It was only to be expected that the Soviet Union would raise objection to the ruling of the United States Attorney-General that it was of included in the. list of those states which were not defaulters under the Johnson Act. What is more singular Is that while the Soviet Ambassador to Washington thas been able to outline the argument of the Union against being characterized as a defaulter, he was unable to publish the official Soviet point of view. Some idea, however, of what the Soviet argument is may be obtained from the speech which Mr. Troyai ovsky made at Bryn Mawr College, when he is reported as contending that Russia did not consider herself 5 defaulting on the old Czarist and Kerensky borrowings because "we signed no obligation to. pay. these debts." To say the least if this is all the Soviet can plead to avert the stigma laid upon it by the Attorney General's ruling it is a remarkably Boor eae, "Once such a contention 8 accepted it would be only necessary for a debtor country to go through the form of a revolution to be able to wipe out all its obligations, an argument which is as senseless as it is immoral. Indeed a pretty picture would be presented to the world if all the nations determined to relieve themselves of such burdens by any antic of that nature. It wontd indeed bbe a bad day for international finan cial' relations it the doctrine that "nature were accepted for it would strike a severe blow to the universal credit system and render borrowing between countries absolute "ly impossible.
Text read from the printed page and cleaned; old type leaves the occasional error.