The Republican journal. [volume] (Belfast, Me.) 1829-current, 1920-12-02
ADJUSTMENTS AND DISCUSSIONS

June %, 1919, the treaty of peace was
signed by the powers. Drs. Mueller and
Bell, the German delegates, signed first,
followed in order by President Wilson
and the United States delegates, Great
Britain, France, Italy and Japan. The
mi nor powers then signed in alphabetical
order BY the terms of the treaty Ger
many promised to make certain repara-
tions of live stock stolen, machinery
taken from factories, equipments taken
from railroads, works of art and several
other things which rapacity had prompt
ed the Germans to take or to destroy. To
some extent these separations have been
made, but time will be required to enable
Germany to make all the reparations
specified in the treaty. In addition to
these reparations the treaty stipulates
that Germany shall pay large cash in
demnity. The payment Of this must
necessarily be paid in installments ex-
tending over period of perhaps twenty
years. These separations and the in
demnity were the promises Of the two
Germans mentioned above who presum-
ably acted under the authority of the
German government. This was all that
could be expected at the time of signing
The treaty. Now after the lapse of about
II months the German government has
given treaty bonds to the reparation COM
mission to the amount of 10000, 000,O
gold marks which, on the basis of pre-
war exchange value would be worth
about $4,000. OO0,0 900 in U. S. gold cur
rency. Although now worth only about
one-fifth that sum the bonds will ulti-
mately be worth par, and our allies have
a tangible asset instead of the promise of
two men. The German government has
given its endorsement to that promise
1t is negotiable asset worth, at the pres
aent rate of exchange, at least So, 900, OOO,-
900. The allies are wisely looking after
Their interests, constantly and with in
slstence. Would it not be wise for US to
do The same? Our government begun to
1Od4i kliOuG " tuC dlllCS SUiliG years
ago, and at the close of the war these
loans totaled about $4,000 900, 900. We
have nothing on which to base a claim
FOR payment except that there has been
deposited in the Treasury certain promis-
sorry notes signed by the ambassadors or
ministers of the debtor countries. These
notes bear interest at per cent but yery
little interest has been paid. The Liberty
loan acts authorized the Secretary of the
Treasury to exchange these demand notes
for long term bonds of the debtor nations.
The Secretary has been, for several
months, engaged in discussions" with
those countries as to the terms of ex-
change and has intimated that interest
On the debt has been deferred since April
of last year, pending the reaching of an
agreement, These demand notes contain
this provision: "This certificate (mean-
ing note) will be converted by the gov
eminent of (here is written name of Cow
ernmenD if requested by the Secretary of
the United States of America at par with
an adjustment of accrued interest,"" We
fail to see why any protracted discus
sions' need be had about this matter
There is feeling in England, we do not
know how general it is, that these loans
DO not constitute debt at all, but should
ne cancelled as an American contribution
to the cost of the war. The tax payers
of this country do not SO regard it. They
expect to be taxed $4,000, 900 900 to sup