U.S: Secretary of Treasury's Reply tothe Manifestoes of Columbia: and: Princeton: Reopening the Subject a: Backward Step; New Argument by, Mr. Mellor 4 Washington, Mar. 16, 1 Mr, Mellon, the Secretary of the Wieesury, replying to manifestoes signed by members of the faculties vf Columbia and Princeton Univernities urging reconsideration of the settlement of the inter-Allied debts on the ground that the settl: ments hitherto. reached do not meet the equal situation, says that reopening the question would be a step backward "calewlated to produce discord and confusion rather than contribute to economic stability and orderly betterment of world pro-
Asserting that a nation ig hardly ikely to deserve and maintain the respect of other countries by sacrificing its own just claims, Mr. Mellon declares that cancellation of] the debts owed to the United States would not of itself change the dis-ike: with which the professors. of Columbia. and Princeton Universities alleged Europeans regarded the United States, The Secretary of the Treasury states that reopening the question will encourage French opposition to the ratification of the Franco-
Amsrican debt-funding agreement. He: admits that an argument, could adduced in favour of writing off debts incurred after the American entry into the War to the extent! that those were incurred for contributions to a common cause, but this argument. would apply: only if proposed: that' adjustment be: mutual and if it were applied to all on a strictly equal basi Mr. Mellon points out that while the Allies bought supplies from America on credit, the United States bought supplies and. services from France and the British Empire "by hundreds of millions"—and paid in cash; but nowhere has it been suggested that if the debts are to bbe cancelled. the United States should be ¥eimbursed for the. dollars actually spent by them in. France and Britain.
Mr. Mellon concludes by declaring that the sums paid to the United States will not come from taxation, but will be more than met by the payments <xacted from Germany by the Powers.—Reuter.
Text read from the printed page and cleaned; old type leaves the occasional error.