The Birmingham age-herald., 1921-09-25

devised to have the government Share ownership in all gold values such as agriculture, pasture lands, puilo ings, industrial works and all tangl- ble property not Appreciated py the declining exchange value of the mark, and to turn over to the government, a part of the capital stock of cer- tain companies so that the govern ment would not be dependent solely upon the printing presses in making it's reparations payments to the al lies.
 Honest Desire Apparent
 Before this plan was completed, there was several industries proposed the above loan method apparently with the approval of both commerce and agriculture, both plans of the same aim--an attempt to use the sub stance of the peoples property for reparations purposes. After this, the bitterest Frenchman could not doubt Germanys honest desire to d government whose only credit is on paper.
 It will soon be seen whether this plan is feasible, whether the consor- tium can be found amid the unem- ployment and trade depression in the worlds richest country, to grant so tremendous loan.
 Several times in these dispatches l have pointed out the wide discrep- ancy between the states increasing ly impoverished condition and at least the apparent fIourishing condition of private wealth. And I have said that some day an attempt would be made to substitute the one for the other. If this should succeed, the peoples party which represents industry and commerce would come into power and the socialist trade unionism.
 The peoples party which represents huge wealth and IS therefore formida- ble when in opposition, has thus far been for return to a monarchy, but under this plan would be won for the republic and the nationalist par ty. made up of noisy monarchists, capital and labor in this time of great distress would be blessing.
 Danger oreshadowed
 It is clear to everybody that pres ent methods in Germany are econo- mically impossible. To pay the en- tente the first gold billion Germany was compelled to further diminish her small gold reserve and raise 300, 100000 on short term notes at a high rate of interest. The conse- quence was an unprecedented drop in the value of the mark. This drop automatically increased our indebt- edness, increased imitation prices and foreshadowed dangerous develop ments in the winter.
 What will happen to the worlds economic situation if successive gold billions are to be squeezed from q country whose only money is depre- ciated paper? This is world ques- ton and not German only. This is question which hoped personally to recommend to Americans for se- rious consideration during the first of the October days. But just before my intended departure illness and orders of the doctor forced a post ponement of my trip-a postponc- ment which childish islanders have attributed to unfriendliness to the German and European cases.
 But to resume, let me say that two figures should convince any reason able person of the impossibility of the execution of certain engagements of the treaty of Versailles. For the support of allied troops occupying our territory. Germany has had to pay 120.000,0 100000 marks. This is a totally unproductive expense. The second is not less important. The best German workman gets 100 marks daily. or less than S1. The wages of the masses are much lower. This discrepancy between German and for eign production costs causes dump ing which at. this time unintention- ally does much more damage than That which England cursed before the war.
 Loaded With Work
 Germany is loaded with work but how can she dispose of her producef if the business man does not know