The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-11-23

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WORLD SDEBTS
Continued from First Pase)
must confess II appears we either
do not care or do not appreciate the
consequences that will inevitably re-
suit to our own country II we con-
tinue our indifference to European
conditions. Let there be no mistake
No country can save Europe but our
own.
Business and Disarmament.
Economic and financial questions
should be considered simultaneously
with disarmament discussions. They
are SO closely allied they cannot be
separated. II We stand ready to give
Europe voluntarily the immediate
financial relief that later we will he
compelled to accord we can obtain
the support Of European powers for
these principles of disarmament
which we believe to be In the best
interest Of the world.
IF we are prepared to lose every
advantage gained by the war: II we
are prepared to incur the enmity and
hatred Of the world; II we are pre-
pared to lose the markets of the
| world for the sale OF raw materials
grain. cotton. steel. etc: II we are
prepared to build q stone wall around
ourselves and live within ourselves.
we are pursuing the right course.
But II we desire to live at peace
and fellowship with the world and
develop our finest and best possibin.
ties as a nation. we had better take
strict account Of ourselves.
"1f We aspire to a place as q
leader OF nations. the obvious ques.
ton follows: What can we dor
First of all. think Congress. II IT
has not already done 80. should con-
fer upon our President or Secretary
Of the Treasury unlimited power to
act with respect to moneys owing us
by other countries. Power to act Is
important because quick action is SO
vitality necessary. o..
Conference Imperative.
There should follow, Immediately,
conferences with our allies. after
which neutral countries and perhaps
Germany should join. Out Of such
conferences will surely come a plan
to stabilize the exchange Of the
world. without which enduring com
mercial intercourse between nations
is not possible.
at is a mistaken impression that
Germany is deliberately creating a
condition of bankruptcy to obtain
modification OF reparations terms. So
long as present conditions exist she is
helpless and must continue working
her printing presses overtime turning
out money until total financial col
lapse comes. And that will be in the
near future.
80 far as Germany alone can act,
two courses only are opened: one to
continue as at present, in which event
financial collapse Is certain, such col
lapse will probably be followed by
revolution.
May Refuse to Pay.
THE other course. the more likely
one for Germany to pursue, 10 for her
to decline to continue reparation pay
ments, Then occupation would prob
ably Immediately follow. Occupation
means industrial stagnation, and prob
ably, finally, a repetition Of what has
happened in Russia.
Germany must have a breathing
spell to get herself in order. 1t may
take from one to two years, during
which time she could organize herself
to pay reparation Of not to exceed
200, zoo, 900 gold marks per year, as
against the $500, 000, 900 at present de-
manded. She could raise perhaps one
half OF this amount by a tax on her
exports, which at the highest point
before the war reached 10000, 000, 900
gold marks. This $500, 900, 900 marks
per year should continue for as many
years as necessary to pay the full
amount finally determined upon as
financial reparation. II Germany en-
joys unexpected prosperity and her
exports should exceed 5000. 900
gold marks in any one year. she
should be compelled to pay perhaps 20
to rs per cent of such excess on &C
count of her indebtedness for repara- |
ton.
Britain Awake To Danger.
1T think the leading minds of
Great Britain have a keener appre-
citation Of the necessities Of the sit
uation than elsewhere. I think Eng
land stands ready to bear its share
of the burden in extending necessary
financial relief to the world. But
England Is not in a position to take
the leadership and press France to
recede from some Of her demands,
because of the many points of diff
ference existing between France and
Great Britain at the present time. /
France must be persuaded that I
1t is not to her own best interest /
longer to persist In her present i'm
possible demands: and, much as we
sympathize with the sufferings of
France, she must make concessions
in her own interest II not on behalf
of civilization.
1--WE must not forget that IL France
were to pay our loan today II 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 % per
cent more pounds than she received.
because her exchange has not depre-