AMERICA'S DEBTS AND OURS [TU the :E . dithr Of TILE
SPECTATOR] am not much impressed by• what Mr., Arthur Ernest Wynn thinks a•well-known American ought to know.
• Mr. Frederick Peabody (no relation to the distinguished
Boston lawyer, Mr. Francis Peabody) is the managing director of an association for the • Reconsideratieri of the War Debts. He does not represent public opinion in the United States. Many better-known men than this Mr. Peabody also favour a reconsideration of war-debts : the facts remain as I have stated them : the Americans as a people are very disappointed at our neglect to make some further effort to settle this question.
Of course, everyone who knows anything of American history knows of the default of some of the Southern States. The circumstances in which they borrowed £15 millions were different from those in which We borrowed £800 millions. But supposing they were similar, what is Mr. Wynn's argu- ment ? That two wrongs make a right ?---I am, Sir, Sze.,
. . . F. Yifders7BnowN, The Bath Club, 84, Dover Street, W. 1,
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