The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1922-12-05


| a half gallon of motor oil without
| charge. Four visible pumps have been
Installed so that everyone will be
taken care of Immediately,
| cisions that are necessary. In order
to facilitate stabilization, experts ask
| for a moratorium for Germany.
believe this postponement has not yet
been officially accorded. but in point
| of fact Germany has been enjoying
| it for more than q year.
Such policy should only be coun-
tenanced IL guarantees touching the
execution of the treaty are increased
to double those which already exist
Are we in possession OF these guar
antees? I doubt it, The last London
conference broke up without an ac-
cord being reached and the Brussels
conference is still but a project.
hope that all the measures neces-
sary will be taken now, to the end
| that France, most affected by the
moratorium, may notshave TO bear the
consequences alone and that she
shall obtain proportionate aid from
her allies Such would be but pure
Justice, since il Germany Is to be
given breathing space France ought
not to be allowed to expire in con-
sequence.
II Will ne ouJ6ettu lfHXt the mora
torium ought not apply to PREPARATIONS
in kind. That is exact, and / am
glad of the recent agreements come
to directly between German indus
trial heads and residents of the de-
vastated districts of France, as al
lowed for since 1919 in the treaty.
Our devastated regions will thus
probably come by more raw materials
than they require, but our budget will
continue to show a deficit; the franc
will continue to fall and it will be
necessary to rely on loan in order
to advance the sums which Germany
owes us. with the result that our re-
sponsibilities will become eincreas-
ingly heavy.
Yes, but 1T is argued that during
that time we can control the finances
of the Reich. reduce her expenditure,
limit her initiation and forbid the ex-
port of her capital. Very good. But,
unfortunately. this fine program ar
rives too late, when the i'll already
done and there is nothing more to
control. and when the major portion
of Germanys capital has been ex-
ported. We have allowed Germany's
economic evasion to go too far for
such measures now to produce any
sensibla Improvement.
Insuring Payments
Rather than always to defer the
payments, would 1t not be more RAJ
tionai to work positively at assuring
them? "A good portion of Germany's
fortunes is in foreign honda Why
doesn't the Reich requisition them in
order to pay part at least of her
debt? / presume the allies would not
hesitate to help her in such a task.
Could not a project be further en-
visaged of giving Germany's creditors
an interest in Germany's big in
dustrial and financial organizations?
Would not this be first realization
OF the general mortgage on German
wealth written into the. treaty, and
which in state property alone
amounts to forty nllliardss of gold
marks? Such solutions seem more
hopeful than the scheme for a mora
torium. purely a negative measure.
Many, however, look for the cure
elsewhere. Only an international loan
can regulate the question of repara-
tons, and France Is accused of not
supporting this loan. In point OF fact,
no one desires the mobilization of al
lied credit more than we. for we
would thus have at our disposal sums
which we are at present obliged to
borrow from our own people in order
to advance such sums in turn to
out utDtoT. 1dClllldIe
this operation and to contribute to
the economic Reconstruction OF
Europe, we would probably be even
prepared to forfeit some of our claim.
Did we not show IL to be so in sign
ing the accord Of London in May.
1921? But such aNreduction must be
held within reasonable limits and be
covered by an absolute certainty OF
payment. The figures suggested by
the eminent bankers assembled in
Paris~some months ago, and postulat-
ing the maximum possible sum that
could be raised by an international
loan, do not give our country even
the half of the sum we have already
spent in reconstruction and pensions,
and we have still to spend as much
again. If we are to ratify an agree
ment by which we would renornce
three quarters OF the debt which is
due us. it is indispensable that we
should be certain of being paid the
balance without question.
And however much the sum may
be reduced. what resson Is there to
think that a gold lc n or Which Ger
many was responsii ie for the interest
and amortization would be subscribed
by the public when Germany pro-
claims her inability to pay? And
would it be prudent%under these con-
ditions to give up the real guarantees
provided by tho treaty in favor of the
bondholders of all countries who
would become the privileged cred
itors?
In reality. on this point. as on
many others, there has been too
much delay. Each nation. after the
signing of peace, pursued its own
policy. If we had continued in union,
the international. loan might have
been floated in 1920 and the problem
of rcparations would rot have
weighed on the world. Did / not
obtain from the British government
in 1919 the promise on loan? That
was the first step after the war in
the direction OF financial solidarity.
Why was it not followed up? do not
know.
Do not let MS lose sight q this
question of an international loan
ono practical means of regulating the
payments. but let us bear in mind
that 1t will only become possible
when Germany will have re-estab-
lished order and restored confidence
by = rigorous Nnanciai cleaning up
and whom the allies have reverted to
= policy of interdependtnce.
In regard to sanctions. here again
We have allowed the hour TO slip by.
! am one of those who believe that
II they had been taken At the very
start and energetically applied. s&nc-
tions would have brought >Germany TO
= sterner comprehension of her
duties. But people hesitated' and de-
bated: England and Belgium even re-
rounced one of the measures most
feared by Germany-namely. the
seisure of German property In for
Aign countries. Even with u.s. tho
project for the occupation OF the
Ruhr had partisans and detractors