There never was serious doubt among competent observers in Washington of the ultimate ratification in the Senate of the settlement of Italy's debt to the United States, as agreed upon by the debt-funding commissions of the two countries. That settlement was approved by President Coolidge and the Treasury Department as the best obtainable, in view of the economic and financial condition in Italy.

Its opponents could hope for nothing more than fruitless delay, such as the motion to recommit, if passed, would have entailed. This futile action was not approved and ratification has been accomplished by a non-partisan vote of 54 to 33. The outcome will enable the American debt-funding commission and the administration to take up, at once, the more complex problem of France's war and post-war debt to this country.

The Italian settlement was based on a careful study of all the relevant facts. It was absurd to contend, as some Senator did, that Mussolini had tricked the United States into making Italy an entirely unnecessary and recklessly generous gift.

It was equally absurd to call the settlement, "international grand larcency", as did Senator Reed of Missouri. Italy has undertaken to pay all, that in reason, it could agree to pay. Coercion of Italy was out of the question and promises wrested by coercion would have been worthless.

By the terms of the settlement Italy will pay all the principal of its debt plus a relatively small amount of interest. It has sixty-two years in which to discharge the obligation, but no responsible person pretends that it has the cash or the credit required to make larger payments in the immediate future than are called for in the settlement.

The Senate has the satisfaction of knowing that, in approving the agreement in a non-partisan spirit, it has acted in complete accord with the most enlightened business and scientific opinion of the country.