The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-04-05

many's exports necessarily would be X
great sums OF money We're thereby TO
be obtained. and the menace this great
increase would imply TO the economic life
of their countries. Conceding even this,
4 further remains that the sums in cash
required could not be Immediately
realized
other Proposals Advanced.
"Other considerations have been ad-
sanced at various times. among them
the proposal that our former opponents
in the great war should participate in
the returns from German industry. either
through taking shares of the capital
stock of German companies or by other
forms of the sharing of profits. Such a
proposal would produce only proceeds
in paper marks. valueless to foreign
creditors. Indeed, the allied and asso-
ciated governments themselves negatived
these proposals in the Treaty of YER
sailles by taking for themselves first
mortgage on the total wealth and all
sources of income OF the German COM
monwealth and states. In addition TO
this the allied and associated govern
ments, in their deliberations at Paris, re-
served for themselves the decision as to
what opportunity, If any. Germany may
III any instance be given to obtain credit
abroad because England and France are
themselves in debt beyond their limit.
and the granting Of a credit to Ger
many by neutral Power is blocked by
the general mortgage
AN international loan. in favor OF
which the allied and associated Govern
ments would waive their general mort
gage, constitutes the only solution or
the problem. The Government OF Ger
many is prepared to offer the necessary
securities for the safety of such loan.
Ii is the opinion Of the German Govern
ment that IL the loan were properly or
ganized and offered and II those who
have evaded taxation be granted gem
eral amnesty, the large sums of German
capital which have been secretly with
drawn from Germany could again be
drawn in for the loan and thereby be-
come available for the PREPARATIONS.
1T has been reiterated by the allied
and associated Governments that the
situation of Germany is better than that
of many of the allied and associated
countries, due to the fact that Germany
has no foreign debts. Germany would
not be unwilling to assume the obliga-
ton of the interest and the amortiza-
ton of the foreign debts of the allied
and associated Powers. within the limit
of her capacity. should this measure be
entertained by the allied and associated
Governments and their creditors.
Germany stands ready to meet any
proposal which appears feasible for the
solution of the economic and financial
problems of Europe, and would invite the
examination by unbiased experts of its
own ability TO make payment. 1t is the
opinion of Germany that the heavy
weight Of debt now borne by all the
states which were participants in the
v-lI .f,s.
wrought in the course of that war can
not be laid upon the shoulders of single
people. Germany believes also that
policy of duress and coercion would not
bring about the reconstruction Of inter-
national economic life, and that only by
way OF peaceful discussion and under
standing can such reconstruction be OBJ
tanned. The German Government con-
siders it important to give, with solemn
emphasis, the assurance that for its part
1t is honestly willing to follow the path
which it has suggested"