DEMANDS PAY OF WAR INTEREST
Demands Pay of War Interest Interest DUe from Foreign Countries on Loans is $500,000,000 Annually. England Defaults on Interest. THE following is a statement of our war loans to foreign...
...That does not look to me like disarmament...
...Talk about our outstripping England in naval building by 1923...
...The Senator from New Jersey (Mr...
...President, our tax burdens are heavy...
...Condemns Battleship Rivalry London, Jan...
...7,095,132.60 $700,494,709.12 The Secretary of the Treasury having failed to collect this interest on Dec...
...and I have been informed that she has advanced Germany large sums with a like view...
...It is a subterfuge when they talk about disarmament, when the appropriations reach the enormous sums that are here shown...
...France, $400,000,000...
...The doctrine he propounds is that it is no longer possible for any nation to possess command of the seas...
...Speaking on this resolution he said: "This interest will amount, annually, to not less than $500,000,000...
...THE following is a statement of our war loans to foreign governments: Credits Countries: Established, Net Belgium $ 349,214,467.89 Cuba 10,000,000.00 Czacholovakia 67,329,041.10 France 3,147,974,777.24 Great Britain 4,277,000,000.00 Greece 48,236,629.05 Italy 1,666,260,179.72 Liberia 5,000,000.00 Roumania 25,000,000.00 Russia 187,729,750.00 Serbia 26,780,465.56 $9,710,525,310.56 Of the foregoing advances there have been repaid up to November 16, 1920, by— British Government $80,181,641.56 Roumanian Government 31,449,357.55 Roumanian Government 1,794,180.48 Serbian Government 605,326.34 Serbian Government 500,000.00 Cuban Government 10,000.00 Leaving a balance due the United Staes of $9,595,984,804.69 To the above must be added interest now over due as follows: Belgium $ 10,907,281.55 Cuba 1,136,865.47 Czeohoslovikia Republic 304,178.09 France 128,140,816.48 Great Britain 233,357,185.50 Greece 409,153.34 Italy 57,598,852.62 Liberia 161.10 Roumania 263,313.74 Russia 4,595,564.15 Serbia 636,059.14 $437,349,431.18 The interest due and unpaid is as follows: Total Oct...
...15, 1918, and half year ending April 15, 1919, and May 15, 1919...
...Fre-linghuysen) was talking a while ago about disarming...
...For the fiscal year ending March 31, 1920, she spent on her navy $765,586,080 and on her army the stupendous sum of $1,968,300,000, and yet she ignores her debt of $200,000,000 per year to us...
...Lord Rothermere wholly condemns British participation in big battleship rivalry with the United States and Japan because "they obviously are building against each other and not against us...
...She is spending an enormous sum in building and maintaining her merchant marine and building and maintaining her navy, and surely under such circumstances there can be no question about her ability and willingness to pay...
...and I will say that any nation that can spend $765,000,000 for a navy just after the war through which England has gone is able to pay the interest on her debts due us for the protection of her empire...
...The same is relatively true of France...
...18,1920 Belgium $ 25,339,095.40 Czechoslovakia 3,996,890.13 France 211,524,703.02 Great Britain 814,582,824.97 Italy 120,258,713.68 Liberia 1,618.85 Roumania 1,605,121.04 Russia 14,092,609.30 Serbia 1,998,000.73 $693,399,577.12 Add balance (in excess of special funds above mentioned) of interest accrued and remaining unpaid on Russian obligations for half year ending Nov...
...Furthermore, Lord Roth-eremere declares, "if the United States and Japan persist in pursuing antiquated forms of warfare that is no proof the capital ship will survive," and concludes that no nation henceforth will enjoy naval supremacy...
...Seven hundred and sixty-five million dollars for her navy last year and about $2,000,000,000 for her army...
...He urges that Great Britain cannot afford to spend any money on naval construction at present...
...Seven hundred and sixty-five million dollars for a navy...
...It has not been long since she advanced $50,000,000 to Argentina, of course, with a view of better commercial and trade relations with Argentina...
...I noticed in the papers yesterday that Lloyd-George was talking about disarmament...
...Serbs, Croats, and Slovenes, $25,000,000...
...9.—Viscount Rothermere, former secretary of state for the air forces, in an article today in the Sunday Pictorial, under the caption, "The Folly of the Big Battleship," submits a startling contention directly challenging the traditional basis of the British naval policy...
...I do not understand why these long term bonds have not been secured before...
...Lithuania, $4,000,000...
...How can it be thought of for a moment in view of these figures...
...In any event, an annual income from this source of $500,000...
...Again, it is claimed that these nations are not able to pay the interest...
...Mr...
...That information should be given to Congress...
...The law requires him to collect them...
...That is half as much again as America spent on her Navy during the present year...
...000 would iessen the tax burdens of the American people to a very great extent...
...Apparently he has made no efforts to collect interest on these obligations...
...If it were collected, we could raise the exemptions on incomes from $1,000 on single persons and $2,000 on married persons to $3,000 on single persons and $4,000 on married persons, and have a surplus of $300,000,000, or we could reduce the excess-profits tax nearly one-half, or we could remove all of the petty, annoying sales taxes and other small taxes that are trying upon the people and still have a surplus...
...It is not within his power to disregard the law and make an appeal to Congress to change it to accord to his views or to give him power to suspend it at will...
...to Czechoslovakia, $20,000,000...
...If he has made such efforts he does not say so in his report...
...These figures do not sound much like disarmament...
...15,1919 Countries Nov...
...Poland, $57,000,000...
...Lativia, $2,500,000...
...The Secretary of the Treasury should not be given authority to defer these payments...
...23,1920, Senator McKellar introduced a resolution in the U. S. Senate directing the Secretary to collect such interest...
...Russia, $406,000...
...Esthonia, $12,000,-000...
...That England is able to pay the interest her obligations there can be no doubt...
...Interest has been very generally paid on these sums according to the Secretary's reports...
...I call attention to the fact that after the war was over the United States sold surplus war supplies to Belgium, in round numbers, $27,000,000...
...Rou-mania, $12,000,000...
...That's a nasty pill, but we must swallow it," he says.— Washington Post...
...I surely do not understand why the Secretary of the Treasury has failed to collect interest on the loans...
...But on the war loans it has been suspended, indicating apparently that there is some belief on their part that it will not b collected...
...He does not state by what arrangements it was suspended, if any, or whether it was just a clear case of default...
...It is a most surprising thing that a great nation like England has defaulted on her interest for loans that have been made to protect her empire...
...We need this $500,000,000 per year...
...It is almost unbelievable that she had let her interest go by default...
...in all, $563,-000,000...
Vol. 13 • January 1921 • No. 1
