The Indianapolis times. [volume], July 17, 1933, Home Edition, Page PAGE 5, Image 5

About The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965

Image provided by: Indiana State Library

                
JULY 17, 1933
PARLEY FAILURE
HALTS PAYMENT
OF HUGE DEBTS
Billions Due U. S. Lost If
World Trade Fails to
Revive.
BV WILLIAM PHILIP SIMMS
Scripm-Howard lorfirn Editor
WASHINGTON, July 17. Fate of
Ihe $60,000,000,000 public and private
debt, principal and interest, which
foreigners owe the United States
and its citizens, is left in doubt by
the collapse of the London economic
conference.
Europe is scheduled to pay this
country more than $22,000,000,000
on war debts alone during the next
sixty years. Another $18,000,000,000
principal and approximately an
equal amount of interest should be
forthcoming on private debts.
The grand total—the most colossal
sum ever owed in all history by
peoples abroad to the people of a
single nation —will be impossible of
payment unless the world economic
conference can be resusciated or its
principal objectives accomplished in
some other way.
Europe Can Not Pay
President Roosevelt clearly has in
nicated this. Even Europe's $11.000,-
000,000 war debt ran not be paid, he
has said, unless "we are realistic
about providing ways in which pay
ment. is possible through the re
habilitation of trade."
Preceding administrations, he in
dicated, made payment impossible
and forced a moratorium.
"Our policy,” he said, "declares for
payment, but at the same time, for
lowered tariffs and resumption of
trade which open the way for pay
ment."
The London conference's decision
to adjourn or recess on July 27
without settling a single monetary
or trade problem, throws the whole
situation back where it was w'hen
President Roosevelt came into of
fice.
Equals National Wealth
Sixty billion dollars is equivalent
to the entire national wealth of the
United States around 1880. It is as
much as the w'hole of the New Eng
land states plus the state of New
York are worth today. It would buy
three Ohios, three Californias or
twenty Alabamas with everything
within their borders thrown in.
It represents SSOO each for every
man, woman and child in the
country, or more than $2,000 for
each American family.
According to present schedules,
foreigners should pay this country,
on public and private debts, ap
proximately $1,200,000,000 a year.
Admittedly they can not meet any
such stupendous payments unless
they are able to earn enough dol
lars, over and above their own ex
penses, with which to do so.
Trade Revival Needed
Outside the United States there
is only $7,000,000,000 monetary gold
in the world. America has about
$4,000,000,000.
As foreign nations have reached
the point beyond which they wall
not permit the export of gold to
pay what they ow'e, there remains
but two other ways in which the
obligations can be met. These are
to pay either in goods or services.
Unless world trade can be revived
to proportions greater even than
existed during the so-called boom
years, therefore, the war debts and
private obligations can not be paid.
POLICE PROBE MYSTERY
ATTACK UPON WOMAN
Rooming House Proprietor Slugged;
No Trace of Weapon Found.
Police today were unable to give
any motive or find the weapon used
in a mysterious attack on Mrs.
Rartha Swails, 52, rooming house
proprietor of 716 East New York
street, who remained at city hos
pital with severe lacerations of the
scalp after being slugged in her
home late Sunday.
Two roomers, Earl Winton, 20,
and Lee Heaton. 42, were arrested
charged with vagrancy and held
under heavy bond . following the
assault.
Neither was able to tell how the
assault occurred, although Heaton
admitted he was in the house when
Mrs. Swails was struck on the head
with a heavy weapon. He made no
attempt to assist her, he admitted
to police.
Mrs. Ruth Ross, 28, daughter of
Mrs. Swails, told police that she dis
covered her mother lying on the
floor in the house following the
attack. She said she had gone to a
nearby pharmacy with Winter.
POSTAL FORCE ELECTS
Officers Are Named by Special
Delivery Messengers.
Officers fleeter recently by local
No. 8, American Association of Spe
cial Delivery Messengers, are;
Glenn Burkhardt, president;
Raymond Laffln. vice-president;
George R. Hoop, secretary; George
V. Rucker, treasurer; Norman Sul
grove. parliamentarian; Arthur
Bowerman. sergeant-at-arms, and
Edwin Voll. secretary of the sick
benefit fund.
SHERIFF BANDIT VICTIM
Randolph County Peace Officer
Robbed in Own Filing Station.
Bandits who operate around Lib
erty. Ind„ are no respecters of per
sons, Sheriff Ellison of Randolph
county learned Saturday night.
Sheriff Ellison was robbed of SSO
by three bandits who held him up
in his filling station. He asked In
dianapolis detectives to search for
the car, which bore licenses issued
to a local resident.
BANDITS SLAKE THIRST
Case of Medicinal Whisky, SIOO
Stolen from Drug Store.
Two bandits are slaking their
thirst today at the expense of the
Hook drug store. 777 Massachusetts
avenue, where they stole a case of
medicinal whisky and S2OO Satur
day night.
The bandits entered the store
with drawn guns and forced John
Scott, 3707 East Vermont street, and
other employes into a rear room.
Tirzah Club to Meet
Tinsah Club of the Indianapolis
Ben-Hur Life Association will meet
at the home of Harriet Basey, 1316
Albany street, Thursday night.
Whur /hr huh Sff/r
\ • You! And You! And You! Face the Facts! News Headlines 1 ell the Story!
\ **Bs*^
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Lace Dresses ■ I s<| 09 II SUITS /IS
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■■ n,!/:. A* -
THE INDIANAPOLIS TIMES
PAGE 5