"No!"

If any way can be discovered to get around the Johnson Act which bars U. S. loans to delinquent debtors of the World War, such as Britain and France, these two nations must find it by diplomatic means before they have to fight, and therefore have to borrow, again. Last week the surprising statement issued from the White House that Walter Runciman, who holds the unspectacular British Cabinet post called President of the Board of Trade, is an "old friend" of Franklin Roosevelt and was arriving to spend a few days under the President's hospitable roof. Disembarking at Boston from the Caledonia, Minister Runciman issued a statement full of well-oiled evasions. Asked if he might discuss War-debts with President Roosevelt, he retorted: "God forbid! I don't think it the least likely." Asked about possible colonial redistribution, he said: "We are not going to bribe anybody to leave us alone. You know well enough what it means to those who pay tribute--demands for more and more tribute. . . ."

Next is expected the great financier whose overseas missions for the Bank of England have always been of the greatest significance, Sir Otto Ernst Niemeyer, potentially an "old friend" of Secretary of the Treasury Henry Morgenthau Jr. In 1930 Sir Otto overhauled the finances of Australia; in 1931 it was Brazil; in 1933 the Argentine; in 1935 India. He is a Director of the Bank of England, a Director of the Bank for International Settlements ("The World Bank"); a Director of the Banque des Pays de l'Europe. Sir Otto, no Jew, embodies in his cultured person exactly what Adolf Hitler has in mind when he makes such speeches as only Der Fuehrer can make about "International Jewish Finance Capital."

After Mr. Runciman and Sir Otto there wall next arrive in Washington the new French Ambassador named last week by Premier Leon Blum, dapper Georges Etienne Bonnet. He was busily occupied during the notorious Stavisky Scandal (TIME, Jan. 15, 1934 et seq.) in collecting proofs which finally convinced most people that, during the Stresa Economic Conference in 1932, M. Bonnet really did not entertain M. Stavisky publicly in a restaurant. Unbrilliant Georges Bonnet has had considerable sound experience as French Finance Minister in previous Cabinets. No one in Paris could imagine why the present able French Ambassador in Washington, popular Andre de Laboulaye, was being replaced, unless M. Bonnet is coming to talk debts with Mr. Roosevelt.

After a White House press conference the obedient New York Times printed that the President had "indignantly denied" that he has "invited Great Britain and France to begin preliminary discussions for the adoption of a peace program based on financial and trade factors. There was not a word of truth to the reports, Mr. Roosevelt exclaimed."

In Paris recently when somewhat similar denials were made in the Chamber by a member of the Blum Cabinet one of the Deputies arose to observe courteously, "You have said 'No,' Monsieur. On the lips of an individual of your reputation, may the Chamber assume that that word is equivalent to 'Yes'?"

This file is automatically generated by a robot program, so reader's discretion is required.