WAR DEBTS.

Thames Star, Volume LXII, Issue 17414, 31 August 1928, Page 6

WAR DEBTS.

ONE AMERICAN VIEW. BUT NOT THE POPULAR ONE! There is in the United States a society known as “The American Association Favouring Reconsideration of the War Debts.” The managing director, Alr Frederick W. Peabody, recently made a remarkable speech expounding the views of the Association. Mr Peabody’s reasons are: “Because the President pledged everything we have and are to the winning of the war. “Because *t became in every sense our war upon our declaration. “Because our leading official spokesmen all declared the Allies to be fighting our battles in our war and the advances to be required bv our interterests. “Because for 211 days (when we lost three men) we took no part in the fighting, didn’t fire p shot, didn’t lose a man, and for fifteen months the Allies held the Boche while we prepared. “Because from the outset we would

have given men freely, if we could, and should not regard our money as more precious than our men. "Because during that period all our

fighting was done for us by our al-

lies at a cost to them of ten times as many killed as we lost during the

war. one-third of them in the place

of American soldiers

“Because during that period the Allies reduced the kill'ng capacity of the enemy by a million and a half men, to our subsequent immeasurable benefit.

“Because by holding the front during the fifteen months' period of our preparation the Allies saved us from the catastrophe of fighting the Central Powers in France alone with a half-trained army, and from a disastrous punishment for our unpreparedness.

“Because all of our war advances

were to equip our allies to fight for as as well as themselves, and were ;ts purely a war cost as any other.

Because we have taken into ac-

count only our money spent for them and disregarded their blood spent for

‘Because if the lives lost by our al-

lies fighting our battles in our war could be capitalised, could be expressed in dollars and cents, we should be found to owe our war partners

many billions and above the total advanced them in cash. “Because the world despises us for

not having done it and a decent regard for the opinion of mankind compels it. “Because the well-being of America depends upon the goodwill of the nations of the earth, and we shall not have that goodwill until w e shall have treated our war partners with evenhanded jdstiee. “Because Americans should be able to look the world in the face without a blush. “Because the honour of our country is the most precious heritage of our chlidren, and elementary principles of honour imperatively require Governmental reconsideration of the war debts and the cancellation of every dollar of indebtedness based upon advances made for our benefit in the prosecution of our war and for our national security and defence.” <>

The Advisory Council of the Association includes the names of many

Americans famous in politics, the law and in business.