The Birmingham age-herald., 1921-04-09
SAYS 15B|LL|ONS SUM GERMANS ARE .
 WILLING ID PAY
Baruch Suggests Conditional Cancellation of international Debts and Outlines Ideas
 on the Situation
By Associated Press

washington, April S.-Fifteen billions as the sum Germany is able and prob ably willing to pay in separations, is es- timated by B. M Baruch chairman of the American reperations commission, in the current issue of the official publi- cation of the Chamber of Commerce of the United States. MT. Baruch, who took large part in drafting the economic sections of the peace treaty, also sug- gests with terms conditional cancelia- tion of international indebtedness
 As one of the terms he suggests. for instance. instead of cancelling outright any part of lthe British indebtedness, that the United States cancel condition ally the amount spent by Great Britain in this country for munitions during the war. this sum to be demand liability without interest and to be collected in case this country becomes involved in a future war. He also proposes that the cancellation of indebtedness might be made means if levelling preferen- tial tariff barriers.
 BELIEF IN PARIS
 The consensus in Paris" says Mir Baruch, was that Germany could pay at least the capital sum of $15, 900, ,0oo, ,ooO About s,oco. 900 has been paid; bs,- ooo. GOO 900 spread over 40 years is equal to about $13,5oo ooo.ooo at going rates of interest say sh per cent. which foreign nations have to pay in this market In the discussion of German reparations fha alliod fa n 1xuo r which would give to S6 000. 900 spread over 42 years present value of $2l,- 900 900 GOO While in the circumstances it would come with bad grace from America to say what the Germans would pay or what the allies should accept, one could say that there cannot be much doubt that, retaining Silesa ands with all dis criminatory restrictions removed from Germans and their trade, Germany could pay a present capital value of s12,- 0co, ooooo0. The real worth of this to the allies would depend upon the final judgment of the investing world as to Germany's ability and willingness to meet that amount
 DEBT CANCELLATION
 There has been some discussion re- garding the condition of cancellation of allied obligations to us. Doubtless those who have responsibility in this matter in case 1t is seriously undertaken. will have in mind the amelioration or removal of discriminatory and, preferential tariffs against our trade. Tn case anything is done. there might also be differentia- tion between the funds borrowed and spent for munitions and the funds spent in the maintenance of the population, or in the continuance of trade. If any thing is done in reference to the remis- sion of that part of the obligations in- cured for American-made munitions, that part of the debt could be made sub joct to renewal in case America should become involved in another war. It is fair to presume that the United States would become so involved only if n were in the interests of civilization. In that case. the United States necessarily would have to buy quantities of muni- tions and other materials from other countries The sum tentatively cancelled or proposed without interest would be- come payable to- the United States on demand only in such an events This thought is worthy of attention as a pos sible aid in. meeting an extremely diff ficult questiory