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

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have them so. l have on several oc-
casions explained here that the bank
ers were wasting their time in waiting
for rise in the mark, because it is
Germany which is lowering it. The
Germans have exported marks in enor-
nous quantities and transformed them
into foreign currency. At the present
moment they possess abroad francs,
pounds, dollars and forms, whereas the
Frenchmen. Englishmen, Americans
and Dutchmen possess the marks
When Germany proclaims her bank
ruptcy it will bother no one at home.
Only the foreign holders of these
marks will be injured.
| Economists may we'll say that this
is policy of disaster which cannot be
indefinitely prolonged without ending
in ruin. For my part, believe that
the economists are right. But where
did they get the idea that Germany in
tends to prolong this game indefinitely :?
Thanks to the weakness of Europe, she
is rapidly rebuilding her military
strength. Throughout the whole of
the last year she has been replenishing
her stocks of copper, tungsten, nickel
and steel. She already believes her
self sufficiently re-established to defy
the civilized world with the Treaty
Of Rapallo. Who, repeat, guarantees
these economists that Germany intends
to follow Indefinitely this financial pol
icy, which would be crazy if it were to
be continued? 1t so happens that the
Germans are not crazy. Who can guar
| antee the economists that Germany
will not be led on account Of her finan-
cial situation to play her cards just
as the Bolsheviki' for the same reason
were tempted to play theirs?
Cernany's Gains
The truth is that Germany would
have welcomed an international loan, of
which she would have given us a small
portion on one condition--that we
should subscribe the greater portion of
1t. You do not seem to realize that it
is Germany who needs the help,
not France. 1t is in Germany that the
devastated regions are to be found.
And it is poor Germany who needs to
have her currency re-established-a
currency wrecked by imitation, caused
in no small part by the crazy expenses
which she incurred Z. in repairing
strategic railways.
In order to insure this loan the Rep
aration Commission called together a
committee Of bankers always ready to
sacrifice themselves when it comes to
floating a Loan. These practical men
made an astonishing answer. Never for
moment did it occur to them that
Germany might be able to reduce her
own expense, but they declared that so
long as the schedules of payment were
not revised Germany would remain in
solvent. This means, at least in good
French, If not in good German or good
English, that France should reduce her
demands.
Basically these people. are right, be-
cause if nothing further were asked
OF Germany Germany would have no
difficulty whatsoever in paying. M. de
la paiice, who was not banker, should
have been able to formulate this blind
ing truth without any difficulty
1t is Germany who is responsible for
the war, and it is Germany VINO lost it.,
but IT is the Allies who have suffered
most heavily. Austria is dismembered,
and SO also Turkey, but the unity of
the German empire has come out
stronger and more solidifed than ever.
1t is Germany who is responsible for