The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1922-10-15
IS M. COX
ernor of Ohio

IneriCanS visited Ger
While most of them
as deplorable, you
20 others who insist
was prosperous. In
lany there is indus
~., With the mark run
70 to the dollar, there
be some activity.
rosperity.
Ills were taken out
the metal pipes out
80 material thus gained
inufacture Of muni-
l. .,..t IS the most remote part
corr,any ard II is fair to assume that
,haea heroic measures were adopted
L,ro than most Of the communities of
.l, ao,ptre must have had like exper-
.snce
red Cross authorities claim that Ger
1s7y lost almost as many people by
starvation Immediately after the war as
. did I'm killed during the war She sur
rendered oue-tenth Of her territory; one
<,urth OF her grain land; more than one
aIf OF her ore deposits; seven and one
e7lf billion dollars in foreign Investments
and about une-tenths of her sea going
bins. She issued % billion dollars
worm OF tRlAN" AtAA MS IAAG "dI anu ldu
a. deficit OF 10 billion besides, which has
been carried as a floating Indebtedness.
nr Ielftr.ch, who was minister Of fl
arce during most Of the war. stated
nat at no time during or after 1917
vas the government able to float any
ODDS
Il in the face Of these unfavorable If
.ut disheartenug economic aspects,
o. rmaCy has produced prosperity, then
.e German people possess more than
magic powers in business.
With stocks reduced in all lines, there
vas a call upon certain industries, but
whatever measure of prosperity Ger
,.auy has had since the war, it has been
.tas5ned by the sale of three and one
AZ billion dollars worth of marks to
sy-stors and spectators, most of them
uag in England and the United States.
Mr. Reginald McKenna, one Of the great
laeers of London, said that his insti-
G,.on found it necessary at one time
% create a separate department to take
are Of the tremendous volume of trade
German marks. The sum that Ger
oaay realized in cash is the difference
tween the cost OF printing a few hun
red tons Of paper and three and one
all billion dollars. Economists agree
hat the proceeds from the sales of these
uIrks have been exhausted by the I'M
adorable trade balance.
Germany Is Lacking Prosperity Essen
tiaIs.
n you do not bring into the calcula-
son the profits on German shipping and
he dividends received on foreign invest
uents, then you would find that the
alance Of trade even before the war
yas against Germany. Her imports
mounted to eleven and one-half billion
narks. the exports to ten and one-haf
!llion marks. The income on her for
ign investments amounted to about two
,lMon marks, and the profits on ship
ing aggregated one half billion marks.
II win be seen at glance that the
essentials OF German prosperity are
lacking. She has a remarkable indus
trial organization, Her people are in
dustrious and frugal, but they cannot
oo the impossible. If the feeling exists
i- Germany that she can and viii escape
he costs OF Teparations, one would nat
IraIly EXPECT to find it among the re-
dictionary or old royalist groups. DR..
.irffrlch would be put in this classifi-
alton, and yet he suggested as q base
Il settlement an amount which English
Jankers insist Germany cannot pay.
The average American who goes in TO
Formany carried the impression with
liu that the government Is unstable,
nd that the German nation Is trying to
1sde payments which she can afford
~ make. On leaving Germany, the I'M
American takes with him re-
poet for tho present heads of govern
onut and the belief that the country
ants the reparations question settled
n order that a base of credit can be
established and tho people go to work.
When Ebert was elected president, the
.dustrial classes were enthusiastic. but
ne leaders in banking and business ex-
ressed only ridicule. They expected to
md in him an untutored, uncouth and
safe individual. They have been dis
pointed.