DEBT FUNDING BILL.

Shannon News, 9 February 1923, Page 4

DEBT FUNDING BILL.

IXS ACCEPTANCE URGED BY PRESIDENT. VALIDITY OF THE CONTRACT. T' (Received Thursday, 7 p.m.) WASHINGTON, Feb. 7. President Harding- addressed the joint session of Congress and presented the Debt Agreement, which he characterised as the first clearing of warclouded skies in a debt-buidened world The President prefaced his remarks'by quoting tlie, sion’s statement, and declared that the settlement, in effect, was a piignt against war'and war expenditures, and rigid adherence to that production and ‘ retrenchment which en- ■ hances stability, precisely as it discharges obligations, president Haiding said: “I note that the Commission says settlement is on' a basis fair .and just to both Governments. It is a business settlement, fully preserving the sincere commitment of one great nation to validate its financial pledge® and discharge, its obligations m the highest sense of financial honour. The President asked for the speedy

approval of 'the settlement, warning Congress against spending the nionej to be paid by Britain an a soldiers bonus or oilier projects, pointipfe 1 ou that the debt payments were already pledged to repayment of investors m American Liberty bonds. The President denounced the cancellation of war debtsc as a fancied but fallacious contribution toward peace, and expressed, gratification aver the almost unanimous, approval ot tne press and public of the British settlement, declaring it meant vastly than the mere funding and ultimate discharge of the largest international, loan ever contracted. It was the iecommitment of the English-speaking world to the validity of contract. The failure of the British undertaking would have spread political and economic, discouragement throughout the world and general repudiation would most likely have followed m its wake, but here she had kept faith willmglj, and the covenant of peace was no less effective than it would have been if joint British and American opposition to war were agreed on. , , It was tne element ot financial and economic stabilisation when the world was sadly needing a reminder of the ways of peace. It was an example encouragement and an inspiratioi when the world was staggering under discouragement, bowed with the sorrows of wars which humanity was praying might in future be avoided The' President declared that if a debtor nation could approach the question in such a spirit as Britain had showed, the United States should meet it in the same spirit aad re£ approve with, a-promptness that would convey fitting appreciation. Tlie President also urged passage of the. Ship Subsidy Bill, declaring that Congress had time to dispose ot both its debts, even allowing for much debate. He said both measures were, inseparably related to the cftUatl .y ® good fortunes' at. home and m the high places in the world. Senator Smoot introduced the Bill in the Senate, carrying out the teims or the. Debt Setlement, submitted Id President Harding. The Bill.also authorises a. settlement with other countries on the same basis, subject to, the President’s approval. ‘ . ( DEMOCRATS WANT TO KNOW. I NO REAL OPPOSITION LIKELY. ! i •' ■ —i ' (Received Thursday, 8.5 p.m.) j ' NEW YORK. Feb. 7. .! The'-New York Times” Washington correspondent says the Debtßi ll { has been referred to the Hoftse Waj s I and Means Committee, where the De- { mocrats intend to call members of the American Debt Commission for the hearings, which the Democrats, hope to prolong as long as. possible, De. mocrats have declared they want to know whether the American Commission took the initiative in suggesting the terms. It is not expected, however, l there wiil lie any real opposition to tne Bill’s passage, either through the I House, or the Senate, though there * may be some quibbling concerning tne 1 form of the measure.