THE AMERICAN DEBT.

New Zealand Listener, Volume 3, Issue 60, 16 August 1940, Page 24

THE AMERICAN DEBT.

Sir,-When Mr. Seymour has neither facts nor arguments to establish his case it may be natural, but is none the less regrettable, that he should’ descend to personal abuse and misrepresentation. He infers that I have called the Americans "Awful blackguards" and " Yankee robbers." Nevef have I used or suggested these abusive terms. But not even Mr. Seymour can pretend that the attitude and actions of the United States either in this or the last war possess any traces of heroism. Mr. Seymour claims that England had 1,000,000,000 dollars in gold at the outbreak of this war. That is equal to £ 200,000,000, and would not go very far towards the discharge of the American debt. But, anyhow, would Mr. Seymour himself have been foolish enough, and wicked enough, to part with that modest sum and leave England penniless to defend all that is left of liberty and civilisation in this stricken world? Now that the "three corners of the world" have come in arms will Mr. Seymour explain how we should shock them without having a feather to fly with? Even were I disposed to follow my opponent’s example there is no need for me to manufacture evidence against him, Here is an example of folly and falsity so perfect that it is difficult to believe that it is not deliberately misleading. He says: "Any schoolboy knows that the (Continued on next page)

_ (Continued from previous page) United States takes annually something like £50,000,000 worth of goods from Britain. Over the credits thus created Britain could exercise any control it chose." If this same schoolboy does not know that Britain buys from the United States vastly more than she sells there, and that these goods must be paid for pro tanto by the said credits, he should have the cane well and truly applied to his seat of learning. I may here remark that English trade debts to the United States have always been paid promptly and in full. It is only the war debt that is in default-the debt incurred in protecting the United States during her lengthy period of preparation. I repeat without fear of sensible contradiction that the American debt in common with all great international debts can be paid only in goods. Yet another misstatement by Mr. Seymour is his placing of England’s departure from the gold standard on an equality with the United States devalua-

tion of the dollar. England’s action was involuntary. She was pushed off gold by France and the United States. The devaluation of the dollar was voluntary, and deliberately injurious to her creditors. F Mr. Seymour claims that "The war issue depends’ for us on immediate American help." Then God help us! But if England should fail in her titanic struggle, then God help the United

States. It is abundantly evident that the future of the United States depends on England’s blood, brains, and fighting capacity. The gentle Hitler will not be content to stand idly by while an unarmed country has 18,000,000,000 dollars in gold and 4,000,000,000 dollars in silver conveniently placed in a hole in Kentucky. He would probably form the opinion that it was not to the benefit of the world that there should be such

a concentration and he would dictate a little letter to President Roosevelt that would produce the goods without the waste of fighting. The rest of Mr. Seymour’s letter consists of errors and abuse and is not worthy of reply-E. EARLE VAILE (Auckland). (This letter has been abridged. Mr. Seymour may, if he wishes, reply briefly before we close the correspondence.-Ed.)