New-York tribune., 1922-12-21
The Ruhr as Security

many there is now realization that
he first and greatest problem to be
faced Is the obtaining from Ger
many of assurances that she will in
good faith begin to pay what she
owes.
What Germany could have paid as
separations had she in good faith ac-
cepted the judgment Of the world
viii probably never be known, for
from the day Of the Versailles
Treaty her government and her
inanciers have consistently used
very method that ingenuity could
levise TO evade payment. Th' vast
ums have been shipped overseas
vas conceded by Mr.. Bonar Law. The
-ecord of the printing presses that
ave debased the German mark is q
natter Of common knowledge. Great
lardship fss resulted 10 the middle
lasses living upon fixed salaries and
the laboring classes, whose mount
ng wages have failed TO compensate
or the rapidly diminishing purchas-
ng value Of the mark. But great
lrohts have been made from this in
alton and German industry has
jeen active.
The problem that now confronts
10 Allies and the United States is
determine what sum it is practi-
lble 20 collect from this nation
hich for three years has shipped
assets beyond the jurisdiction Of
ie court, so TO speak, and now seeks
plead a voluntary bankruptcy.
here Is agreement among many of
10 experts who have studied the
-oblem that the sum lies between
10000, 100000 and $15,000,0O0,O 900.
his is less than half Of the $32,-
e0,00O,0OO fixed by the London con-
renee, which, in turn, was but
action Of the vast sum that Mr..
oyd George Numbered for in his
Ast farthing" mood Of the Yer
lilies conference.
Had Germany in good faith sought
pay the judgment found against
er and IL had proved beyond her
,ower there would be a very diff
rent problem before the Allies to-
ny. There would be general will
ngness to make concessions, to rem
r help by loans and TO rely upon
ermany's word TO live up to any
cvision that was reached. The case
France in 1871, shorn Of Alsace
I'd Lorraine and ordered to pay
100000 900 indemnity within three
,ars, stands as the great example
nation that attempts no evasion
I'd pays with every energy. France
aid the whole Of her indemnity six
ionths before it was due, largely
trough loans from other nations.
As it Is, how can the creditors Of
;ermany be assured that if they now
II educe the judgment she will not
ontinue her policy Of evasion and
u tempt TO secure yet another reduc-
ION? II is from this point of view
hat the French insistenee upon oc-
cupation Of the Ruhr is to be dis
ussed. No one can in good faith
question the intentions Of France in
he Ruhr. Her government has re-
peatedly disavowed any thought Of
conquest and has stated that If she
went further into Germany she
would simply hold such territory a'
she occupied as security for all the
Allies against German default.
There is surely nothing startling
in the idea Of a creditors demanding
collateral or security for a debt from
a slippery debtor. The Allies are oc-
cupying the Rhineland upon exactly
that principle. Germany in 1871 oc-
cupied far more Of France than the
Rhineland and the Ruhr together
and retreated step by step only as
each payment was made and de-
livered.
The objections to the occupation Of
the Ruhr are wholly practical. 1t is
a costly project. It may hamper
Germany's industry and thus lesser
her ability to pay. For these reasons
some central control Of German
finance may well be preferable. But
what we wish &c insist upon is that
the question Of seizing the Ruhr is
simply a practical one Of how best to
enforce collection from an elusive
debtor. Surely il the United States
approaches the problem with knowl-
edge Of the facts and a realization
that some security is necessary
agreement can be reached with
France and with England.
France has been left stricken by
an invader TO rebuild her ruins thus
far with but a driblet Of reparations
70 aid. In Insisting nov upon better