nas Roronain Wan Dems sx THE Torepuoneny-By Witton Love. Forer Sey ly robert Weigne, Professor BPisurrationl Caw a the Cathe ier sidcrtion of "mere Eeveammental Debi 390 West snd Sect" Rew wore Gsia0.
Tag us own people. Its. therefore, ice the delicate task of fecal Wilden Lloyd is setting out
Win" considerable diffidence. that a British reviewer attempts to. appraise his exposition of the War Debt issue. The generat tenor of the arguments Will be appreciated by these: who re-all the speeches and writings of Dr. Nicholas Murtay Butler and others, Lloyd gradually develops his thesis" in dealing. with the popular American believe regarding the debts dnd he funtly sates that failure to Settle the War Debts. problem was {ue to the peculiarity of the Ameri fan polities system and lack public knowledge about the structure Of the debts themselves and the diflculties involved in their settlement Mr, Lloyd considers that the controversy is a cuisse upon the younger Urges "his countrymen to try and Understand the problem and take it out of the hands of politicians. He adds:
'The dispute about the war loans to Europe was evolved from a en: ception of two rights in opposition each other. "A display "of temper' fan effusion' of lengthy barrangues on the Noor of the Senate are not gain 10 settle It. Cold reasoning, however, will prove! that with actual. figures! Based on reliable documents, our war trade with England alone shows that the prolify realized by" the "Unites tater calculated on a most conserva tive basis amounted to §1540.800290 and "a change for about 100. mahon dollars for transportation service over the "American ratiroada. But no tax payeh's money was ever taken by t Enited Staves Government and handed over te Holy so that we should expect repayment of old dollars as some fof our clever politicians are trying to force upon ne credulity of the public Ie'the nited. Staten fail to otleet a single cent from Belgium, Moly. of from the lesser' "debtors, the United Siates Will SH be-on the gaining side ne tov the ade profit pald in. old find cash Yecoived from Bheland alone, fand amounting to nearly 1.890. mili fon dallara. "Ae for a settlement with Ttaly based on the revised figures, lope and ound economies alone—and not poll~ bern. it ts. very" out that the revised figures presented thie. etuay could ever be completely collected by the United States. With the exception "of Great Britain. who rat ne prbcipal of te other tops bunce de, i compares Nil nave. "o be aleed. to one-fourth Witead of one-naif it we want. tild ayouner"waredabt controversy parties to the contest about the War He pertinently observes that both
Bebis ave strong case for their Fespelive nds oth are ight 09 nang" points, But dry. words a feodemfe doctrines, wit never sere ike argument. "He makes con 2 with what he describes the domestic war debt in America in the shape of the Liberty Bonds which is ti ready a staggering burden
ahrues thai France and England have on the "American taxpayer, He never received the fantastic sums of money which America is trying {0 collec, and the supplies furnished to France and England in war time were for worth one-sixth of the amounts {hose counties imposed upon ther= Selves to pry. But he. declares that ho nation "n history has ever gained Anything or prospered. by. the ime poverishment of another. The United Biatesshovio "be anxious to see. a prosperous Europe back on its feet Burope fe anxious to see a world back to nctmal. recovery.
"The book contains quotations from many prominent. American opinions the subject. They are. probably freneraliy well known to the reader, Sut perhaps this "quotation may. faker as typical. "It is from' the "Atlantic. Monthly of March, 1927 sand "represents. the" views. of the Gininnt economist Mi. FW. Tous.
Reasoning and cold-blooded ealculaton, however. Nelp litle on the aspect of the case we are now centd the equities We get. scant Aanalyels of the bases "of obligations, from historical precedent, from. economic. lessons. THe matter reaches into higher realms... many, many dreadful months we Unable to ald our allies with anything except money and loans (food, munttlone)..-Surely we then" had' no almost exhausted allies and "mends. Has that spirit entirely. disappeares?
This booklet of #8 pages, with on elaborate appendix showing the ai tribution of expenditure of the War Loans. is irtued at the reasonable price of US$150. Its capacity for obtaining a respectable and inuential circulation should, therefore, be assured. It is issued under the auspices of the Committee for the Consideration of Tnter-Governmental Debts. On that Committee Mr. John W. Davis, formerly ambassador to Great Britain, Mr. George W. Wicker-sham, formerly United States At torney-General, Mr. Henry P. Fletcher, formerly' ambassador to. Italy, and Dr. Nicholas Murray Butler him: self all sit. Mr. Lloyd has made a valuable contribution to the work of bringing "European and "American Views into line, thus Relping a better Understandirg" among. the nations.
also has made an essentially practical effort to dissipate obstructing trade recovery—ex Tnorance "which "is "20°" largely The publishers have done 2 notable service in bringing this three volume history out ina single volume an amazingly low price. Whatever may be thought of the opinions of the author whose views are. translated here—and translated, apparently, wit considerable skill and. judgment—j Important that appreciation of the Fevolution in Russia should be informed by Trotsky's authoritative exposition. It is, indeed, remarkable thay aman who played such a vital part the revolution has been able to Gisplay "outstanding gifts of historical perception capacity for a lucid' narration. Memoir writers in "other countries. may well be exhorted to study the modesty which makes the author refer to himself only in the third person. The history, on its first appearance, has had such a favourable reception from the orities that it is superfluous now to examine it at length. It may bbe convenient, however, to recall 'Trotsky's version of the great event. He maintains that it was an authentic Popular' revolution, so that events Succeeded each other in obedience the laws of gravitation:
... The correlation of forces was twice verified at every stage: frst the masses would emonatrate the mint fof their assault, than. Ube possess lasses, attempting revenge, would Feveat their Ieolation the more clearly.
The overthrow of the transitional Kerensky regime was the obvious outcome of its impotence, and Trotsky Proceeds to argue:
The chief task of a political regime, according to-an, English aphorisms put the right people Inthe Fight Doaltlons. How does the experiment of 17 Icok from this point of view? During the est two "months. Russia was ruted, Uhrough Fight of monarchic bya man inadequately who believed in months the" liberals and" democrats Attempted "from. their. governmental laces. to prove. tothe people the revolution had been. accom= Dillshed in order that all should remain before. No wonder these people' passed over the country like wavering Ghadows leaving. no. trace. From the:
Text read from the printed page and cleaned; old type leaves the occasional error.