LETTERS TO THE EDITOR
ANGLO-AMERICAN RELATIONS
[To the Editor of, the SPECTATOR.] Sra,—It is a source of rejoicing that the vast majority of, British journals refuse to be drawn into the attempt to censure America for her attitude towards Europe and this country on the question of the War debts. We were rightly proud at the time that our own debt was funded, and it may be useful to recall the fact, on a 3 to 31 per cent. basis by America, when it could not have been funded in the open market under 5 per cent. The agreement on our side was, I believe, usual, and British, as it is our habit to pay our debts. Yet we are denied this satisfaction by ill-informed speakers and writers, who still argue that it was a mistake, and talk of an all-round can- cellation of debts as the ideal settlement. Are these gentlemen aware of the fact that while such a settlement would have suited Great Britain and France, who both owe money and are owed money, it would have been grossly unfair to America who alone is owed money by her debtors ? Then we are told that all this unrest in Europe and this country is due to America playing the part of Shylock, and living and prospering upon the tribute she draws from her impoverished debtors. What a travesty of the facts ! The tribute she receives is trifling compared to what she is lending and prepared to lend, Her credits and loans to Germany, Belgium, Italy, and in time no doubt to France, continue from month to month and year to year.
She demands rightly, as we do, that a settlement of War debts should precede the issuing of such credits and loans, and when these War debts are settled they are settled on the most generous terms. The prosperity of America is due in the main to a series of bountiful harvests, to the industry of her people, and other natural causes. We ought to thank God that she enjoys such prosperity, if for no other reason than to ask where would Europe be without it. Yet these gentlemen would quarrel with their bread and butter. They would deny us the proud satisfaction of having paid our way, and, while suffering as many of us are, offer us nothing in return except if they had their way to have us regarded as a whining and whimpering nation which had lost its manhood and self- respect.—I am, Sir, &c., D. M. MASON,
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