New-York tribune., 1922-04-01

''S''ft = WV ~ Soi i""iNi'H iNN"
ton as the one outstanding difficult
problem in Europe, Dean Jay. partner
in the firm Of Morgan, Harjes & Co,
Paris, told the Bond Club at its lunch
con yesterday that tho United States
was not going to get very far IL it
waited until political questions are
smooth 4 out in Europe, because over
there tue political questions and eco
nomic questions are very closely re-
lated, and l. is pretty difficult to DIS
sociate them.
"Thc Germans have certainly not
played fair in the matter" Mr.. Jay de
clarcd. "They have not shown good
will on rcparations iaymcits. On the
other hand, probably the French have
been unreasonable. The British have
been in between, trying to bring the
thing around. l feel that if we could
be officially represented on the Repara-
tion Commission and could 'eaily take
up the question In earnest and try to
settle it a great deal could be accom-
plished.
'1f Germany is not given q pretty
heavy reparations bill TO pay she is
going to be without an external debt
and she is going to be the one great
country IN Europe without an external
debt. Her internal debt, due to the
depreciation of the mark, has been
greatly reduced. If she gees through
this terrible ordeal with no external
debt whatever 1t is going to effect the
rest of the world, because she will be
able to manufacture, sell and export
without taxation much cheaper thar
the other European countries, and
do not think she ought to be given that
advantage."
Cites Boyden's Services
Supporting his plea, Mr.. Jay, speak
ing from the standpoint of an Ameri
can banker who since 1917 has beer
doing business abroad, cited the ef
fective services of the unofficial OBJ
server, Mr.. Boyden, on the Reparatol
Commission and also the successful
arbitration of the Danube ,dfficultie
by another American, Walker D. Hines
Mr.. Jay, whose work has been largel,
in France, declared that the accusation
that France was militaristic was unfai
if the term implied a desire for con
uucS VI d pOIlNy u NollIliltttlIiS JbOi OpV
In Algeria, Morocco and Tunisia tn
French had territories capable of sup
porting several million Frenchmen, bu
they cannot persuade their people to G
there, he said.
81 think this misapprehension re
earding France is based on a misun
derstanding of the real feelings Of tn
French people, whose desire is first an
foremost for security and freedom
from aggression" said Mr.. Jay.
eve must not forget that since tn
armistice the French government
backed by the French army, has bee
the most powerful factor for peace ant
order on the Continent. A very wea
government has existed in Germany
and there was danger that at any tim
the old military part, which still i
strong and active, might come int
power, and thus endanger the peace o
Europe. The newer governments wer
all more Or less unstable and inexperi
enced, and the French influence ther
has been very helpful,
j. Stopped the Reds
/: at was the strong, forceful policy o
the French government, backed by tn
French army, which stopped the Bol
/ shevist advance into Czecho- -Slovaki
/ through Hungary in 1919, and again i
1920 they reorganized the Polish arm
and stopped the Bolshevist advanc
/ into Poland. | feel that that in itsel
is justification Of the French polio
since the armistice. The French arm
now numbers slightly over 100000
which is a trife under the number the
/ had in 1918, and it is their policy grad
ually to reduce that number. Further
more, France is the only big power tina
has not been building either capita
ships fr submarines since the armis
tice"
The french nation has been fully a
courageous and constructive since hos
tilitics ended as during the war, Nh
Jay asserted, the idea that France ha
been timid and slow in levying taxa
ton being without foundation. Afte
reviewing the progress Of reconstruc
ton and restoration Ny. Jay said o
| government finances
During 1919, 1920 and 1921 tn
/ French government spent annually ap
proximatcly 100000, 900 francs, o
which approximately 10000, 100000
francs were for construction, pen
! sions and interest on loans issued 70