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THE EVENING WORLD, WEDNESDAY, FEBRUARY 22, 1922.
8 rmous circle MIS LIBERTY BONDS AND TARIFF jlWorld Finance Threatens i Trouble Overthe Payment of Allied Debt. cannot Waive a cent. Funding Commission May Tell European Nations That the Worst Is Really Over. By David Lawrence. (Special Correspondent of The Eve , nlng World.) WASHINGTON, Feb. 22 (Copy jrlfht, 1S22.) World flnanco Is Jtbrcatenlng to develop a "vicious clr jclo" Involving not merely tho pay Iment of American Liberty bonds but tfce height of tho tariff wall belns constructed by tho American Con ffrcss. Franco says through former Minis- Iter Iouchcur that she Trill not bo fcblc to pay America tho debt becauso of the high customs duties Imposed gainst her. Italy, through Ambassador Iticcl, who Is a famous economist as well as a diplomat, says the tariff wall jwill prevent Italy from paying what she owes the United States. Great Britain says sho will not can cel any of the debt owed her by Franco unless tho United States can cels an equivalent amount of British debt. Franco says bIio cannot nay Great Britain until money Is forthcoming (from the German Indemnity. America has just appointed a funding commission and has yet to speak her policy. But certain fun- 'damontals can be taken for granted. One Is that the now commission composed of Secretary Hughes, Bcc- retary Hoover, Secretary Mellon, Senator Smoot of Utah and Repre sentative Burton of Ohio will not cancel any of tho European debt No such power Is vested In tho com mission. Tho most that can be done for Europe is to spread the payment of Interest and prlnolpal over a period of years, and here too Con Jrreun has Imposed a limit of twenty- five years. This may have to be extended, but that's a subject for bargaining across tho table. In fact, the appomttrent of the American Funding Commission h.n been the signal for pointed expres sions from both Franco and Italy. The cry that neither csn pay unless ine tariff wall is ronijved Is regard! here os having some tsria of plausi bility from the viewpoint of sound economics, but the belief prevails (hat Europo will look around for muny un excuso to postpone or re pudiate payment until finally com- ijpelled to meet tho uuentlon directly Sj!n the official negottMlcns. il Tho action of Great Britain In an nouncing that she fully intends to pay Jnferest and principal ond that Hh Ijaa already set aside approximately 4110,000,000 to pay six months' In terest on her indebtedness to Amer ica has produced a prctound Impres sion here and is another evidence of the betterment of Anglo-American relations. j! There are of course threo ways by J Which Europe can pay her debts to S America In gold, in goods and In S kervices, such as freight carrying. Tho Jminort of roods which would be pay- intent for debts to America would help j Europe, bat the tariff laws under I (consideration In Congress will tend to reduce the amount that Europe can Spell here. If it ever comes to a ques tion of oermlttlng foreign manufac tures to flood American markets and :iurt American industries, the ten iaency would be to forego payment of Sxoreign ueoia hou noc ,i au&vm Uustries going. Tin. ffrt of the statements by for slmer Minister Loucheur of France, and 1 Ambassador Illccl of Italy will be to crystallize opinion on the necessity of Staking Into consideration the foreign 5 Hebt phase of tho tariff question. If It 3i&d not been lor ine toreign initio long ago have parsed an old-fashioned rrlff. , Tho great game of excuses and pre texts, political and economic, for the non-payment of tho American aehi has begun. The American offensive has hardly been started, though Sen jator Medlll McCormlck of Illinois re ently gave Europe a surprise by put' jtlng through tho Senate without any WllHculty whatsoever a resolution In quiring how European Governments fwero spending their money. Europe jtook offense at that the French press is still saying harsh things about Mr. McCormlck's query. But when tho American Funding Commission starts work It will ask more pertinent ques tions and tell Europo somo more facta about tho origin of tho ten billions which were lent during the war. In answer to French and Italian pessimism, the' tendency In official circles Is to tell Europe not to bo so disconsolate about Its own futuro and to point out what remarkablo prog ress has already been made In recon struction. The recovery of Europo Is In many respects greater than was anticipated. In such circumstances, instead of Imagining that twenty-five years hence Europo will bo bankrupt, the American Debt Commission will proceed on tho theory that Europe Is strong enough and resourceful enough to pay her debts If she is given tlmo and that no doubt will be granted. HARDING EXPECTS BRITAIN TO PAY U. S. BILLION JULY 1 PUT OFF TREATY (Continued From First Page.) Sale of Bonds Here Would Provide Fund to Pay Part of the Soldier Bonus. WASHINGTON, Feb. 22. President Harding hopes that by July 1 Great Britain will have handed ovor to the United States more than $1,000,000,000 Ir. bonds, to refund part of Its war debt to this country, and that the salo of these securities hero will provide the necessary fund to pay the sol dier bonus. This Information was Imparted to prominent members of the Houso Ways and Means Committee by Mr. Harding at a recent White House meeting. Great Britain owes about M. 000,000,000. Tho billion In bonds would moro than provido a tlrst bonus payment, and the. total debt would, In tho opinion of many Congressmen, dlschargo tho entire bonus obligation. There, probably would be some difficulty tn floating-all tho British bonds, but tho sale of a billion dollars' worth Is held to bp practicable. NEW MEYER MEASURE PROVIDES PORT BONDS Ir,ntlor'a Iltll Authorising: Devel opinrnt Plan Itrachrs Governor, ALBANY, Feb. 22. Senator Bchuyler M Meyer and Assemblyman Seabury C. Mastlck, sponsor of the bill now In the hand of the Governor which Is Intended to authorise the plan for the develop ment of the Port of New York as out lined by the Fort Authority, to-day In troduced in the Legislature a new measure designed to make bonds, notes and debentures of the Port Authority legal Investments for savines banks. 'The securities of tho Port Authority. said a statement by Senator Meyer, 'should be as good and safe an invest ment as mortgage bonds of any railroad now specified In the banking law as legal Investments for savings banks. The proposed amendment, if adopted, wtu Hive m uruauur mantel xur uifl A'uri t Auinomjr securities." pencd tn bo divided exactly equally, Mr. Do Vulera said, which was not at nil tho case with the regular standing committee. Arthur Grlfflth, President 'of the Dot!, said his interpretation was the same as Mr. Do Valera'o. AGREEMENT 18 A WELCOME SURPRISE TO DELEQATE8. Reaching of the agreement came ns a welcome surprise to the dole- Rates generally as It enabled the Ard Fhois to carry Its session over for three months without the necessity of a spilt in the Sinn Fein on the Issue of the Anglo-Irish Troaty. The bellor generally expressed after the adoption of tho pact- was that It would tranqulllzo the situation In Southern Ireland. The delegates gavo evldenco by the acclaim with which tucy greeted the announcement of the agreement that they regarded Irish unity as the greatest achieve ment toward which this representa tive body could contribute. Rumors that an eleventh-hour at tempt to reach n compromise wore being made among leader' of the op posing groups tn 'the controversy over tho Anglo-Irish Treaty were In .circu lation as tho delegates wero assem bling to determlno the position of the Sinn Fein Party with regard to the I pact. lateness of tho leaders, De Valera, ' Arthur Grifllth and Mlchaol Collins, In , appearing guvo rlso to the rumors. ' Ersklno Chllders, one of tho leading ' Republican pdvocates, who was absent yestorday, appeared, taking a front scat .next to Countess Markievicz. Packod closely together, the dolegatoi I waited patiently for the leaders. I Meanwhile a leaflet was circulated . containing the Republican answer to yesterday's circular Issued on behalf I of tho Free State adherents. The ! loaflet asserted that the Anglo-Irish I Treaty had made Ireland a mighty In ternment camp, and continued: "Seven battalions of British reg ulars are still posted In Northeast Ulster to swoop on the Free State when England is out of her present difficulties." At 12.10 o'clock a voice demanded: "Are wo to have a meeting at all?" This provoked only good-natured ban ter. A few moments 'later somo one started a soldier song, in which the ontiro gathering joined, everybody standing. The eong "Wrap tho Green Flag Around Mo" followed this, all delegates Joining In tho chorus. At 12.35, there still being no sign of Mr. De Valera and tho other leaders, the delegates called on William Cos grove of the Dall Cabinet to tako the chair. Cosgrove suggested It would bo bettor for somo Vice President to preside. Thero were cries of for Pe Valero," and Harry Boland at that moment appeared with the state ment that tho leaders were Just com ing In. They failed to appear Imme diately, however, and tho delegates. still In good spirits, callod upon Bo land for a song. Ho backed out, but songs and recitations followed until at 1,03 o'clock Mr. De Valera, with Ar thur Gr01th, came up to the platform amid cheering. Michael Collins, head of the Pro visional Government, Is sending to Secretary for Colonies Churchill a reply to the Ulster telegram of yes terday which was In tho form of an answer to colllns's complaints re garding the treatment of prisoners in tho hands of tho Ulsterltcs. . Tho Ulster Government sold It resented "tho making of vague charges" against tho constabulary, "unsupported by any evidence." Mr. Collins declares he will cite to Secre tary Churchill several specific In stances of atrocities In Belfast in the week ending Feb. It for which he holds Premier Craig's followers di rectly responsible. WOOD ALCOHOL KILLS MAN. A man bollevcd to be James Chs.it- wick, forty-five, address unknown to the police, died tn Cumberland fitroet Hospital, Brooklyn, oorly to-day from wood alcohol poisoning. He was found unconscious by Policeman O'Brien, of Poplar Street Station at Bridge and John Streets, Brooklyn. SEVERAL WOUNDED AS NEW OUTBREAK WASHINGTON'S POLICY ' OUR GUIDE. COOLIDGE OCCURS IN BELFAST Dees Disarmament Conference tn Keeping With It. BALTIMORE, Feb. 32. Tho, United States has adopted toward the world the policy of George Washington, not a policy of "dictation, coercion or im perialism, but of co-operation and Firing Results From Vendetta Against Saloonkeepers With Sinn Fpin Sympathies. BELFAST,. Feb. 22 (Associated Press).- Several persons were wound ed to-day In a fresh outbreak of firing on the East side, said to have resulted from a vendetta against saloon keepers of that section having Sinn Fein sympathies. Military guards were stationed at al lthe saloons In tho York Street district. By the evacuation of the Clones barracks yesterday all the Irish con stabulary have now left County' Mon aghan. The four special constables captured in the disorders at Clones, us well as one constable of tho spe cial class and two civilians, are still held by the Republican forces. CORK, Feb., 23. The Royal Irish Constabulary forces were reported leaving Fermoy to-day for Cork. All the stations In tho North and North cast sections of County Cork, with the exception of Mallow, have now been evacuated. The only other police sta tions in the county occupied at pres ent aro Bandon, Cove and Haulbow-llne. helpfulness and of faith In the sanc tion of the universal conscience of mankind." Vice President Coolldge de clared In an address here to-day at Johns Hopkins University. America stands ready, he said, to bear its share of the burdens of the world, but II "cannot live the life of other peoples or remove from them tin necessity of working' out Ulelr own des tiny." "It does not undertako to establish any artlflclal relationship," the Vicu, President said, referring to tho 'Wash ington conference. "It does not make any new law! itr acknowledges" the binding fprce of an ptcrnoj law." ABRAHAM T. I1ARDIJ DIES. Abraham Tracy Hardin of No. S30 West 102d Street, vice president In chargo of operations of the tfew York Central Railroad, died yesterday. Ha began his career as a telegrapher. r ANTZEN Final Reductions Closing Inducements. The final chance of the season to buy Winter shoes of equal quality at such phenomenally low prices. Get acquainted with our high-grade well-made shoes, and save on their regular prices. CHILDREN'S 17.50 U values (MOW $3.85 to $4.85 WOMEN'S ed.l Toll DooU, Oxford, l'nmpt, an.! Hllpjert. Now $5.85 MEN'S high or law Brogneat S13 to 119 vlt-: $9.85 Askor Our Book " The Aluit o the Bit Toe" KO nnANCU 8T0IIK3 Our oalj niirun 660 Sixth Ave., Above 38th St. Catm nwtmskrr. Orer t Vcsw. 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Benjamin Strong, Governor of tho Federal Reserve Dank of New York, In a communication to-day announced that the period during which all Federal Reserve Banks, have been authorized to purchase iiou.ooo.ooo or the 4 J-l per cent. Victory notes at par and accrued Interest has been extended to March 15. lis also announced that the Reserve Banks will redeem 3 3-4 per cent Vic tory notes before Juno 16 at car and accrued Interest and that beginning to morrow all Treasury certificates matur ing March IB will be redeemable at the holder s option ,at par and accrued Interest. ' sun A reliable treatment RESINOL ReskolSoapgeatfy cknnseu the ctoeid pores. ReQaOirijuent hcab the inflamed spots and blotches Try them, x week, and wcvtcK Sour skirv rip rove NOW . ON SALE Answers All Important Questions. 35c 11922 WORLD ALMANAC STRENGTH !! NOURISHMENT Abundant in body-warming, energizing proper ties, pure emulsified cod-liver oil is to the weakened system what fuel is to your furnace. 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