New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1922-07-07

The German press does not like
President Poincare's speech. He COM
mitted the objectionable crime of de-
claring that France would not accept
any new reduction in the PREPARATIONS,
According to the "Lokal-Anzei ger," this
means merely serving the selfish CAPT
talist interests" That's not SO bad!
The more popular "Zeit" blows the
same horn and accuses our Prime Min
lister of wrecking the international
loan. This shows a really delightful
sense of humor
The strangest thing is that they are
rot alone. This same opinion may be
found in several English and Amer
lean papers. 1t may even be found in
France, where many people bemoan
the probable failure of this interna-
tional loan-~a thing which do myself.
But their establishment surprises me.
l must confess that I never had
much hope for its successful outcome,
for I always thought that impossible
conditions would be attached to it
What is now happening does not lead
me to change my opinion.
l could understand quite we'll that
a foreign loan might be contracted by
Germany, for whom it would be ad-
vantageous. / could understand like
wise that the Reparation Commission
might discount--if it could--one of
the bonds Of the forty billions which
is carefully keeping in its strong box
a precaution, Of course, thoroughly use-
less, as there is no likelihood that any
thief would steal them What could
he do with them, anyway?
The story is told that Alexandra
Dumas ST., bounded by a creditor who
refused to leave without having in his
pocket written acknowledge of
the debt, wrote the sacred words,
blotted them and, folding the paper,
returned 1T to the creditor, saying with
smile, "There is a sheet of paper
which moment ago was worth ~
cents and now is worth nothing!" The
bonds of this forty-billion loan have
always reminded me of this story
One thing is essential if they are to
have any real value-there must be
the will to pay them. If Germany hao
this will, if she wished to pay her
debts, it wouldn't even be necessary to
have these bonds. There would be no
trouble. Even if there should be
some technical difficulties they could
easily be solved through mutual good
will and understanding.
No VIII to Pay
Nobody can believe that Germany,
without any devastated regions and with
her factories still working, is insolvent'
and cannot pay the PREPARATIONS for the
damage done in France, since France
herself, so badly injured, is able to do
so. Even if Germany has not been able
to make any important contributions,
France has already advanced for the
account of her debtor ninety billion
francs. 1t is true that Germany owes
s per cent interest on this sum-;
which is to be added to the total, but
she has no more wish to pay this in
terest than to pay the principal. In
order to complete the picture, let US
not forget that France had to borrow
this interest at per cent. Looking
at the thing in The most favorable
light, therefore, we have become Ger
many's bankers at cost Of per cent.
The thing which our enemies of yes
terday lack is not the ability to pay.
Rather is it the ,wish to pay. II the
mark is worthless, If they have no
credit, if their finances are bad, it is