EUROPEAN ALLIES UNITED.
There seems to _be little doubt that both as regards German Reparations and their own inter-governmental debts the European Allies were able some months ago to reach a common understanding and I think there is little doubt that the administration in the United States has for some time past perceived that along the lines of drastic revision, if not of cancellation of War Debfs, was to be found the only hope of an early recovery from world depression.
But—and it is a big " but "—whatever may have been the desire of the administration at Washington, President Hoover and his administration were powerless to make the slightest concession with regard to the December payment without the approval of Congress, and while much might be said concerning the regrettable atti- tude of 99 per cent, of the members of Congress on this problem of War Debts, it is only fair to say that for the moment their views probably express those of the greater part of the American people, which, unlike its administration, has but the famtest conception of just what is involved in the problem of War Debts. And what is true of America is true to a certain extent of France where, in spite of the statesmanlike attitude adopted by M. Herriot, that attitude was met by vehement and passionate opposition in the French Chamber. In this country, too, although public opinion on matters connected with international finance is undoubtedly more enlightened than it is in most other countries, considerable vehemence has been shown in many directions concerning this War Debt controversy.
Previous page