WAR DEBTS

Hokitika Guardian, 18 December 1931, Page 5

WAR DEBTS

HOOVER POLICY. (United Press Association.—By Electric Telegraph.—Copyright.) LONDON, December 16. A strongly worded denunciation was made to-day, of the charges made on Tuesday by Representative MeFadden (Republican, Pennsylvania), that Mr Hoover had deceived !lio American people to aid the German people. Representative Bfedy (Republican, (Maine), called Mr AlcFadden’s statement unquestionably a falsehood. Th(j Democrats were prompt to point .out that the, charges against >n: President did not- com from their side. The debate broke out shortly after •Undier-Secrhtary (Mills, (of- the. Treasury, told the Senate Finance Committee, that failure to ratify the moratorium would do irretrievable damage to Ithe country. . Air Mills warned them «that any deviation by the country from the moral principles involved might be taken by other countries as an excuse for default in payment of their debts.

FURTHER CONTROVERSY N

CONCESSION CRITICISED

WASHINGTON, December 16

Wilile Mr AlcFadden’s attack on IPrenident Hoover is expected to have ‘domestic political repercussions, the Moratorium Resolution to-day moved toward, apparently, a sure and swift passage through the House of Repre-* sentatives before (the week-end recess, and this despite opposition by other Congressmen, who spoke against the measure before the Ways and Means Committee.

An authentic note of broad, inter'national policy, however, 'was introduced irtto the day’s proceedings by Mr Stirnson (Secretary of State), who, jn a format' statement, disclosed the text of a letter from President Yon Hindenberg to President Hoover sent on June 20th,' and also issued a warning that a financial ''disaster to Germany would ybe -extremely dangerous to the United States. He said it was a mistaken idea that the Ameri-j can people alone, had made any sacri-. 'fices in the inter-Govei'nmental debt suspensions. The United Stages contributions totalled two hundred and fifty millions ; France’s contributions amounted to one hundred and ten millions, and Britain’s to fifty-five mil-J-’ons. It was apparent, therefore, he said, that, the sacrifices, on,a population basis, were greater on the part of the other nations.

The ■ Senate Finance Committee heard Under-Secretary Mill's 'on the (Moratorium question. He pointed out that these debts were really moral obligations, and that they could not be collected with a Sheriff’s aid, or that of an army. They must be 'considered on the basis of the debtor’s condition.

The Senate Finance Committee toTttorrow will question Mr 'Mitchell, the President of the National City Bank, and Mr Lamont, of . the Pierpont Morgan Company, concerning the foreign securities held in the United States, and their bearing the debts and the moratorium .