New-York tribune., 1922-12-16

have the character Of either military
or punitive expedition againt 'ne
Reich.
The optimistic tone which the Pre-
mJeYs words lent 70 the reparations
issue was strengthened b hints ems
mating from the United States OF Iste
that Washington is preparing 70 tAks
tho greatest Interest In the combines
problem Of debts and PREPARATIONS. Inc
Harding Hughes-MoreAn conferences
have aroused the hope either that the
proposed Brussels conference may Do
entirely replaced By one under the
auspices Of the United states or that
Washington Is preparing 70 come TO
Brussels in q more active capacity thAn
that Of observer.
II Is suggested that France would be
willing 20 give up the occupation. OF
the Ruhr and perhaps 60 even further
than IN her July offer 70 cancel the
&C" bonds ~ the cancellation Of debts
and sufficient guarantees we're assured.
The payment during the next six 70
ten years Of the small total Of 10000
900 900 gold marks under those eondi-
tions may prove acceptable.
Inter.Allied Experts
II is possible that before January 2
the inter-Allied experts now Al work
IN London Will have worked out q new
estimate Of Germany's capacity 10 pay
and this certaily will entail q general
reduction Of the sum total which will
be agreeable 20 France. IL is believed
here that the unanimous Allied rejee-
tion Of Chancellor Cuno's moratorium
1 ~-.1 Ill EnnA a oroAA gHNaf NHla
| hnaneier- ateman, who, seeing no es-
cape. may devise ways and means "a
make a more reasonable suggestion In
the future.
Premier Poinea-s told the Chamber
to-day the reparations situation had
been greatly ameliorated during th'
last month, and Therefore II would b
wise TO remain, cool In words .ss vel
as actions. This amelioration as seer
in French political and financial cir.
eles is divided In four parts.
First, the encouragement from
America. as hinted By Bonar Law ir
yesterdays speech, together with other
Indications that the United States Il
preparing 70 take closer eognizanc'
Of the financial affairs Of Europe.
Second, a certain evolution In IN,
] OF Eut DIlhi1H ONOlUNN Nuttl
has wiped out what has often beer
characterized In France as an en-
eourAgement 70 the Germans 10 hold
out for better reparatlons terms
Added 20 this Is the possibility FOL
some arrangement between Great Brit.
ain aAd her debtors. even though the
United States does not Join In a gen.
erai understanding.
Third, the tendency Of Cuno sines
the solid Allied rebuff at London e
prepare more reasonable proposals and
TO use his financial genius In creating
a new German policy OF external loans
Fourth, the position Of the French
government Itself, with Poincare's re
nuneiation In the Chamber to-day Of
military operations In the Ruhr ant
his new policy Of cutting down the
total reparations bill.
Six months ago the Chamber wal
almost unanimous for military occupa
tiOn Of the Ruhr. A year ago II over
threw BRAND because Of his vesrins
away from q policy Of force. To-day
IL Is estimated that scarcely a hundred
votes could be mustered to support
any invasion. Momentarily at leas
Poineare has escaped political opposi
tion In the Chamber, and probably Il
will not be evident again. In view Of
HIS speech to-day, until the next ALLIED
meeting IN Paris.