The Lambertville record. [volume] (Lambertville, N.J.) 1872-1968, 1920-03-26
WORK And THRIFT
TO REVIVE WORLD
Supreme Council in Economic
Manifesto Warns of Danger
of Financial Collapse.
WHAT GERMANY MUST PAY.
Quit Making Paper Money Is Among
Main Demands-General Recon-
mendation That Germany Be
Allowed Credits.

London.-No short cuts to peace and
plenty can be found anywhere in an ex-
tensive report adopted by the Supreme
Council after its detailed considera-
ton of the worlds critical economic
situation. The report calls for public
and private retrenchment, for immedi-
ate cessation of the manufacture of pa
per money and appeals to the workers
of all countries to put their shoulders
to the wheels to produce goods.
Its recommendations for the most
part are a repetition of the advice
which American economists, and Her
bert Hoover in particular, have long
since given Europe.
The hand of France is plainly seen
in the recognition by the Supreme
Council of the primary necessity of
restoration of the devastated regions
of northern France, to accomplish
which capital sums required for it may
properly be raised by market loans in
anticipation of reparation payments
provided by the treaty
The efforts of Premiers Lloyd
George and Nitti to secure for Ger
many, ahead of reparation obliga-
lions, big loan in neutral and other
countries resolves itself under French
opposition into a general declaration
Germany could obtain commercial cred
it's necessary to provide raw materials
for restoration of her industries "Of
such amount and with such priority as
the Preparations Commission may deem
necessary"
In the case of Austria it is added
that even more active assistance may
require to be aiven. 1t is further
agreed that Germany should be in
formed at the earliest possible time
of the extent of her PREPARATIONS obi
cations, because the possibility of OBJ
tanning commercial credit is paralyzed
by reason of the fact that her obliga-
lions for PREPARATIONS are still totally
| unknown.
Hoover's dictum that European coun-
tries should reduce their big armies as
a means of recovering economic sta
bility finds an echo in the recommen-
dalton of the Supreme Council that
"armies everywhere should be reduced
| to a peace footing, that ornaments
| should be limited to the lowest posi-
| BILE figure compatible with national Sc
| curity and that the League of Nations
should be invited to consider as soon
| as possible proposals to this end"
The memorandum reviews conditions
In Europe at length. 1t estimates the
increased cost of living in the United
States at 120 per cent; Great Britain,
40, and France, Italy and Belgium at
300 per cent.
1t estimates the men under arms in
Russia at 100000; Poland, Rouma-
MIA and the former Austro-H Hungarian
Empire at 100000; wheat sown in
tares Q,299,000 acres), against an av-
erage before the war of 100000 hes
tares (4,693,000 acres).
1t considers the general extrava-
gances as phenomena following all
great catastrophes. 1t estimates the
worlds total war debt at 5000 0O0,-
100000, and points out that gold prices
have risen, as well as paper, instancing
| the increase in prices in the United
States, while the gold standard re-
mains effective.
1t concludes that the purchasing
power of gold is the ultimate measure
of prices of commodities, and attrib-
utes profteering and the increase in
prices TO the scarcity of goods.
In 1920 the war debts are: United
Kingdom, over f7,0O0,O00,0OO; France,
&c, 100000; Italy, f2,75O,000,0 900 ;
Germany, apart from reparation liza
bilities, 1880, 100000, and the United
| States of America, f5,000,000000. The
total war debt of the world s approx
mately f40,OO0,O0O,OOO.