New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-05-15
Depreciates One third in
Purchasing Power as
Living Goes Up.
LOANS INSUFFICIENT
FOR TEUTON EMPIRE
DR.. Helfferich, Imperial Treas.
urer, Resorts to Direct Taxa
ton in Financial Battle.
BY ARTHUR s. DRAPER.

London, April Is. There is nothing
romantic or exciting in mere figures,
but to-day there are men who are
studying figures Of the war just as
carefully as the General staff OF the
belligcrents plan each move OF their
great game Of checkers. In the Treas
ury Department arc men who look at a
chart every day TO see where the Ger
man mark stands, and feel as heart
ened when it falls rs does the General
staff when it gets word Of the capture
Of a front line trench. Over in Berlin
there are others as interested in keep
ing the mark up as the Crown Prince
is in the taking of Verdun.
In this game no blood is shed, but
before time is called not only personal
fortunes but national financial reputa-
tions will be shattered. 1t is as stub
born battle as any fought out on the
fields.
"How can We cripple Germany" ask
the Allies. There is a conference, and
then the mark drops n fraction.
Lets give Mr.. Mark another crutch.'
saw the Germans. Then Mr. Mark dis
plays a little activity and then falls OF
in decline.
Poor little mark, He has expanded
and contracted so much in the last few
months that he is becoming like
worn-out bellows raspy and weak. lie
has lost nearly one-third his power,
and the Allies are trying their hard
est TO squeeze him until he cries TOT
mercy.
And why are they so interested IN
the mark? For several reasons. The
mark is considered I good criterion OF
conditions within Germany. IL is the
Allies best witness before the neutral
Jury. which is interested in Germany
present position as we'll as future. Two
things enter largely in the position
of the mark the amount OF paper
money floating around in Germany ana
the amount of imports going into Ger
many for which she must pay in gold.
A few DAYS ago DR.. Helferich MADE
a speech in the Reichstag. That speech
was read By the men in the treasury
here with much more interest than II
il had been the story of campaign IN
the field. DR.. Helfferich is the treas.
urcr Of Germany. mighty busy, nara
working man, who has worries as great
as those of Hindenburg or MacHensen.
II. was telling the members OF the
Reichstag and. incidentally. the Ger
man people of the whole world how
Germany stood financially. But he said
nothing Of the mark. That omission
pleased the people in whitehall and
troubled those in the Wilhelmstrasse.
DR.. Helrerch made ono statement.
which is interpreted here as sign OF
weakness He announced that SIG
coo. 900 must be raised by taxation.
This was a fine opportunity for BRIT
gin. as banker Of the Allies. 10 make
capital of DR.. Helfferich. Germany has
prided herself on paying her war eN-
penses by direct loans. Last August
at the end of year of war, Or:
Helrerich defended his policy OF
financing By loans on the ground that
he did not wish TO add 10 the burden
Of the people Still the people have
been indirectly taxed heavier. through
his policy of initiation. which has raised
the cost OF living for the German work
irgman BY something like 80 per cent
Nov he has 10 ask for sl20.0OO,OOO. a
trivial amount, about enough 70 pay
Britain's war expenses for five DAYS
But this sum. DR.. IIelferich admits.
is simply to balance tho deficit on other
items of revenue and not for war pur-
noses.