Forest City press. (Forest City, Potter County, D.T. [S.D.]) 1883-19??, 1918-05-30
The British Budget.
From the New York Times

Fl'Il tHe New YORK Times.
The British budget gives England the
right of the line among the allies for
soiidity and patience of mind under fin,p-
clal as we'll as military stress. England
is heithei the most populous nor richest
among the enemies of Germany. but il
suTpasscS all others in the burdens which
1t assumes and the chcerfulncss with
which they are carried. The approval of
the new taNeS is as significant as the
substance of the budget itself. 1t means
nothing less than that the British people
are beh'iid the government until the right
shall conquer The points most interest
ing to us are the comparison With Ger
many. and the proposal TO shift to US the
financing of the allies whom England has
carried thus far. Germany is borrowing
Its interest in part. and has levied taxes
oil tl,oii. 900. 900 by England. The result is
that Germany has a deficit of f3S5. Doo,o 600.
lbut German accounts do not SHOW what
the British accounts do. England has
maintained it's exports and imports and
even has increased them. Germany has
lost it's foreign trade. and with it its prof
its and the par of the mark. Whichever
peace shall come. England can trade on
equality with the world. but Germany
must pay for the ease it has enjoyed
during war. German.'s leaders deceive
the by a false. financial balance
through credit Juggling which will be-
come an unendurable economic defer,
whenever trade conditions become normal.
No one will take German marks. and
Germany is without the goods With which
to balance its trade will. the world.
Among themselves Germans are solvent
on the accounts. but their capital is
pledged to the banks. which are over
loaded with illiquid assets at exaggerated
prices. When the prices fall. the situa-
ton will disclose itself to banks and GUS
toners alike. Tho deficiency in marks is
nothing compared with the deficiency of
assets against which inflated credits have
been negotiated. Already one-third of
private German wealth has been trans
ferrcd to the government and destroyed.
The process may he continued until Ger
man capital is gone. but at some step in
the process the kaiser's categorical inn
peratlNe 10 conquer will come TO material
and psychological ends together. The will
to conquer cannot survive without food
! and clothes.
| The extent to which England declines TO
deceive itself appears again in the putting
into a suspense account of II. ia 900. 600 of
advances to allies and the colonies. Mr..
BoEar Law proposes to transfer to us
the making of loans to those of our allies
who have hitherto looked to England for
funds. without. however. increasing the
demands upon us. He frankly proposes
to lean on the United States and he
should be welcome. Our advances to the
allies are less than our war profits. and
Tess than the bank credits which could be
carried by the gold which England has
sent us We are belolden to England
for the use of it's fleet for four Years. We
are beholden to France for the bravery of
Its army. To give credit for purchases
In this market is Il duty to the common
pause. For itself. the country with the
largest budget and heaviest taxes asks
nothing. 1T is self sufficient and self
sustaining. When we shall nave fought as
.ong and ssulned as great burdens, we
shall have a right to expect approval such
as we now should give to our chief ally.