DOLLARS TO DOUGHNUTS

The much-mooted question of who is to bury the last man on earth has alison more forcibly than ever. And the American Bankers' Association is wondering whether "America First" may not in the end result in America last--and unburied. Mr. Lamont in his address before the assembly compares the well-worn phrase with one almost more worn and hitherto more sinister "Deutschland Uber Alles".

He points out that "America First" may imply simply "patriotic ambition or equally well national arrogance and aggression". We produce more than half of several of the raw materials vital to the world and hold almost half of the world's gold. But still America first. When war debts are discussed and partial cancellation of our eleven billion dollar bill is suggested, the cry is raised that it is unfair to America.

In contrast to this view is Mr. Lamont's straightforward advice to consider: "what, if any, of these debts are in any event uncollectible and so should be written off, in order to quit fooling ourselves. Let us decide what others of these debtors are good in part, but must be given ample time to pay; emphatically, let us figure whether the payment of these debts--which inevitably must mean a great increase in our import and a heavy decrease in our export trade--is going to prove an asset or a liability for American business men".

We must consider not only what of these debts are good in "cash or kind" but also what are good for America if collected. A complete payment in the one way possible, by imports, would of necessity mean a great decrease in the industries of this country. Can we afford to let them pay the bill?