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1931 USA: 1931: Owen D Young reads statement for postponing German debt payments
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May 7, 2026
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1:24Now PlayingDate: 5th December 1931
Location: Usa, Usa
Source: Reuters Historical News Collection: BRITISH PARAMOUNT NEWSREEL (REUTERS)
July 1931
USA:
EXT
Owen D Young (American industrialist and diplomat) reading statement on the Young Plan SOT
- these are bad times in the world / we have bad business and unemployment, bad temper and bad politics / each reacts on the other so that many suffer from want and more from the fear of it / bitterness and suspicion result / naturally we are in the mood to arm and not disarm, to tear down and not to build up and so we destroy our own prosperity
- the silence of America at such a time would be most discouraging / now she has spoken through the president / persons of all parties stand by as they are
- proposals to postpone all debt payments even for a year is not only the action of a wise creditor but the helpful word of a great democracy / coming at a time when we were all beginning to doubt whether a democracy could act promptly, wisely and helpfully, it is most encouraging / it is to be hoped that other govts can and will act also and that private interests would restore faith, would be helpful too
- it only takes intelligence, courage and goodwill to make a prosperous world / we have the material things already / I heartily approve the president's action
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