New-York tribune., 1922-03-26

a. I've years in blood. has beer
nskin9 Tor the last three
years ii figures. When she
hsd her feet in blood she could dis
tinetly see military victory over Ger
n1&ny Coming; no~ sic sees more ard
more each day financial defeat oy
Germany coming.
Ia WORD, after tnree years of poac2
France has not received cent Of
separations for her devastated regions
out of the famous German billions, and
will never get s cent. Lct Us take the
figures They are cold and dry but
they have iheir eloquence. They show
the real truth much better thar auy
rhetoric.
According to the recent &groemen4
in London, al the e3ergetic instance Of
Lloyd George, It Was decided that Ger
riany's total debt TO the Allies should
not under any circumstances amount to
more than 1872 coo, 100000 gold marks,
or about s3S.0oo,0oo, 900. It vas also
decided that France should have Sc
peg cent. o. about s17,o00,00o 900.
have explained to the readers O.
The Tribune that this already repre-
seated reduction OF almost 90 per
cent OF the real deb, fxcd by the
Reparation Commission. But this re-
duction, alas! will not be the last one.
IL we examine the whole situation It
is evident that there Will be many
other reductions.
First, the peace treaty stipulated
That the drst money Germany paid
would be applied to reimburse America
and England for the amount spent to
feed Germany after the armistice, rep
rcserting about $1,o00,o0o,o0o. See
ond, the peace treaty stipulated that
tho money 20 be paid later would be
applicable TO the cost OF maintaining
che armies OF occupation on the Rhine
which amounted on March :, 1922, to
almost $l,2oo,00o,0o rot counting
American expenses. Third, the treaty
stipulated that Belgium would have
right to priority for deyastators TO
the extent Of $3.50, 100000,
The result Of all that is yery clear.
On March of this year Germany had
paid little more than Sl,50o000, 900,
both in goods and money, but as that
sum WIS absorbed first to reimburse
America and England for what they
had spent to feed Germany, then to pay
part o. the costs OF the occupation Of
the Rhine, France has not yet received
single cent Of German money Cor
repsrations or tensions.
That is enough for the past. Vow
lex Us speak about the future. 1t is
certain that France will not receive a
single cent either in 1922 or 1928. nor
probably even in 1924. Perhaps she
will receive, according to the agree
nents at Wiesbsden, raw materials and
supplies, bat she will not receive sr
ounce OF gold. There still will be $Jo,-
100000 collected yearly for the costs
rf the occupation OF the Rhine, plus the
$3.50, 100000 to which Belgium has q
prior claim.
Now, it i: extremely doubtful
whether Germany, TO whom the Allies
are about TO grant moratorium, can
pay moro than S150000,000 in 1922
and 1928. All the money during the
next two or three years, therefore, will
be absorbed 80 pay the costs Of cccu-
PISTON and Belgium. Only in 1925 will
the first money payments for reparo-
tttns be made to France
Yet France cannot permit its villages
70 remain IN ruins, and she is forced
80 repair burned factories, devastated
| elds, flooded mines, TO pay pensions
% widows and orphans in Franco and
- to advance money which Germany
should have paid. The sums thus far
advanced amount TO about $500, ,00O,-
00o according TO the average exchange
Of the last three years
We are, therefore, to-day witnessing
the most extraordinary spectacle OF
France, with seven of her richest in.
dustrial departments devastated ant
destroyed, able to find $500. 100000 t
dress her wounds, reconstruct her vii
jeges and pay pensions to widows anc
the disabled, while Germany. absolutely
intact, without an inch OF her terri
sorry destroyed, with all her factories il
full working power and able to dispose
Of ell her productive forces, has paid
only s1,5Oo,O0o,ooo. Never has a vic,
torious country been forced to make
such terrible efforts, never has van
qrishcd country escaped at SO cheap
price.
That is Why say that If France
with the Allies, has beaten Germany
or the battlefelJs sac runs the risk
with the Allies, OF being beaten b.
Germany IL the financial fed,
Whv Germany Is .Nos sympathetic