The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1921-02-04
BY MARK SULLIVAN

National Political Correspondent OF the
IntelligcnCcr.)
Washington. II. c.. Feb. 3.-Enough
time has now passed since the announce
ment of the German rcparation terms 10
| make possible 4 careful appraisal OF
their effects. both in general. and es-
pecially on our W financial and poll
teal affairs.
When this subject was under consid-
Grafton by the Peace Conference. Tour
American business men served on the
commission that had the subject IN
charge. and Il few other Americans also
participated less formally in the dis
cusSions. Incidentally. the first meeting
Of the Commission on Preparations oc-
CURED exactly two years ago. on Feb
ruary 2, 1919.
The average Judgment of the Ameri-
can official at that time. as to how much
Germany could pay. did not differ ma
t~crially from the amount that Is now
assessed. A few thought Germany might
be able TO pay as much as twenty-five
billion dollars. One OF the most cautious
named a figure as low as fifteen billion
dollars. Since that time. however, these
Americans. in tho light Of further in
formation and rejection. have tended on
lIt "lplF ~ l'Ah'N 80
Gcrmany's capacity to pay. Eut the
thing which these American experts
never contemplated is tho 12H per cent
assessment on whatever Germany's eX-
rorts may turn ou: to he over 4 period
OF forty-two years. and Il is this part
Of the recent settlement which the
Americans most vigorously condemn.
pevice Of the Devil
II rohs the settlement Of exactly the
merit which IL was hoped settlement
would have. Instead If making the rep
'aratious q definitely fixed moun 1t
leaves certainly Il ;hird and perhaps a
half of il indefinite. From an economic
point Of view. his sort OF thing is a
device Of the devil. If Il malirn intel
~liGoncc should devote itself TO making
economic mischief, il could invent no
better device than an indctcrmiratc tax.
1t was exactly this sort OF thing which
kent ireland backward for generations.
II j. this that keeps the renting fnrmed
everywhere down If the subject or
such a tax hc il A ma or a nation works
hard and is thrifty. he is p"nalizcd.
A. to tina part Of tho settlement
which Is Il tiArd sum-. III" iudcm"n: here
varies with the individual. but or the
whole is rather dubious. The most OPP
timiStiC go no farther than to say It is
just possible that Germany can pay.
Indispensable Step
For several months practically AL our
leaders have been OF the opinion that
the liking Of the German Preparations
would be the first and Indispensable
step toward Stable economic conditions
and better business. That the announce
ment has not been followed by such n
lift in business. and by such Il feeling
OF reinsurance AS should have been the
case considering the Importance of IL.
Is interpreted as a sign of defect in the
settlement. II was. Of course. not the
mere naming of the figure that was cX-
pected to be a step in the direction Of
better business, but tho feeling Of con-
tldenCe and reinsurance which SHOULD
come with the elimination Of an ele-
mcnt OF uncertainty. What was expected
and what ought to have come was a feel
Ing on the part OF tn" world that this
uncertain factor was out OF the way and
that things could now 70 onward on
solid ground. That this expectation Is
not fulnlled IS now clear. TIL" settle
ment IS not Of such a character as TO
make the world fool with strong ron-
rdcnce that tho terms are reasonable
and therefore can and will be lived up
to, There was n degree Of stabilizatIGn
OF exchanges which came in anticipation
OF the event. That degree or sterilization
has not yet slipped backward, but there
has not come thai lift which wal ex-
a settlement as would have satisfied