Word: debtors
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Last week the House of Representatives buckled down to work on the Hoover Moratorium. Behind it was a June promise to the President to ratify. Upon it were the anxious eyes of 15 debtor nations about to be relieved of paying the U. S. $246,000,000. Patriotism and prejudice, high motives and low manners marked its labors...
...American Government." The Lamont statement was widely accepted as a Wall Street accolade for President Hoover and the "hands off" policy he agreed upon with Premier Laval. What the President could not endorse in the Lamont article was a sound flaying of protective tariffs which prevent debtor nations from earning enough to repay their loans...
...read to them at the caucus. Therefore surprise was occasioned last week when the White House announced that when the year's moratorium in intergovernmental debts expires, the United States will not insist that European payments be resumed, except on the basis of the capacity of the debtor nations to pay. In return, the U. S. will expect thumping decreases in armaments from favored nations...
...Investors who buy foreign bonds appreciate what a fruitless remedy for breach of contract war is. Who is there if a man owes him money and cannot pay, finds profit in going out and killing the debtor...
...relations and the assurance that international payments to be made by Germany will not be such as to imperil the maintenance of her financial stability. . . The world has been endeavoring to pursue contradictory policies in developing a situation where annual payments of large sums have to be made by debtor to creditor countries, while at the same time putting obstacles in the way of the movement of goods with which to make such payments. Financial remedies are powerless to restore economic prosperity unless there is a radical change in this policy...