France Can Pay If She ;
Can Collect Her Debts
Bui Question l.x if Franco I* Forced Into Accepting ltedur--|
lion of (ieriiian Reparation* VI hat (loiicmiiion ('an l?c
OI>tuiiicil on llcr Indchtcdne** lo America
It)- l>\\:il> l.AHliKMi:
C?9???fhl IMJ k| T*l? 0<ll| Atrinc*
, tli- I 'M, M, - lit ? IM-1 l li"<. <1 ?' -1 1
. mivir 'o p' -t 1 it* fir. Rh-i-e II- I n.1- !?-1 ??
?Tir.c IIkm |??' <4 Mi. .1 ?? ?< 1% It-*' ? ? ?- ? 1 ?! "? 'i
I llir banl- It.'IU* ??! hit" ?ll*l> tir -<i) ? j?*l> ?'??III' ??<
Paris, July 2".?'The (K-lil ijiicstion between the United States
and Great Britain having l>ecu settled, it is natural for Ameri
cans to ask what is the chance of an agreement by France to pay
something on the loan she secured from Washington during the
war which amounted to about three billion dollars and upon
which no interest has as yet been paid.
France's capacity to pay thaTl
United States is to a certain ex-|
tent dependent upon the sumsl
she will receive from Germany, J
but an altogether misleading im-J
pression has been given to the
American people about the ca-1
pacity of all European peoples
to pay their war debts, chiefly
because foreign officers every
where have thought that was the
way to bring aliout a reduction [
if not a cancellation, of those
debts.
Unfortunately the Europeans have'
talked ho much about their inability
to pay their war debts unless there
is an all around cancellation, that
they have put up a poorer face than
Is warranted either by an examlna-1
tinn of the, balance sheets or by the ?
progress of the peoples in reconstruc-1
tlon.
The capacity of a nation to pay is :
so theoretical a subject that esti
mates are frequently colored by de
sire. it is similarly true that th"
people's paying power is related to
.the tax system used Who. for In-1
stance. would have thought" It pos
sible In 1014 that America could'
swing a war debt of 27 billions or
that It could be reduced by four and
' a half billionH five years after the
war? Naturally there is a distinct
difference between America's situa
tion with a hundred million people
to draw on. and France's with 40
mlllionH and (ierntany'a with ISO mil-,
lions, but the Kuropeans have by no
means perfected their tax adminis
tration to a point of collecting ta-xes^
from all people whose incomes are ?
taxable.
To understand what the French
are able to pay America, the balance ,
sheet of France must first be ex
amined. The total amount of !
France's external debt. Including!
the amount owed to thn Fnlted J
eTehtBbIHInn*#1 //wr ?*" To* ^ **a,mn 's i
be sdded the 18 billion dollars of
the French Internal debt, or a total
of 26 billionH.
To offset these liabilities the
French have on the other side of
the ledger three billion dollars owd
them by Russia. Belgium, Serbia. ,
Rumania, Greece, Poland and Czr
cho Slovakia. To this must be add-1
ed approximately 17 billions of rep
arations due from Germany, or a to-:
tal in assets of 20 billions against
liabilities of 26 billions. It Is Inter
esting to note that this deficit of six
billion dollars is approximately what
France used to carry as bonded debt
before the war. so that If all coun
tries owing money to France would
show signs of paying there would not
be a serious question at issue today
as to France's solvency.
But of the huiiih owed to France
from the Allied countries about one
billion dollars Is Russian debt, and
who can say what Soviet Russia will
do? Similarly, the 17 billions due
from Germany Is more than half of
the German burden?and llrltlsh and
American financial experts sav Ger
many cannot pay anything like .'12
billion dollars. While Germany has
lost Alsace Lorraine, upper Silesia
and her colonies she also has been
relieved of a large army and navy [
expense. The French think of course,
that Germany can swing such a bin
debt, but if that is true, then France
with the acquisition of Alsace Lor
raine. the new colonies and the man
dated regions Is potentially much
richer than Germany was before the
war.
In other words, the French argil- !
ments for Germany's paying to the)
limit apply equally as well to
France. But France would be will
ing to pay off her debts to America
and other countries If she could de
pend upon getting substantial sums
from Germany.
The big point of Interest to Amer-j
lea, however. Is what is France's true
capacity If she does not realise from,
Germany the amounts due her. Sup
posing the French found It necesssry
to accept only eight billions from
Germany. They would move heaven
and earth to get the llrltlsh to can-:
eel three billions and American three
billions to offset It. but the most that
would probably result would be the
reduction by the United States of In
terest charges and the funding of the
debt over a logger term of years
than granted to the llrltlsh. Al
though America Is morally bound not
.to give better terms to %ny nation
than those given to Great Britain,
the chances are the British would re
lieve America of that embarrassment
In th? hope of satlfsylng the French.
France has ahead of her another
expenditure of three billion dollars
for reconstruction which Is not cov-i
ered In the above balance sheet. Per
haps that estimate will ultimately be
cut down, or a short time loan flost
j". ed to meet It. especially If payments
benln to he made by th?? Ccrmans.
Potentially France Is able to pay
her debts. an?l IA deed, so in Germany.
All Furope haa the capacity to pay.
That's not the problem, but the crux
of the matter In. will each nation lot
thi? other Kot strong enough to pay.
Strong cnoush to pay moan* Btrong
enough to Aght. National aecurlty la.
at the bottom of the whole bunlneas. I
Churches
KIMSCOl'AL
( hi iht Church
Rev. Geo. F. Hill, rector. Eighth 1
Sunday after Trinity. Sunday school j
9:45 a. in. Morning prayer and j
wthioii 11 a. ni. Evening prayer ? ,
and sermon 8 p. ni. All are wel-:
come at these services.
METHODIST
First Metlio?Hst
Rev. N. H. D. Wilson. D. D.. pas-1;
tor. Sunday school, J. A. Hooper, su- ,
perlntendent, 9:30 a. ni. Worship ?
with sermon by the pastor 11 a. m.
and 8 p. m. Public cordially Invited j?
to all services. {?
The musical program for the day |
is as follows:
Morning 1
Organ Prelude, l^arghetto (from ]
Symphony In D> Beethoven.
Offertory, organ. Venetian Serenade."
Berwild.
"As . Pants the Hart" (Laruo) ?
Handel-Orem?Solo for Soprtfno ;
with Violin Obllgato. |!
Postlude?F. Read .
Evening.
Prelude, Invocation?Th. Kulak.
OfTertorv (organ) llerceuse?H. R.
ShHIey.
Male Quartette?Selected.
Pontlude?Smart.
City lliinil Methodist Episcopal
Rev. H. B. Myers, pastor, Sunday ?
.school 9: HO, O. F. Seyffert, Supt.i*
Morning worship. 11:00 a. m., the J
pastor pn-achlng. Subject "Moral H
Surprises." Evening worship 8:00'^
o'clock. Sermon subject "Thirty years .
With Jesus." Senior and Junior Ep- '
Worth Leagues meet at 7. All are in- )
vlteil lo these services. j?
Mt. Itermon, Halls Creek
Rftv. E. L. Stack will preach at Mt. !
Hermon Methodist church at 11a. m. ?
and at Halls Cxiiek at 3 p. m. The j
public Is cordially Invited.
BAPTIST
First Baptist l<
S. H. Tcmplcman. pastor. Morn- :J
i?>K s^rvlee 11. Memorial mpp?r. 1 ?
Evening service at 8. "A Blind |
Sinner" in subject. B. Y. P. I*. Junior ||
and Intermediate 6:45 Sunday even-; <
ing. Prayer meeting Wednesday J
night. The public is cordially Invlt- !
ed to all services. j?
Black wel I Meniorial |]
Dr. J. H. Thayer, pastor. Sunday),
school at 9:30 a. m.; E. F. Aydlett, '
superintendent. Morning service at.'
11 o'clock. Evening service at 8,
o'clock. Intermediate B. Y. P. th at j
7 p. m. Senior B. Y. P. t". at 8 p. ?
ni. Monday. The public Is invited to'
attend all services.
Calvary Baptist
Rev. R. F. Hall, pastor. Sunday
School at 3 p. m. S. S. Davis, su
perintendent. B. Y. P. I*. at 7:00.
Service in charge of Shlloh B. Y. P.
1'. at 8. The public is cordially In-,;
vlted.
Corinth Baptist
Rev. R. F. Hall, pastor. Sunday
school each Sunnay afternoon at
2:30 o'clock. W. F. Prltchard, Sr..
superintendent. Services in charge of
Shlloh B. Y. P. I". at 3:15. Senior and
Junior B. Y. IV U. meets each Sunday!
night at 8. The public is cordially
Invited.
Bcrea Baptist
Rev. R. F. Hall, pastor. Sunday
school Sunday mornlntc at 10:00;
o'clock. Ben Frank Prltchard. super-1
Intendent. Preaching at 11 o'clock |
a. m. by the pastor. The B. Y.
P. I!. meets Sunday night at
7:30. All are cordially Invited to at-1
tend these services.
PHKKBYTKRIAN
Cann Memorial
Rev. Frank H. Scattergood. min
ister. Sunday school 9:45 a. in. Les
son: "John, the Apostle." Morning1
worship 11 o'clock. Subject: "Mark
ing Time." Evening worship at H
o'clock. Subject "Doubtful Benefits."
Mid-week service Wednesday even-i
Idk ?t 8. "Secret of a Great Life "!
Scout s+rricea at Camp Sunday after
noon at 3 o'clock.
CHRISTIAN
First Christian
Geo. H. Sullivan, pastor. Preach
ing at 11 a. pi. and at 8 p. m. by the
pa* tor Bible school at 2:30
p. ni. K. L. Sllverthorn. superintend
ent. 'Christian Endeavor at 7 p. m.
The public Is cordially Invited to all
services.
CATHOLIC
St. tlluilN>ih,ft
1 Sorvioea will be hold m the Cath
. olic Chapel, Hinton IIulldlnk. at
! 10:30 Sunday morning by Father
Doherty. Vis.tors .arc always wel
come.
I'rutcdKiiil llitlhip? .
Service toiuul.t at s o'clock, cor
ner Oak and Itvucti street*. Sunday
school conference at 1U o'clock Sun
day iiiorutnv- I'n-actiini: at 8 Sunday
night. All art- welcome.
IIODY OK MKS. HKASLKY
TAKKN TO KITTY HAWK
The body of Mrs. Clarence tteasley '
*M taken to Kitty Hawk Friday,
leaving here on the Trenton. Mr. I
Beaaley. hUHband of the deceased, ar-i
rived Friday morning. after having
been delayed by the boats not being
able to run^from Kitty Hawk. Mr?lT
lleasley died at the Community Hos
pital Wednesday afternoon.
I'. S. \ \N N TO TKACH
MUX'S IIIIILK CLASS
I're?ton S. Vann will teach the
Ilttsin^ss Me.n's Itlble Class of the
First liaptlJ*t Sunday school Sunday
nmriiliiu. It I.4 hojM*<| that all mem-'
1 ?-r- wi'l I"- nr' w nl. :?n?l a cordial
iiu'ilaiioit i. extended to victors.
V*e (irltiinc'.'s Itelish anil Mayon
naise Dressing. Watch for special ?
|sale Jy 15-tf-np.;
Kurprlne Party
A very delightful surprise party
*m given at the home of Mrs. J. O.
Meggs on North Road street from 8 .
to 11 o'clock Friday evening in hon
or of her guests. Misses Vivian
Hampton and Thetis Walker of I'op
Ja^T^Branch. Many games were
played and afterwards delicious re
freshments were served. Those en
Joyiug the evening were: Misses El
oise Aydlett. Kdna Ma?> Cox. Kath
arine Davis, Vivian Hampton and
Thetis Walker, Messrs. Norman
Shannonhouse. Claude, Elliott and
Julian Ward, Oscar Williams and
Norman Trueblood.
Just received a selection of silver
handled bracelets. 7 5c. Louis Selig,
Jeweler. J> 21-23 np
DOUBLE
Hour Savings
It CAN be done
THE FIRST & CITIZENS
NATIONAL BANK
Two KUmIm of Interest?lVrvonnl aiul 1%.
J
FREE!
DEMONSTRATION AND SPECIAL SALE
Gelfands Products
TUESDAY, JULY 2 ITH
(?elfand's Relish, ft os. jar 35c, uitli one jar Gel
fand'n Mayonnaise FREE
Sunshine Grocery
Just Received
Shipment of
Aluminum Pitchers
98c
.While They Last
j Regular $2.00 Value
] Suitable for Ice Water?Will
} Not Break.
i M.G.Morrisette&Co.
l
Progressive Farmers
NOW is the time to PAINT
SEE US we have good paint CHEAP
SPENCE-HOLLOWELL CO.
i?>
rs nyivuiA t r u:(/,s ?
& v av ?
<?i
Special Prices
? ON ?
STRAWS
@
| $6.50 Hats $4.75 f
$6.00 Hats $4.50 ?
$5.00 Hats $3.75 @
I $4.00 Hats $2.95
| $3.50 Hats $2.50 %
% $3.00 Hats $2.25 %
g $2.50 Hats $1.75 ?
| Weeks & Sawyer |
| REACH BASEBALL g
I GOODS _E
? - - a
g] a
We sell KEACH because it is our policy lo sell gj
H] only the fees/ of everything. We would like lo [5j
? prove tliut statement lo you.
si ? - i
Culpepper Hardware
| Company |
Elizabeth City, I\. C. 5j
? W. T. CULPEl'PER. L. B. CULPEPPER S
a s
Tuesday and Wednesday
JULY 24 and 25 i
JACKIE COOGAN
?
*
? J.
?in? s*
"Oliver Twist" 1
Eight Great Reels That Make
You Ask -For More
Another MilrMone in Screen Achievement
Screened as the World Would Wish It.
A FIRST NATIONAL ATTRACTION
Every Dickens character portrayed hy the ideal
artists.
?Irtrltl* < oounn ^..Oliver TnUt Ixm Chnnf) I-'auIii
(?emrue SicKttinttn . Kill Slkm (ilfulyn llnx k\w1l Nmiry Slk?
l.kmrl llrlmorp >lr. lirtmnlotv Art IKwItfcr . Kilou?rd IiWmwI
I'arl Slwkiliil?. Monks Kowrrlxrr) ...Xelmm McDowell
A Picture You'll Never Forget
Alkrama Theater
THE BEST PLACE TO BUY
FURNITURE
Both in Quality and Price
Let Us Save You Money I
Quinn Furniture Co.