The New York herald. [volume] (New York, N.Y.) 1920-1924, 1922-04-27

ton of productive power give eco
l nomic strength to the borrowing ma
tions, whereas credits for war or semi
war purposes help to bring them to
poverty.
The credits which Europe needs now
are for construction and not for de-
struction and should be raised and lent
for this purpose and this purpose
alone. Again the situation would not
be so desperate If even the European
nations realized the solidarity Of their
interests and that none can recover
unless all recover.
Since the war each one has thought
OF itself and has given little heed
to the difficulties and sufferings OF It's
neighbors. Indeed. for the most part
they have not Eesitated to injure their
neighbors II they thought they could
promote their own advantages. In
making peace treaties the dominant
nations did not give a moments
thought to the question Of how Europe
as whole would be restored. The
main question was how each nation
could get the greatest possible advan-
tage for itself with the least possible
advantage to its neighbors.
No Provision for the Weak.
The consequence is that practically
/ no provision was made In the treaties
for the restoration OF the weaker ma
tons, while the burden that has been
placed on the Central Powers is SO
great as cffectually to destroy any
hope Of their recovery. The result is
that all nations east Of the Rhine are
so heavily handicapped either with
debt or reparation payments that any
chance OF their recovery as matters
now stand is extremely remote, while
the nations claiming the bulk OF the
indemnities are nearly as badly of
through the burdens OF their debts and
the inability of the Central Powers to
pay the huge Preparations demands.
Had the victorious Powers realized
that the restoration Of Europe as q
whole had TO be effected IL any were
to recover and that to burden any
nation either with PREPARATIONS or in.
terest obligations would defeat their
own purpose the peace treaties would
were. 1t is now apparent that many
Of the nations Of Europe will be UNI
able to meet their existing obliga-
tons, either home or foreign. even
when they are restored, and to place
any additional burden on them for
the fresh credits needed is impossible.
When these weak nations are re-
stored they will be able merely to sup
port themselves. They will not be able
to pay either reparations or the inter
est or principal Of past or future
credits. Nevertheless these nations
must be reconstructed in order to be-
come self-supporting and to contrib
ute their quota to production and
trade in Europe as WE'LL as in the
world.
Fortunately there are two great
European nations whose productive
power was uninjured by the war and
whose strength and credit, If rightly
used, can do much to restore Europe.
These nations are Great Britain and
Germany. The task of restoring
Europe will, however, be far beyond
even their powers unless they receive
the loyal cooperation OF the other ma
lions OF the world whose productive
power also Eas not been injured ana
who are suffering merely because they
cannot find buyers for their products
and therefore are unable to buy in
turn.
Germany's Burden Too Heavy.
If Germany is to give the help she
is physically capable Of giving II is
obvious that the burden on her must
be neither beyond her power nor be-
yond what the German people are
willing to bear. Moreover, il must not
be greater than what the nations who
are capable of granting the credit
needed for Europe's reconstruction
are convinced Germany can and win
willingly bear.
AT present Ii is obvious that the
separations burden placed upon Ger
many Is far beyond what the German,
people can or what the world believes
they can pay. Otherwise less difficulty
would be experienced in selling the
bonds which Germany has ALREADY
given for PREPARATIONS.
II Germany's potential productive
strength is TO be used in order to raise
the credit Europe needs for recon-
struction 1t is obvious that the whole
rcparations question must be reconsid.
cred. Already the delay in recogniz-
ing the obvious in the matter OF repa :
rations Is largely responsible FOR tho
critical situation which now exIsts
throughout the world.
Has not the time now come 10 loo,,
at oil the facts and to do the things
which these lessons teach? Cannot
this conference be allowed TO take rho
first step for the recovery OF Europe
or must the world still wait and still
suffer?
LENiNE UNDERCOES
SECOND OPERATION
Il