Great Falls tribune. [volume] (Great Falls, Mont.) 1921-current, 1922-12-22
CONDITIONS IN GERMANY,

CONDITIONS IN
A bill was introduced in congress
a last week appropriating $780,
100000 to provide food for starv-
ing people in Germany and Aus
tria. There is, of course, no chance
of the passage of such a bill. Its
author probably wanted to make
some political medicine in a dis
trict that had a good many Ger
man-American voters. The need
Of financial aid for such a purpose
would have to be far better estab-
lished than it is, or is likely to be,
before such a proposition would
get any considerable support IN
congress. . Yet there is a growing
feeling in Washington as well as
in London that Germany is about
at the end of its resources in a
financial way. There is also much
anxiety and depression at Berlin.
we are informed. 1t is stated in
Berlin that they must import grain
this winter to a considerable ex-
tent in order to carry them through
until the next crop, and they are
wondering where they are going to
get the money to pay tor that
grain. Of course the usual reply
to that question is the same as 1T
is everywhere in the world when
a lack Of food and money is appar-
ent-get it in the United States.
We have plenty of food to be sure.
and the impression is that we have
plenty of money also, and have no
need for more. That latter idea
is not so prevalent in the United
States when tax paying time is
about due on federal taxes, and
state taxes have just been paid
with no little effort.
But a big American loan IS the
star of hope that CLEANS athwart
the c1ouded sky Of Germany and
other European nations that need
money and credit and that need It
badly. Setting aside the idea OF
a United States government loan
taken from taxpayers money as
idle and impossible at this moment,
there is left the idea of a CONNER
cial loan based on German indus
trial securities such as stocks and
bonds. A good many such securi-
ties got out of Germany and into
the United States during the past
year to escape the capital tax
levied by the German government
to aid them in paying reparatlon
claims. We are informed by ].
Pierpont Morgan, who is in a posi-
ton to know as much about the
subject as anyone, in this country,
that such securities belonging to
German citizens have mostly been
borrowed against and are not avail
able for further security. More
over, MI. Morgan is very pessi-
mistic about the ability of Ger
many to borrow any more money
in this country on any terms
through private capitalists. His
firm refused a request from Ger
manv to handle a commercial loan
of comparatively small amount the
other day because it could not rec
ornmend the security offered to the
purchasers of the bonds. Mr..
Morgan is of the opinion that un-
less France and Belgium are will
ing to greatly reduce the indemnity
payments coming due in the years
to orn and take a secondary
claim on the resources of Germany
for security that no German loan
can be fIoated in this country for
a long time to come.
The year 1923 will not be a
happy new year in Europe. More
reparation payments in gold are
due France and Belgium January
/ next, and no gold is in sight for
their payment. Moreover, no
method of getting that gold except
borrowing it is in sight. Germany
has neither the goods nor the gold
to pay with, and the allies do not
want their goods even if they had
them Ia sufficient amJunts to dis