Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-12-30
Financial Group
Continued from Pace One)

Continued from Page One)
ton lies in the settlement Of repara-
tions. There will be no adjustment
and accepted basis for the discharge of
rcparations claims has been fixed. 1t
is futile to attempt to erect any eco
nomic structure in Europe until the
foundation is laid.
How can the United States help in
this matter? We are not seeking rep
! arations ..
I'VE are bearing. our own burden and
| through our loans large part of Eu-
ropes burden in addition. No de-
| mands of ours stand in the way of a
| proper settlement of the reparations
| question.
Separate from Debts to U. S.
of course, We hold the obligations
Of European governments.
There has been u persistent attempt
ever since the armistice to link up the
debts owing to our government with
| rcparations or with projects of cancel
| lation. This attempt was resisted in a
| determined manner under the former
| administration.
THE matter is plain enough from
| our standpoint. The capacity of Ger
many to pay is DOT at all affected by
any indebtedness CT any of the Allies
to us. That Indebtedness does not di-
| minish Germany's capacity, and it's
removal would rot increase her capac-
. tty. Moreover, so far as
! the debtors to the United States are
concerned. they have unsettled credit
balances. and thcic condition and ca
pacity to pay cannot be properly de-
| termined until the amount that can be
realized on these credits for repara-
| tons has been determined.
Obligations Which We Hold
THE administration must also con-
slider the difficulty arising from the
| fact that the question of these obliga-
| lions which we hold, and what shall
be done with them, is not a question
! within the province of the executive.
Not only may Congress deal with pub
! lie property of this sort, but it has
dealt with it. 1t has created n COM
mission and instead of giving that
| commission broad powers such as the
administration proposed, which quite
apart from cancellation night permit a
| sound discretion to be exercised in &C.
cordance with the facts elected, Con-
gress has placed definite restrictions
upon the power of the commission in
| providing for the refunding of these
debts.
Germany Must Rccuperate
"But what is our attitude toward TIE
question of PREPARATIONS?
I'VE have no desire to see Germany
| relieved of her responsibility for the
war. or CT her just obligations to make
| separations for the injuries due to her
aggression. There is not the slightest
desire that France shall lose any part
of her just claims. On the other hand,
we do not wish to see PROSTATE Ger
many. There can be no economic rccu-
| peration in Europe unless Germany
| recuperatcs. There will be no perma-
nent peace unless economic satisfac-
tions are enjoyed. We
should view with disfayor measures
| which, instead of producing repara-
| tons. would threaten disaster.
Some of our own people have
suggested that the United States
should assume the role of arbiter.
There is one sufficient answer to this
| suggestion and that is we have not
been asked to assume the role of ar
| bitter. Xxx
No A-biter Role
at III NIT 1hiply t,,,+ ,,o ~J,o,,Il -.
deavor to take such a burden of res
possibility. We have quite enough
to bear without drawing to ourselves
| all the ill-feeling which would re-
suit from disappointed hopes and a
settlement which was viewed as
forced upon nations by this country
which at the same time is demanding
the payment of it's debts.
"But the situation does call for a
settlement upon its merits. The first
| condition of a satisfactory settle
ment is that the question should be
taken out of politics xxx
If Paris Meeting Fails?
1T is devoutly to be hoped that
X the coming meeting at Paris
will find solution. But if it does
not, what should be done? The al
tentative Of forcible measures to OBJ
tain reparations is not an attractive
one. No one can foretell the extent
Of the serious consequences which
might ensue from such a course.
Apart from political results, be-
lieve that the opinion of experts is
that such measures will not produce
reparations payments but might tend
to destroy the basis of those pay
ments which must be found in eco
nomic recuperation.
IF. however, statesmen cannot
agree and such an alternative is
faced. what can be done? Is there
not another way out? The funda-
mental condition is that in this cri.
teal moment, the merits of the ques-
ton, as an economic one, must alone
be regarded. x xxx
Way Can Be Found
"There ought to be way for
many can pay. xxx There ought to
be a way to determine that limit
and to provide a financial plan by
which immediate results can be OBJ
tanned and the European nations can
feel that the foundation has been
laid, for their mutual and earnest
endeavors to bring about the utmost
prosperity to which the industry of
their people entitle them.
eff statesmen cannot agree and