THE HOOVER PLAN. ,

Waikato Times, Volume 110, Issue 18392, 28 July 1931, Page 9

THE HOOVER PLAN. ,

WAR DEBT MORATORIUM. OPINION IN UNITED STATES. Expressions of opinion by members of the United States Senate Committee on Foreign Relations on President Hoover’s plan for a year’s suspension of war debt, payments have been received by the New York Times . as follows: — I favour a moratorium for reparations and debts for one year. If within that, time armaments are drastically reduced and reparations readjusted a great recovery would follow. If not, any further extension would he of little or no benefit. — WILLIAM E. BORAH. Strong Initiative. President Hoover’s strong Initiative to aid Germany in the prcsoit critical situation of Europe and of world trade and finance is entitled to the fullest support. It Is one of tin! most important aeliuns of Ills administration and will have prompt results, first psychological and then In delluile action. The .situation In Germany is undeniably critical, as it is ill AusD.a also. Suspension id’ reparations pavmeuls for a year will afford immediate j relief to llnanelal tension. Not only i does tills involve a corresponding sim- ! pension of payments by Germany In ; me United Stales, but, of course, by i tlie creditors of Germany. 11 does not

i Involve any change of American poll cy concerning allied war debts to this nation, Sentiment in this country his not altered a particle in holding the debtor Governments to the terms if settlement already made. If the military Governments of Europe consent next February to genuine armament reduction the United States may well afford to modify the debt settlement. Jt should not consent to any modiiloation so long as any debt reduction would merely be added to European militarism. A moratorium first to Germany in tier reparations payments and incidentally to her creditors is an altogether different matter, and 1 am heartily In sympathy with such action. —ARTHUR CAPPER. Tho Plan Orltlcised. Before tho Hoover-Grundy Tariff Bill our trado was iO per cent, foreign and !)0 per cent, domestic. Mr Hoover’s plans, about which you make inquiry, seem to contemplate a gift to European customers In order to increase their purchasing power of Americans who buy DO per cent, of our manufactured goods. No plan lie has offered will put six million unemployed American citizens to work. It will not shorten next winter’s bread line. It will not revive a languishing Industry nor give life and hope to impoverished agriculture. Our crisis is not In Europe; it, is in America.— HUGH L. BLACK.