The Moral Factor in the War Debts Question - An Address Delivered before the Foreign Policy Association - November 6th, 1926

Sep 21, 2026

Uploaded by Noah

An address delivered before the Foreign Policy Association by James P. Roe on November 6th, 1926, examining the unsettled question of wartime debts between the United States and Western European Allies. The speech argues that beyond financial valuation, moral principles and related motives shape the debate. It critiques political passions and statistical technicalities, rejecting emotional attacks and simplistic comparisons to England’s earlier remission of Allied debts. The address frames differing economic dependence and geographic realities as central to evaluating what policy the United States should pursue.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages13

Reading Time33 min

AccessFree to download

The War Debts Question

Political passions vs. serious analysis

The limits of statistics and technicalities

Questioning the England remission analogy

Moral principle and related motives

97-84076-22Roe,James P. The moral factor in the wardebts question New York # COLUMBIA UNIVERSITY LIBRARIESPRESERVATION DIVISIONBIBLIOGRAPHIC MICROFORM TARGET ORIGINAL MATERIAL AS FILMED-EXISTING BIBLIOGRAPHIC RECORD Reproductions may not be made without permission trom Columbia University Librarios ## RESTRICTIONS ON USE: TECHNICAL MICROFORM DATA FILM SIZE: 35mmBEDUCTION RATIO: 9:1 IMAGE PLACEMENT:IA DATE FILMED: 5-7-97INITIALS: 报 23879 ## TRACKING\#: FILMED BY PRESERVATION RESOURCES,BETHLEHEM,PA. IB | 个9rough we Presaen's Otfice
The Moral Factor
in the War Debts
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AN ADDRESS
Delivered before the Foreign Policy
Association
By
JAMES P.ROE
——
HoTEL KIMBALL
SPRINGFIELD,MASSACHUSETTS
on November 6th,I926
IL CARROCCIO PUBLISHING CO.
191-195 CENTRE STKEET
New YoRK
308 | | --- | 1 \#G8 16心 # THE MORAL FACTORIN THE WAR DEBTSQUESTION MR.CHAIRMAN;LADIES AND GENTLEMEN: Frank discussion of all these vexed inter-national questions is a duty we owe our owncountry and our neighbor nations.The onlysure way to solve these complex problems isto reduce them to understandable terms.Thusalone can the several peoples who are ultimate-ly the ones most intimately concerned in allinternational relations,grasp their significanceand press for their peaceful determinationunder enlightened leadership.I congratulatethe Foreign Policy Association upon the splen-did part it is taking in the public consider-ation of all these current international issuesand particularly today upon its good fortunein securing Dr.Moulton to explain the econom-ic phases of the War Debts question. This question of the Wartime debts whichthe Western European Allies contracted withthe United States Government is bound to re-main open for some time.Their settlementwas not concluded at Washington.It was onlybegun.In fact,one of the leading debtorgovernments refuses even to accept the basesof that beginning.Much more than the moneyvalue of these debts is involved.Unfortunatelyfor a calm consideration of the various factorsconcerned the whole question has been sub-jected to political considerations.These inevi-tably engender popular passions and they al-ways becloud the issue.An instance of thiswas the inspired attack last summer of theRothermere press upon the United States as aUsurer.Emotional appeals and political accu-sations and recriminations simply delay honestendeavors at adjustment of the problem. The technicalities of the situation have,itseems to me,been overexploited.And,withall due respect to the nasters of statistics,Ihave frequently found that statistics speakvarious languages and tell different stories ac-cording to the minds manipulating them.Figures do not lie —but they do tell somedistracting tales! Secretary of the Treasury Mellon madethe statement some time ago,“The entireforeign debt is not worth as much to theAmerican people in dollars and cents as aprosperous Europe as a customer."That isperfectly true if we look only to the materialeffects of any action America might take re-garding them.Americans do not lack thematerial sense,but it does not predominate.Itwould be eminently unfair to attribute to us,as a government or as a people,such an un-worthy motive.American world-wide philan-thropy and charity,to say naught of the mannerof our participation in the War,would dis-prove any such contention. There is a moral principle involved in thismatter of War debt collection.It is that prin-ciple which I wish to stress—that principle andits related motives. Before coming to that point directly,how-ever,let me show briefly that the oft-adducedcomparison made between present Americanaction and England's remission of herAllies'debts a century ago does not stand thetest of serious analysis.England's PrimeMinister at the time,Lord Liverpool,learneda les

FAQs

What does James P. Roe say is the main issue with the war debts question?

He says settlement is not truly concluded and that the debate has been clouded by politics and public passions rather than calm consideration of all factors.

How does Roe critique the use of statistics in the discussion?

He argues that statistics can speak different languages and tell different stories depending on who manipulates them, even though figures themselves do not lie.

Why does Roe challenge comparisons to England’s earlier remission of Allied debts?

He argues that England’s commercial dependence and different circumstances made those actions not a direct model for America, whose economic position and needs differ radically.

Sep 21, 2026

Uploaded by Noah