New-York tribune., 1921-11-29

losses imposed by what she believes to
be thoroughly unjust treaty of peace
The objection to the indemnity as it
is now laid is double one. First, the
indemnity is larger than Germany can
conceivably pay. The consequences Of
such burden, If the Allies persisted
in binding 1t upon her shoulders, will
be financial debacle. Financial break
down In Germany will inevitably in
volve other countries in Europe. We
should leave to the Allies themselves
the readjustment Of their claims upon
Germany and not undertake to pur-
chase by the cancellation of our debt
a wiser and more reasonable attitude
Of the victors to the vanquished. I'm
der no circumstances should we become
the Allies collection agent, and trade
our claims for the uncertain claims
which the Allies have imposed upon
Germany. I should abandon the theory
that we might cancel the Allied indebt-
edness in exchange for the privilege of
imposing certain rules Of political
conduct upon our debtors. l should
likewise reject at once, and with vigor.
the suggestion that in exchange for
cancellation we ask to be given certain
trade concessions; that we demand
special commercial privileges.
"The crux of my plan would lie in
the disposition of the payments.
II would have America make a beau
geste, grand gesture in international
relationships. While demanding that
the payment be made, l would have
America say that she is prepared for
the present to forego the receipt of it..
That is how the consequences Of the
paradox may be avoided.
II would like Co see every dollar
that can ever be paid to US by our
debtors for years to come devoted to
the rehabilitation of European civili-
zation. 1t is only through the reha,
Utilization of European civilization that
these debts can ever conceivably be
paid. 1t is only through the rehabili-
'lation Of European civilization that
America can ever conceivably realize
in full measure her destiny, or can ex-
pect full measure of prosperity for
her people.
"By undertaking to rehabilitate Eu-
ropean civilization / mean in the first
instance that I would briy q spirit
into the affairs of DISTRESS europe
which would promise a revival a hope,
renewal of courage, stimulation Of
industry.
Everything the war has cost, every
thing an unwise peace is costing, can
be recompensed, and beyond that
great economic margin created, if east
ern Europe can be put in order, can
be helped and led wisely to handle its
own problems; if the peoples of east
ern Europe can be made to comprehend
their economic unity; if they can be
brought to understand that in the well
fare of all nations lies the highest
prosperity of each.
81 believe If the money was thus
wisely expended, one of the results
mn ha 81, ~,
provement in Europe that in time
every dollar of these debts could be
paid. Although our claim would for
time have been expended without COM
ing directly to US, the indirect result
of the expenditure would many times
over materially compensate us for the
direct loss.
Get Business Machine Repaired
eff such program as is here indi-
Gated we're undertaken 1 would hope
that little, if any, of the funds would
be expended in strictly welfare work.
"One of my first concerns would be
to help to put in order the old ma
chInery Of commerce; nor would that
accomplishment be really the ultimate
aim. A considerable part of what we
: cc.ved might we'll be used as re-
volving fund Of credit. 1t could be
Ioaned TO natlonS TO heIp them accom-
plish specific urposes--purpose which
we had carefully analyzed and believed
to be economically sound and for the
general good; purposes which would
accomplish substantial and permanent
economic and social results.
Europe needs better transportation.
We could help provide it. Europe needs
great development of it's ample
hydro electric power in order that it
may have cheaper motive power and
may economize its far too small fuel
supply.
"If we would devote the income for
few months toward equipping east
ern Europe with a modern grain eleva-
tor system we would have conferred
material blessing on Eastern peasants
and Western consumers alike, stimu-
lating production and helping to turn
stagnant trade into swift stream of
commerce. Some part of what we re-
ceived, however, probably would be
spent without possibility of direct re-
turn: If such expenditures were
wisely made the indirect return would
be enormous"