Evening journal., 1921-11-26

leadership and press France TO re-
cede from some OF her demands be-
cause OF the many points Of differ
ence existing between France and
Great Britain at the present time.
France must be persuaded that Il
Is not to her own best interest long
er to persist in her present impos-
sible demands and much as we
sympathize with the sufferings Of
France she must make concession
in her own interest II not on behalf
Of civilization.
We must not forget that II France
we're to repay our loan today It
would be necessary for her to give
us nearly three times the number OF
francs she received from us. while
Great Britain on the other hand
would only have TO pay us 25 per
cent more pounds than she received.
because her exchange has not de-
preclated to the same extent Thus
France, italy. Belgium and our
other debtor nations are penalized
much more because Of exchange de-
probation than Great Britain, whose
money is more stable.
I have heard II suggested, and II
Is worthy OF most serious considera-
tion, that we accept repayment Of
our loans at the same rate OF ex-
change existing. at the time the
| loans we're made. We would thus
give the greatest measure Of relief
to those countries needing II most.
France must accept some sugges-
ton that will permit a restoration
Of commerce with Germany and
effect that measure OF world dis
armament we are all so desirous OF
accomplishing.
We on our part must realize the
impossibility of collecting the ten
billion dollars due us under present
conditions. Europe has not the gold
with which to pay us even interest
on this amount. They have only
goods with which they might pay.
Payment OF this amount in goods
would certainly mean great unem-
ployment In America and rather than
that we had better forget the entire
debt.
SO each OF the allied nations must
contribute something for the general
good and I make bold to suggest
some steps that may be taken to ac-
cOmplish the desired result:
First. Allies to agree on substan-
tial modification of reparation terms
in order to bring them within the
bounds OF possibility.
Second We to agree to a mora
torium OF say twenty years for debts
due us. For the first ten years no
interest TO be charged. For the sec
ond ten years only a small rate OF
interest, perhaps per cent After
twenty years have passed we to re-
celve our principal in full with a
proper interest on deferred payments
from that time, possibly accepting
from France, italy and Belgium pay
ment at the same rate OF exchange
\ existing at the time loan was made
Third. Those nations to whom
. this concession is extended to modi'
; fy amount OF reparation from Ger
many and make terms thereof Will
which it is possible for German,
4. to comply.
{ Fourth. England TO agree e
D make similar concessions to nationl
h which are in her debt.
Fifth. Steps must be taken 4
- insure that Germany's budget vii
balance. Her receipts from taxation
etcetera, must fully meet her cur
r rent expenses plus the amount OF In
demnity obligation finally settle'
upon.
This protection is vitality neces
sary to insure good faith on thu
part OF Germany. although # would
seem that settlement having beer
reached, her own self interest would
tbe a guarantee OF good faith.
The big thing now is to conceive
some plan which will enable the
countries Of Europe to stabilize theii
money in order that commerce may
flow freely as between countries and
thus avert the impending disaster
which threatens the world.
These suggestions are neither
philanthropic nor idealistic, but
simply good sound business sense
They will create kindly feeling to-
ward us, that intangible asset which
can be made to pay dividends II
time TO come. much greater than thu
full amount Of debt owing us.