THE UNITED STATES AND THE DEBTS [To the Editor of
the SPECTATOR.] Si L—An American orthodox economist and his political dupe would probably say that if European nations reduced their expenditure on armaments they would have more of their own money to buy dollars with which to pay America, according to the
ridiculous practice now prevailing. Of course, as Mr. Marchant says, the only sane and tolerable way of paying war debts is in goods, and America would render a service to herself and everyone else if, instead of trying to emulate us with absurd and unnecessary economies, she put Wall Street in its proper place and regulated her monetary system in a way which allowed all her citizens, employed and unemployed, to unite in consuming the 'maximum amount of needed wealth she could
produce and import. . . - The civilized world mare sea faster and faster in the direction of ruin and economic chaos, surrounded by every means of producing wealth. One looks in vain in any country for a single statesman with the courage and- vision to perceive the true course of the evil and take the obvious remedy. Is the proper function of a monetary system to secure the consump- tion of the largest amount of needed -goods: that can le obtained ? Or is it to enable budgets to be balanced with as little money as finance, in the interests of finance, sees fit to allow the unhappy peoples ? Those are the two alternatives for the world to choose from and either the latter or further inaction spells ruin at an early date.—! am, Sir, &c.., .
The Place House, Peasmarsh, Sussex. TAVISTOCK.
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