The Washington herald., 1919-03-13
LEAGUE CRITICS
HAVE NO Plan
Holland Says Opponents Of
Wilson Lack Substitute
for World Pact.

Not yet has any one OF those
who. with eloquence and earnest
ness and with the professional abil-
ity of great lawyers have spoken
in opposition to the proposed league
of nations, suggested anything con-
structive. The addresses made by
Senators Borah, Reed and Palmer TO
the Zoo members of the Society OF
Arts and Science have been spoken
of as fine proof of the fact that real
oratory has not been lost. but in
stead is the gift possessed by many
Americans. Senator Thomas speech
has been referred to since that
gathering as a fine example Of mod
ern American orstory.
Senator Borah's address served to
increase the impression that has
prevailed ,in this city that he is
really a fine orator. although his
oratory is somewhat tinged with the
methods which formerly prevailed
when oratory was deemed the sery-
ant of shigh-flown rhetoric and of
the advocate. All of these speak
ers, while critieising, as lawyers
criticise and as sometimes states
men do. the proposition. neverthe-
less gave no suggestion upon the
constructive side. All seemed to
agree that IL may be possible to
constitute an effective league Of ma
tions which will be acceptable to
the United States and to other ma
tions and which will not threaten
American sovereignty or impair or
compromise the fundamental princi-
pies upon which the government Of
the United States is based.
Hope for Plan.
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 intimstion which has reached
Paris that the Federal senate is not
likely to ratify a proposition similar
to the one which is now under con-
sideration, there may be evolved
plan which will be acceptable TO all.
They wonder, however. whether sew
eral important propositions, especially
important to the United States, will
be considered and acted upon, and
particularly the future relation OF the
allies to Germany.
We hear a great deal Of talk in
financial circles based upon the ques-
must pay. II does not directly affect
the United States because IL is not
our purpose to exact any indemnity
from Germany. But It may indirectly
affect this country. Undoubtedly Mr.
Vsnderlip. Thomas W. Lamont and
others who have been brought in
close touch with financial conditions IN
Europe. and particularly the relation
OF world fiancing to the league OF ma
tions proposition. have heard the
opinion expressed that while II may
be comparatively easy to fix upon the
Aggregate amount OF indemnity that
Germany must pay. vertheless a
very difficult and possibly impassable
OBSTACLE to the payment Of indemnity
may arise. The German government
Is in an almost chaotic condition.
Presumably Il would not be in posi-
ton to agree to or to pay any
indemnity unless it had the pledge of
the various states which compose the
German empire that each will bear its
proportionate share in payment OF the
indemnities.
Whatever the statesmen may think.
the men Of finance are apprehensiye
that the various German States will
refuse TO hold themselves responsible
for the payment of 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
they may be 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 any loans to the German gov
ernment, because no certainty exists
a -
established so strong that the pledge
Of its word would be regarded as SUI
fcient security behind the bond.
Prop to Finance.
But il there cannot be satisfactory
arrangements made for the payment
OF indemnities then our allies acros.
the sea will be compelled to look to
the United States for financial aiu.
Recently a semi-ofIicial report was
made OF the debt which England has
created on account OF the war. The
hsuCe is put at about $4,000 OOo. 900.
4 somewhat hurried estimate was
made this morning Of the aggregate
income for the past forty years which
Great Britain has received on account
Of her investment in foreign securi-
ties. This income has been one OF
N this estimate be accurate then Eng
lands war debt. especially II Ger
many Is unable to make any payment
TO her. IL greater than the axgregate
income for forty years from Eng
lands investments. In other words.
the war has wiped out all the profit.
England has gained in the past forty
years from her investment in for
eiEn securities This suggests to bank
ers that one OF the reasons why Great
Britain so warmly supports the pro-
posed league of nations as now writ
ten Is due to tSe fact that she must
look to the United States for financial
assistance.
Some Of those who have recently
been In Germany and the rest OF
Europe. have returned to the United
states to say that. indemnities or no
indemniues. 1t may be discovered IN
the course OF year or two that Ger
many is in n better condition eco
nOnically and with reference to her
Industries and her restored foreign
trade than either England or France
The best opinion in Germany seems
TO be that instead OF being a loss Il
u blessing that Germany is depriv-
cd OF her colonies.
Billion Year.
lion a year to maintain and she had
no sufficient return from them. In
the next place Germany has lost no
territory except the colonies: her pop
uIation is estimated to be larger now