The New York herald., 1922-12-24

allaCk II lne ItHluc % given up dS
military frontier? II would seem So
Against this seems so" 1t may be urged
that the chance Of German war making
would be lessened by ending one i'm
portant cause OF friction. And SO
think. But French thought on this sub
ject has followed the lines OF BismarclSs
reasoning when the shoe was on the
other foot. That practical person said
in substance, I'VE might IA well exact
war indemnity and obtain good military
frontiers because, whether we do or do
not make these exactions. the French
viii surely attack us again as soon as
they feel strong enough"
The Versailles Treaty was certainly
inspired by similar sentiment. II it
continues in force among responsible
Frenchmen tho only logical conclusion
would be the, maintenance Of a larger
army after retirement from the Rhine
land than the one now on hand. The
value to them OF a given sum turned
over as reparations funds would be cor
respondingly reduced. Not pleasant
prospect for our late associates in war.
There is one item of German indeht-
edness which must be disposed OF be-
fore any estimated or realized export
able surplus can be devoted to repara-
tions payments. That is the very con-
siderable sum now overdue for occupa-
tion expenses in the past. Disregard
for tho moment any question OF future
occupation. ;, Take our own case. The
American people own by virtue OF our
treaty with Germany a claim against
l.. ~ Tnv ay-OA
than two hundred million dollars MS !
recall It. We have with other claim
ants for occupation expense priority
over reparations claims. Who can
waive that priority which is the prop
erty OF all of US? Not the Administra-
ton certainly. The Senate by treaty or
the Congress--both houses-by statute.
That will take time, to say the least.
Yet IL not done the first proceeds OF
loan to Germany or OF payment from
current resources must strictly be de-
voted to the satisfaction of these occu-
patton arrears.
We and others can OF course remove
this difficulty but If not clearly foreseen
by all parties It will certainly lead to
heart burnings.
Assume, HOWt Illo IAdeioi VI n SH''
that Germany can pay and. as one soiu-
ton, the withdrawal OF troops from the
Rhineland. Assume further loan to
Germany. IT is not in the least prob
able that such loan can be as great
as the total sum assessed for repara-
tions. The remainder would be wit
messed by German bonds in the possess
lFsion of France and others interested in
reparations. They would be easily d.
vided-fn the agreed ratios. Little would
be left of the existing multifarious du-
ties OF the reparations commission. Its
demise might even be demanded by pro-
spective leaders.
But, f It goes out of the new treaty.
will the right of reoccupation of the
|. .Rhineland in case of default by Ger
many on her promises to pay also cease?
mean by this default in respect to
bonds given directly to allied Govern
ments-those sold TO private investors
by the German Government would not
carry such right. This point must be
borne in mind by a French Government
acting now in so vital a matter. 1t
cannot be denied that even a competent
commission may guess wrong as to
Cermany's ability to pay.
And the Berlin Government, so anx-
ious to make an end OF it's troubles, may
undertake to-day more than 1t can per-
form Tomorrow. Such has been its be-
deviled course so far. Mr.. Micawber
has imitators among States as well as
among individuals.
And French critic might add, ''Mr.
Micawber, indeed gave his / o US
carelessly, but we have no reason to
doubt that he was willing to pay when
he could. AS to these Tcutonic notes
I believe, with the American commission
which is to fix their amount, that Ger
many can pay; but I am not sure that
Germany will pay. Where are my guar
anties?" Now. in my opinion, this OBJ
session for guarantees from debtor
States may easily be pushed too far for
the good of the creditor State; but
feel sure that we shall hear more of
them before we get to the end of the
serial which Las just begun.
There arc many, other treaty condi-
tions affecting Tho amount that Ger
many can pay. Many of these run In
favor OF all the Allied and Associated
Powers. Will Liberia consent to their
modification?
But the reader is wearied by reel
tation OF difficulties. was not blind
TO them months ago when outlined in
THE NEW York HERALD substantially
that which IS now under way. and pre-
ferred then tho unofficial commission
only because its work might be more
expeditions. The time which ! hoped
the German Government would not
waste has been wasted. Meanwhile the
oppressed men in Berlin and in Paris
are still stumbling along thorny path.
For us. patience and charity toward
all--even if Poincare should propose
that our claims against his Government
should be reduced IL our commission
should fix German payments at less
than some amount named by him. If
he does make such a condition the
serial story will surely be temporarily
! interrupted.
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