The Debt to America Whatever decision is taken by the
American Congress on the British Government's application for a suspension of debt payments while the whole situation is re-examined, the Government was undoubtedly right in making the proposal. Debt payments ought to be reconsidered for two or three decisive reasons—notably the enormous increase in the burden ()Wing to the fall in prices, and the action of the United States in keeping out by her tariffs the goods in which the debts must be paid—quite apart from the debtor's capacity.. to pay, and it is entirely Proper for us to say plainly that we take that view. The fact that the President-Elect has agreed to Meet Mr. hoover and discuss the matter is satisfactory, and it is pretty clear that all the responsible elements in the United States approve of the idea of a prolongation of the moratorium. But only Congress can authorize that, and a " lame-duck " Congress, whose successor is already. elected, will tend to be even more irresponsible than Congress .usually is in such eases. In the circum- stances discussion on this side of the Atlantic is not likely to help matters. We must leave it to the thirtieth and thirty-first Presidents of the United States to give their own lead to Congress. It was, of course, inevitable that France should follow Britain immediately in addressing Washington. But the British application coming alone would have met with more favour.
