The Farmington times. (Farmington, St. Francois County, Mo.) 1905-1926, 1922-02-24
REVISION OF THE
PEACE TREATY

Two years ago John Maynard
Keynes, an economist who was the
chief representative of the British
Treasury at the Peace Conference,
published a book entitled "The Eco
nomic Consequences of the Peace" in
which he severely criticised the eco
nomic terms of the Treaty of Yer
sailles, declaring them to be unjust
and impracticable. The book was
widely read and aroused a great deal
of discussion. Now he has written a
sequel to that book, entitled "a Re-
vision of the Treaty." in which he con-
tinues the argument begun in the for
mer volume, and discusses the treaty
from the standpoint of the present
situation. He admits that many of
the misfortunes which he predicted
would result from the treaty have not
occurred, but this. he says, is be
cause no serious attempt has been
made to execute it" insofar as its rep
aration provisions are concerned. ut
is only slight exaggeration to say"
he asserts, chat no parts of the peace
treaties have been carried out, except
ing those relating to frontiers and
disarmament" and the purpose of his
present work is to insist upon re-
vision of the reparation sections of
the treaty, and to suggest the form
the revision should take.
His plan is mainly negative" as
he says. at must consist in getting
rid of shackles, in simplifying the sit
uation, in canceling futile but injuri-
Gus entanglements." He holds that
no real progress toward the recon-
struction of Europe can be made until
the Finance Ministers are faced with
the possible. To insist upon the i'm
possible is to paralyze egort. The
present demand for German repara-
ton is, in his estimation, impossible Of
fulfillment. He contends, as he did be-
fore, that the claim for pensions and
allowances is unjust and immoral, be-
cause it was not included in the terms
of the armistice. which proposed moth
ing more than PREPARATION for dam
ages" The amount demanded for
pensions and allowances, which, he
says, is, more than twice the amount
demanded for devastations, should be
eliminated from the claim, which
would reduce it. according to his cal
culation, to thirty-six billion gold
marks (about $4,000, 900, 0O0), "a sum
which is probably within Germany's
theoretical capacity to pay. But ev-
en- though this is theoretically" pos
sible he does not think it practically
Obtainable over a period of thirty
years, and to insure practicable pro-
gram and to facilitate and hasten the
restoration of Europe to economic sta
bility he ogers the proposals that are
the most interesting features of this
book.
He proposes, first, that Great Brit
ain should waive all claims for dam
ages from Germany. Under the pres
ent reparation demand for 138,00O,-
100000 gold marks, Great Britain's
share, if collectable. would be equiv
alent to about S7,000,000,000. He
proposes, second, that Great Britain
cancel the war debts due to her from
other European nations, which amount
to about $4,000, 100000, on condition
that Italy also forego her claims to
German reparations. This would make
it possible to give to France and Bel
GUM, except a billion gold marks for
Polish and Austrian reconstruction,
all of the sum collected for repara-
tions, allowing to France, as its share
of the thirty-six billion gold marks
suggested by him as fair total, an
annual payment of 1880 million gold
marks a year (S270,000,000) for thiF-
ty years, and to Belgium 100 million
gold marks, a. year =; .''i.
Great. Britain, he contends, could
well afford to do this. Most of the
sums which It would thus forego
would never be collected anyway.
"Great Britain" he says, olives by
commerce." and "she will gain more
in honor, prestige and wealth by en-
ploying a prudent generosity to pre-
serve the equilibrium of commerce and
the we'll being of Europe, than by at
tempting to exact a hateful and
crushing tribute, whether from her.
victorious allies or her defeated en-
envy" He thinks, for the same rear.
sons, it would be wise for the United
States to adopt the same policy, can
ceiling the debts due it from the Euro
pean countries, except Great Britain