prejudices an d weigh’ the British facts and figures, not only upon their . intrinsic merits, but, primarily, from the standpoints of what will be . best in : the long run for the United .States.” The “Birmingham' Age-Herald” (a Democrat paper) says: “The British note is, avowedly, an effort to reach the mind and heart of the American pubKc|, Am'erica’s love "for candour and its capacity for catching a point must respond to such a‘petition.”

_ The "San Francisco ChroMiele” (an independent Republican paper) says ; "Whatever the President may re' commend row or Mr Roosevelts proposition later, Congress has made up its mind and its answer is ‘No!’ Most American economists agree that th e British analysis is-correct, but no American Congressman will learn that by mere economic argument.” The “Boston Herald” ('Republican) gay a: ‘‘Tt* : is a notably comprehensive. TorthrfgUl an'd persuasive document, which those Americans who have hitherto neglected to study the involved questions of reparation's;' war debts and economic implications, would do well to read in its entirety.

OPINIONS ON THE CONTINENT

GERMANY, FRANCE AND ITALY

LONDON, December 3

Continental Views on the British note are summarised by the “Daily Telegraph” as follows: "France regards the note a< a frank appeal to the American Government’s sbnsp of realities, but she fears that the hint given of eventual payment will react unfavourably on France. It is admitted that if the British payments to America are resumed, Britain’s debtors are pledged to resume their contributions to Britain.

“The first impression in Itnlv re that, although the note says nothing new, it is a further step towards the treatment of the reparations, war debts and disarmament as one. problem, instead M tbrp e . problems. This hq* long been tht aim of Signor Mus'oUni. “Germany draws the para’lsl between the position of BMtain and France and that of Germany in former days. Tnofip i’ower g are 'described ar us. ing now the -same arguments that were eitiPioyed by the Reich against the fantastic reparations demands.

DEBT PAYMENT IN SILVER

SUGGESTION IN THE SENATE

WASHINGTON, December 3.

Several movements linked' with the re-monetisation of silver developed in the United States Senate on Saturday in connection with the war debt payments.

Mr Somers, the chairman of the House Coinage Committee, suggested that Britain bo allowed to pay her December payment in silver. ■ Senator Hayden, following up his suggestion that all of the war debt should be pa d in silver, and Senator Wheeler and others stated that they believed that the re-monetisation of silver wag essential for an economic recovery. Chairman Somers said that' the use of silver to pay' war debts'would increase its value, would raise commodity prices, aud would .he a key-to the

solution of all future depressions. He .added that insistence upon the British making the payment in gold, and the eongeeuent further depreciation of sterling “will harm the United States probably more then Britain.”