The Birmingham age-herald., 1919-03-13

ner to the 1900 members of the Socitty of Arts and Sciences have been spoken
 of as fine proof of the fact that real oratory has not been lost but instead is the gift possessed by many Ameri- cans Senator Thomas speech has been referred to since that gathering as a fine example of modern American oratory. Senator Borahs address served to increase the impression that has prevailed in this city that he is really fine orator, although his ora tory is somewhat tinged with the methods which formerly prevailed when oratory was deemed the servant af hgh-flown rhetoric and of the advocate. All of these speakers, while criticiZing, as lawyers criticize and as sometimes statesmen do, the proposition. nevertheless gave no sug- sestion upon the constructive side. All seemed to agree that it may be pos sible to constitute an effective league of nations which will be acceptable
 to the United States and to other na- tions and which will not threaten American sovereignty or impair or compromise the fundamental principles upon which the government of the United States is based.
 Yet with the men of finance, with the men who are esteemed leaders in banking not only in New York but elsewhere, there does prevail a hope that out of the discussion and because of the intimation which has reached Paris that the federal Senate is not likely to ratify a proposition similar to the one which is now under consio- era ation, there may be involved plan which will be acceptable to all
 They wonder, however, whether sev- eral important propositions, especiallr important to the United States. will be considered and acted upon. and par
 ticulary the future relation of the allies to Germany
 We hear a great deal of talk in fi- nancial circles based upon the question of the indemnity that Germany must pay. It does not directly affect the United States, because it is not our purpose to exact any indemnity from Germany But it may indirectly af- feet this country. Undoubtedly MT. Vanderlip. Thomas W. Lamont and
 others who have been brought Tn close touch with financial conditions in Europe and particularly the rela- tion of world financing to the league of nations proposition. have heard the opinion expressed that while it may be comparatively easy to fix upon the aggregate amount of indemnity that Germany must pay, nevertheless, a very difficult and possibly impassabls obstacle to the payment of indemnity may arise. The German government is in an an almost chaotic condition. Pre- sumably 1t would not be in position to agree to pay any indemnity unless it had the pledge of the various states which compose the German empire that each will bear it's proportionate share in payment of the indemnities
 Whatever the statesmen may think the men of finance are apprehensive that the various German states will refuse to hold themselves responsible for the payment of the indemnities Where then can Germany get the funds with which payment can be made?
 Our bankers say that after readjust- ment is finished and peace prevails 1 they may DC willing to make loans to ], the various German states, but they will not be willing. so far as they can now forecast the situation, to make 1 because no certainty exists that a per- manent government will be establish ed so strong that tho pledge of its word would be regarded as sufficient 1 security behind the bond.
 But if there cannot be satisfactory arrangements made for the payment of indimnities then our allies across the sea will be compelled to look to che United States for financial aii. , Recently semi official report was made of the debt which England has created on account of the war The figure is put at about $45.000,0 0,00o.000. A somewhat hurried estimate was made this morning. of the aggregate income of the past 70 years of Great Britain has received on account of her investment in foreign securities. This income has been one of the main-