The Washington herald., 1922-09-20

year. If In this time the Lube-sac-
SHINES agreement is put in force
and by the end of the respite Ger
many Is actually sending huge
amounts of materials to France and
thus making possible the recon
struction OF the homes Of the French
Inhabitants of the devastated area
then neither Poincare nor any other
French statesman Is likely to have
reason or support for drastic action
against Germany.
II. ON the contrary. Germany does
not meet the French expectations
f she discloses the same spirit
which has hitherto. marked all of
her maneuvers since the signing of
the treaty Of Versailles. France can
act-and she will have lost nothing
actually. because all that Germans
could have paid in money. would
have been paid to Belgium in any
event.
or course this compromise settles
nothing. 1t only offers Germany
one more chance to do that without
which any settlement is impossible
and postpones the doing OF what
would make all settlement unlikely
forever. Assuming that Germany
under the Stinnes-Lubersac agree
ment. should now furnish all OF the
material and some of the labor nec-
essary for reconstruction, this
would not reimburse the French for
the s7,o0o.o0o.OoO which they have
already spent. having borrowed II
from themselves and IL would not
meet the problem of interalIied
debts.
Must Settle Debt Question.
On the other hand the wav I,
| now open again for an effort 10
reach an agreement between allies
as TO debts. This is what the pro-
posal for November conference
enHisases. No consideration OF thi.
question was possible at London be.
cause OF the Balfour note. But the
history OF the London conference
demonstrated that there can be nc
settlement OF reparations which
does not dispose Of interaIlied debts
The reception Of the Balfour note
particularly in the United States
has unquestionably had a profound
| erect upon Its joint authors. the
Earl of Balfour and the prime min.
lister. Neither can longer cherish
any Illusion as to the American
point OF View and both have come
In for pretty sharp criticism al
home. where the comment Of LORD
| Grey of Fslloden has been generally
| accepted.
Grey said with great directnes,
that the Balfour note represented
little thing done when the situa.
ton called for a big one and what
was done was done in little way
! He advocated the cancellation of tn,
debts owed Britain without regard
TO the course Of the United States
Poincare's caustic response to tho
Balfour note indicated perfectly
plainly that France would not pay
her allies until Germany had paid
her. And Poincare was quite a.
plain is his indication that Franc,
would hold Germany precisely a,
her creditors held her
Farley In November.
Assuming that there will be q
conference in November. what will
be the British line Of action? The
the total Of German reparations a,
the first step in solution remain.
patent. II IL Transparent now thai
nothing can he accomplished or
this line. save as the British claim,
upon her old allies are scaled dowr
and II is certainly Just as manifes
that the United States is not pre-
pared to make things easy 70,
Britain by cancelling British debt!
to us.
In the November conference. then
the British will have to use thei,
claims upon their allies as Il hasi!
for obtaining A reduction Of thu
claims upon Germany and chiefly n
the French claims. Now. in thu
first place. there is not the smallss
objection on the. French part tC
writing on precisely as many shill'
ings Of money owed them by Ger
many as Britain will write off 81
French money owed her. In tho
second place there is no French oh.
lection to a British renunciation a
the 5000. .o00. 900 which is the Brit,
ish share in the total Of German
reparations. Such transaction,
would at once eliminate nearly hal
of the whole figure. assuming tina
elGium and Italy would also max,
cancellations to the amount repre-
sented by British cancellations o
their own Indebtedness.
Owes L. $. $4,000 900. 900.
But this reduction would no
meet the necessities. Assuming tina
German liabilities were left a
1900. 900. 900. II is still fact tha'
the majority OF competent witnesse
agree that Germany cannot pa.
more than sl2.500. .00T 600. wherea
the French claims. after cancella
tions to balance the British can
cellations. would still exceed thi
total materially.
France would still he in the po
sition Of having expended $1,000,
100000 of owing the United State
nearly $4,000. 100000 and Of havini
a portion of the reconstructio,
payments in kind were as large a.
anyone could reasonably expect. !
is at this point that a clash between
British and French policy must H.
expected. again. for the British ar,
certain to insist upon French Conces
sions and a material reduction o
French claims.
On the whole. however. it seems 4
me that if Germany were actual,
agreement, six months hence Frenci