Newspapers / Wilmington Morning Star (Wilmington, … / Feb. 11, 1921, edition 1 / Page 7
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THE MORNING STAR, WILMINGTON, N. -C, FRID AY, FEBRUARY 11, 1921. ILjj " ji' j 'l ' J j Stilly AlUIl 3 Escaped Unscatlied ; And Will Visit You IT Regularly Every Morning ; ! ' ' . - . ' . K" . :i We-n.d linger Bakery Company- f ' QUALITY BAKERS " 1 N e x t D o o r T o L i be r t y Savings Bank fl ! i v . - - 'i Jib ' ' -. . . - ...... . . . V!':.; ! r. i MOiVLT LOANED OVERSEAS NEVER LEFT THIS NA TION Billions Advanced to Allies Stayed in America and Were Paid to American Manufacturers and Workmen for Supplies. Balance in Treasury Unpaid in TJiis Way Is 75 Millions Situation Not Entirely Grasped By DAVID LAWREX CB (Copyrijcht.'IDSl, by The Morning Star) WASHINGTON, Feb. 10. Congress and the treasury department have managed to misirhderstand each other fii the question of cancelling foreign debts and making further loans to Eu ropean governments. The treasury never had the remotest idea of 'can celling the present war debt, but the necessity of advancing, $75,000,000 more Is really the puzzling factor In the situation. Both the treasury and congress wean the same thing and probably nave the .same idea of -what consti tutes a "commitment" to ' advance money, hut the testimony thus far taken Indicates that all Is not clear "n the question of " making further loans. The tangle can all be set down as he result of bookkeeping and unad justed contracts growing out of the JY'ar- Many people have the idea that the treasury department loaned money outright to the allies during the, war. was not the case. America Such Promised to advance large sums of mney, but to pay out cash as It was actually needed. The understanding, moreover., was that the allies would Purchase mjst of their goods In the Ln'ted States. Thus the allies got many pi I Ml on s of dollars from the treasury which never went to Europe, f'' t went directly 40 American manu ta'turers and their workmen. In ransartlons with the allies amount '"? to ten billions of dollars!, some tnms; like 7,5 millions, a relatively mall sum, hangs over as . unpaid by n treasury, it is not a new lndebt iness. Strictly speaking, if the "ooKkeeperg 0f our war department " '1 the bookkeepers of the European F-vernments could have balanced their v on the day after the armistice, "h millions would have then been iaia and America's promise would have, te?n kept. - After-Wnr C4Mtfnion , ,ut delayed negotiations over ; war tracts and a thousand and one "er tangles which have arisen since !'"ut the war credits have made- it "Possible to tell just how" much noney n,U8t be p&ld QuL Jt win not u - in excess of 75 million dollars, th -w ,lf Seator Reed's bill should go tri-I"0 ' and il may Pae unless con-i pith8 and the treasu"y get closer to vn 1 r" tne American - government "n, i,he ln a Position of repudiating ' 'obligation, or as Secretary Hous ter f.rma ,t( a "commitment! : As In "national finance goes, 7B millions: is atpT1 , ' 8am. but if, America repudi p lts obligation, t-he fear is that Url m'K-ht accept the American ac "9 &s a precedent and consider that enter rePtt"ate some other debits w-sy to in more or less the same AmlJieVer' OUr officials point out that he, nnot afford to go- back-on 1oliarImi8e and that the 75 million dun it Part of a commitment made UUrng, the war. ' .v;;. v. Ti,, othliisr Due England j . ne outburst. in congress resulted, f course, from tlhe news cabled from England thSt Great Britain, had in formally proposed a cancellation of War debts. There is an anti-British element in the American senate which never fails to make an attack on any policy that appears to have -a benefit for Great Britain concealed init. Some of-the senators believed the 75 millions were still owing to Great Bri tain, hut that is not true. The treas ury has not disclosed which govern ment is involved, but it is stated of ficially that no more money has been paid or is due Great Britain. Another misunderstanding has arisen, too, over the loans to Russia. Some newspaper accounts have given the enormous 'impression that' since the fall of the Kerensky government, the United States paifl out 200iQ00.of her own money to one of the repre sentatives of the succeeding Russian regime. The fact is that . when the Kerensky government fell, the liabil ities of Russia were in the neighbor hood of 100 millions of dollars, wftiile her assets wereabout 56 millions. . The United States government prevailed upon the bank which had the 56, mil lions not to pay out any of that money if the department of - state or treasury interposed any ohjec.tlon. It came about that several American con tractors were owed money by the Russian government. Had the treas ury department insisted upon prevent ing any of the Russia money from being paid out, several American firms would have gone into bankruptcy. In stead, the treasury expressed no ob jection when the bank which -handled Russian funds paid money to certain American firms who had sold their goods to Russia prior to the fall of the Kerensky government. It was $200,000 of Russian assets that were paid out and not money out of the American treasury. Protected Home Firms , There is much that is puzzling about American indebtedness to Rus sia, 'but careful study of the way the treasury - handled foreign loans showa that, the advancing of credits was largely' a case of protection for Amer ican firms that had shipped their goqds to the European governments, It - was natural " under the circum stances; however, that congress should be surprised that American obliga tions were not yet paid asjthe details of international finance are not easily grasped. And on this point. General Pershing told a story last night at the National Press club 'which illustrates why congress bestirred Itself over new loans. "An American doughboy' said Gen erai Pershing, "was on ..leave in Paris. He-stood reverently before the tomb of LaFayetfe for several minutes. - Then he said, 'LaFayette, we have paid our debt; who the hell else do we owe YlOW?"V . ' ' ... Continue to sell new investment chares. Series now open. Get the shares. We pay the taxes.; Assets more than half million dollars. Caro lina Building & Loant. Association.; I. W.'' : Moore.-secretary, -205.? Frincfsa ... VIRGINIA LEAGUE MEN MEET IN WILSON 17TH Will Decide On Playing Schedule .and Prices Special to The Star) WILSON, Feb. 10. The Virginia league directors will hold a meeting in this city the 17th to adopt a play ing schedule, fix admission prices and decide whether or not to play a straight or spilt season. At this meeting the Richmond fran chise will be formally awarded to Jake Wells, the nejj tfwner of the "Colts." Those wlurwill atend the meeting are C, M. Barry of Norfolk, Jake Wells of RichmdjH.iBv Dawson of Ports mouth, L. if. Kida1 of Petersburg, W. S. Beamon of. JSufitoJlf G. S. Barnes- of Newport NewiB, S, 3. West, league di rector of Wilton j--and J. C. Eagle presi dent of the Wilson team. Wilson lsj plaqninsr to entertain the baseball raen ,onjL$be occasion of their visit here!-- There '""Will probably be a luncheon at the Country club and some other form of entertainment. The baseball season will open on April 21 aril,Continue until September 24. This makes the season two weekfe longer than last year, the season open ing last year on April 21 and closing September. 11." The holiday games will be played A Dol lar Saved -:-IS A-:- Do ar maoe And Our Shop Offers You the Biggest Values In the City Latest styles in Women's Cloaks, Coats, Dresses and Georgette and Crepe de Chine Blouses Our Prices Less Than One-third Manufacturers' Figures ' Sales 0. C. J. ROBERTS Hotel Wilmington Sample Rooms BIG North Front Street i c, loftin; Recording to the following groups, Norfolk and Portsmouth, Newport News and Suffolk, Petersburg and Richmond, Wilson and Rocky Mount. The opening games have been arranged according to the same grouping. nationalize: wraxgel's villa LONDON, Jan. 26. (Correspondence of Associated Press) General Wran gel's villa ln Sebastopol has been na tionalized by the bolsheviki, says of ficial wireless message s from Moscow. Many other villas and privately own ed farms as well as the farm of the Georgieff monastery have been con verted into commercial property. Ten farms have been handed over to work ers' guilds, and during the past two weeks the Sebastopol labor commit tee of the Soviet has 'put 400' "bour geoisie and speculators" to compul sory work. PAPEETE, Tahiti, Jan. i. Corres pondence of Associated Press) Taha ti's highest peak. Mount Orohena, 7, 321 feet in height, still remains un climbed by any of the present genera tion, a party having recently failed to reach the summit. Natives declare their ancestors knew the way to the top and claim there is a lake and a pyramid temple. there. The old route to the summit, if thero was one has been lost. Overhanging precipices, made unseat able by clinging vegetation, slippery with water from scores of springs, prevent white men from getting more than half way up. '1 J i Continue to sell new investment shares. Series now open. Get the shares. We pay the taxes. . Assets, more than half million dollars. Caro Una Building & Loan Association. 7 W. Moore, secretary, 265 Princess. Plan for Profit "rOUR " prosperity during 1921 dependfs upon growing your crops at the lowest cost per pound or bushel. This means that every acre must produce more pounds and more bushels. The crop yield is in proportion to the 'plant food supplied, so. be sure you supply plenty of plant food. . The increased yield from the liberal use of Swift's Red Steer Fertilizers bring you a large profit. Buy now. Swift & Company . (FERTILIZER WORKS) ' Atlanta, Ga. Charlotte, N. C. r jsfew Orleans, LaC' " ' ' ' . - " ;' r .""''' V'.'".. " - : '''' ' . - . . . ' -.' ; . -': '' ....... li . ... - ' 'l :s: . . ... . ? . 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Wilmington Morning Star (Wilmington, N.C.)
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Feb. 11, 1921, edition 1
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