The Washington herald., 1922-03-25

thing like the proportion of France. to say nothing
of the honorable but heavy impost upon the Brit
ish taxpayer They are not paying fourth OF
what the Briton Is paying No one knows, from
anything which has developed since the armstice,
what Cermanys resources really are But at last
the ailiess taking the only sensible. humane
and businesslike way of discovering just that.
Secretary Hughes is entirely right in contcnding
that the expenses of our troops on the Rhine con-
:stitute prior lien upon Germanys resources, ir-
respective of any provisions in the Versailles
treaty. with which not concerned. Before
the end of the year, If the rcparations commission
knows its business, that together with the German
reparations payment itself. will be in fair way
to sound settlement"
Precisely how far" the Journal OF Commerce
and Commercial Bulletin asks, on the other hand.
do the allies intend to go in their German hnan-
ciai policy?'
"Thc latest proposals of the reparations COM
mission, says the Journal, "are said to be likely
to preciptate crisis in that country. This may
be propaganda Nevertheless the question is
properly to be raised how much the Germans can
pay and how much and in what form it is de-
sirabe that they shall pay Is the allied policy
conducive to that end? Will it produce better
results than those thus far achieved? Or will it
be merely another fash in the pan similar to
those already resulting from reparatons commits
sion activity? The present scheme is kind of
financial martial law. Anything may be done
under it. But will it bring results?"
The severance of the Reichsbank from the
government is desirable, if possible; but is it pos
sibe, the inquiry is advanced.
AS to cessation of expectation of capita"
the Journal finds that vague phrase, and won
ders whether after all it is not fact that the
export of capital which is objected to is not
really the sending of German goods to other ma
tions for the purpose of competing with rivals
there. The tax levy capital that is suggested
may work or may not. Experience elsewhere
with like projects shows that it will hardly be
likely to accomplish its object. Men must have
assurance of retaining some fair part of their
earnings profits if they to keep at
work. There is the gravest of doubt whether
any such putting of German finance and indus
try into the hands Of creditors will do what is
desired. Certainly it will not unless there is a
readiness abroad to admit the goods that Germany
send.
This latter certainly does not exist Even
in Congress. and despite the fact that but few
German goods have come here, the whole talk is
now about the threat of German mportations and
the possibility of unfair competition from that
quarter. We do not want what Germany can
send us, and unwilling to receive it-even
1T inc 1Or1n OF reparationS ayes. france and
Grea. Britain in disturbed state,
and are still less willing to accept foreign goods
in competition with their own. The reparations
commission proposes to turn back the hands OF
the clock by restoring the notion of stimulating
commodity exports, while at the same time under
taking to hold them back by correcting exchange
and restoring stability in finance. All parties may
thus be satisfied by the adoption of contradictory
policies. In order to insure that the situation is
steadily advanced along all the lines indicated
foreign financial control is to be introduced
The reparatons commission is indicted as
follows:
rs the rcparatons commission a competent
body? Doubt that subject must assail every
careful observer. 1t has yielded to the mitarstic
and extravagant views and policies of France; i,
has attempted the impossible demanded by ex-
tremsts in Great Britain, but it has not had any
material success in its efforts thus far. In fact
much OF the retardation of the economic recovery
OF the world must be ascribed to the policies oi
this commission. 1t may be well, from the COM
missions standpoint, to make the Germans suffer
is it wise to make other nations suffer still more
severely to constitute them vicarious sacrifices
for the sins OF the former assailants?"
The whole discussion in the press is exem.
pliicaton OF the eagerness to accept mingled
with the doubt and mstrust Of any moves which
may be made in respect to the rehabilitation oi
Germany or of Europe outside Germany. /,
demonstrates what job lies before the Genoa
conferees-even supposng they got down to bust
and playing politics awhile even SUP.
posing that at a later date the United States
shall join in their councils. This great nation
least OF all engaged a sufferer from the war, is
only just turning the corner" into the broad Ii,
way OF normality and prosperity. How much
deeper is the darkness which Europe must pierce
and how much longer the path back to economic
health!