davidaulloa/AmericanStories huggingface dataset:
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1922-02-26
Goods Payment Bad.

consider, however. that eIag-
gerated importance has been at
tached to this topic, since the ac-
tual deliveries Of goods made under
the Wiesbaden or similar agree
ments are not likely to be worth
such large sums Of money as are
spoken Of. Deliveries Of coal. dye
stuffs and ships. dealt with in the
annexes to Part VIII Of the
treaty, are specifically excluded
from the operation of the Wies-
baden agreement. which 10 ex-
pressly limited to deliveries of
plant and material, and these
France undertakes to apply solely
to the reconstruction of the devas-
tated regions.
The quantities Of goods, which
French firms and individuals will
be ready to order from Germany at
the full market price, and which
Germany can supply. for this limit.
ed purpose $50 great a part of the
cost of which is necessarily due to
labor employed on the spot and
not to materials capable of being
imported from Germany. are like
~ to amount, during the next five
years, to a sum Of money which
the other allies need not begrudge
France as a priority claim.
My other reserve relates to the
supposed importance of the Wies-
baden agreement as a precedent
for similar arrangements with the
other allies, and raises the general
issue Of the utility of arrangements
for securing that Germany should
pay in kind rather than in cash
for other purposes than those of
the devastated areas.
1t is commonly believed that, il
our demands on Germany are met
by her delivering to US not cash
but particular commodities selected
by ourselves, we can thus avoid
the competition Of German prod
ucts against our own in the mar.
kets of the world. which must re.
suit II we compel her to find for
eign currency by selling goods
abroad at whatever cut in price
may be necessary to market them.
Most suggestions in favor Of our
being paid in kind are too vague
to be criticized. But they usually
suffer from the confusion Of sup.
posing that there Is some advan.
tage in our being paid directly in
kind even in the case of articles
which Germany might be expected
to export In any case. For exam.
pie, the annexes to the treaty
which deal with deliveries In kind
chiefly relate to coal, dyestuffs and
ships.
These certainly do not satisfy tho
criterion Of not competing with
Our own products; and l see very
little advantage. but on The other
hand. some loss and Inconvenience.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1922-02-26
Terms Impossible.

Incidentally the Wiesbaden
Agreement, sets up a fairer proce-
dure for fixing the prices Of sup
plies in kind than that contemplat-
ed In the treaty. According to the
treaty the prices are fixed at the
sole discretion Of tho PREPARATION
Commission. In the Wiesbaden
Agreement this duty is assigned to
an arbitral commission consisting
of German representative, a
French representative and an i'm
partial third. who are TO fix the
prices. broadly speaking, on the
basis of price existing In France
In each quarterly period subject to
this price being mol more than
per cent below the German price.
The second set of provisions Is,
however, Of a different character.
since II interferes with the existing
agreements between the Allies
themselves as to tho order and pro-
portions in which eacn Is to share
in the available receip,s from Ger
many. and seeks to secure for
France a larger share of the earlier
payments than she would receive
otherwise.
A priority to France Is, in my
opinion, desirable, but such priority
should be accorded as part Of gen.
eral resettlement Of PREPARATION, in
which Great Britain should waive
her claim entirely. Further. the
agrsSment involves an act of doubt.
full ,goc,i faith on the part Of Ger.
many.
She has been protesting with
great vehemence land. believe,
web perfect TRUTH that the de.
sisions Of London exact from her
more than she can perform. But in
such circumstances 1t Is an act OF
improperly for her to enter volun-
tarily into an agreement which
must have the effect. II II is oper-
alive. of further increasing her
liabilities even beyond those against
which she protests ss impossible.
Herr Rathenau may justify his
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1922-02-26
Cash Payments.

In some cases the allies have re-
sold the coal which Germany has
delivered to them-a procedure
which. In the case Of an article for
which freight charges cover 30
large a proportion Of tho whole
value. involves a preposterous
waste.
II we try to stipulate the pre-.
else commodities In which Ger.
many is to pay US, we shall not
secure from her SO large q con-
tribution as II we fix o reasonable
sum which is within her capacity,
and then leave her 70 find the
money rs best she can. II, moro
over. the sum fixed is reasonable,
the annual payments will not be
SO large, In proportion to tho total
volume Of International trade,
that Great Britain need be nerv-
GUS lest the payments upset the
normal equilibrium OF her eco.
nomic life in any greater degree
than is bound to result In any
case from the gradual economic
recovery of SO formidable O. trade
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1922-02-26
No German Plot.

Currency initiation continued;
and during 1921 the note circula-
ton of the Reichsbank was nearly
trebled, bringing 1t up to nearly
six times what II had been two
years earlier. Imports steadily ex.
ceeded exports in value. Some for.
eign investors in marks began to
take fright and, so far from in
creasing their holdings, sought to
diminish them.
And now at last the German
government was called on to make
important cash payments on repa.
ration account. Sales OF marks
from Germany, instead OF being
absorbed by foreign investors. hal
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1922-02-26
GERMANY SELL HER GOODS TO THE WORLD AND PAY
REASONABLE INDEMNITY i'm CASH." SAYS j. MI. KEYN

in the allies receiving these goods
direct, Instead of Germany's selling
them In the best market and pay
ing over the proceeds.
In the case of coal. In particular.
It would be mitch better II Ger
many sold her output for cash in
the best export markets, whether
to France and Belgium or to the
neighboring neutrals. and then
paid the cash over to France and
Belgium. than that coal should be
delivered to the allies for which
the latter may have no immediate
use, or by transport routes which
are uneconomical, when neutrals
need the coal and what the allies
really require Is the equivalent
cash.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1922-02-26

action by the arguments that this
is first step toward replacing the
decisions Of London by more SEN
sible arrangements, and also that,
II he can placate Germany's largest
and most urgent creditor in the
shape Of France. he has not much
to fear from the others.
Mr.. Loucheur, on the other hand,
may know rs well As I do, though
Speaking otherwise. that the deci.
siOns OF London cannot be carried
out, and that the time for q moro
realistic policy Is at hand: he may
even regard his interviews with
Herr Rathenau rs q fo-etaste of
moro intimate relationships be-
tween business interests on tho
two sides Of the Rhine. But these
considerations, II we were to pur.
sue them, would lead us to q diff.
ferent plane of argument.
Sir John Bradbury in his report
on the agreement to the British
government has proposed certain
notifications which would have
the effect Of preserving the advan-
tages Of the first set Of provisions,
but Of multiplying the latter so far
as they could operate to the detri-
ment of Frances allies.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1922-02-26

eigners for the purchase OF in
vestments or in discharge of debts.
Temporarily It may be affected
by speculation. that is to say. by
anticipation. whether well or Ill
founded. that one or other of the
above influences will operate
shortly. but the influence of spec
ulation is generally much exag-
gerated. because of the immense
effect which 1t may exercise mo-
mentarily.
Both influences can only oper-
ate through the balance of debts
due for immediate payment be-
tween the country in question and
the rest Of the world; the liability
to make payments to foreigners
operating on this directly. and
the initiation OF the currency op-
Grating on 1t indirectly. either be-
cause the additional paper money
stimulates imports and retards
exports. by increasing local pur.
chasing power at the existing
level of values, or because the ex-
pectation that II will so act causes
anticipatory speculation.
The expansion of the currency
can have no effect whatever on
the exchanges until II reacts on
imports and exports or encour-
ages speculation. and as the lat
ter cancels out sooner or later.
the effect Of currency expansion
on the exchanges can only last
by reacting on imports and ex-
ports.
These principles can be applied
without difficulty to the exchange
value OF the mark since 1920. At
first the various influences were
not all operating in the same direc-
ton. Currency initiation tended TO
depreciate the mark: so did foreign
investment by Germans the
flight from the mark'0: but In
vestment by foreigners in German
bonds and German currency ian
exact line between which and
short-period speculation it Is not
easy to draw operated sharply in
the other direction.
After the mark had fallen to
such a level that more than %
marks could be obtained for a
dollar. numerous persons all over
the world formed the opinion that
there would be a reaction some
day to the pre-war value. and that
therefore a purchase OF marks or
mark bonds would he a good in
vestment. This investment pro-
ceeded on so vast a scale that il
placed foreign currency at the dis.
posal Of Germany up to an aggre-
gate value which has been esti-
mated at from $500. 900, 900 TO
81 600 600 600
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1922-02-26

This commission, while approx!
ing the general principles under
lying It. have referred it to the
principal allied governments on the
ground that 1t involves departures
from the Treaty of Versailles be-
yond their own competence to au-
thorize. The British delegate, Sir
John Bradbury, has advised his
government that the agreement
should be approved subject to GER
tain notifications which he sets
forth. and his report has been
published.
The Wiesbaden agreement II a
complicated document. But the es-
sence Of it is easily explained. It
falls into two distinct parts.
First, it sets UP a procedure by
which private French firms can
acquire from private German firms
materials iGquired for reconstruc-
ton in France without France
having to make payment in cash.
Secondly, 1t provides that, while
Germany is not to receive pay
ment at once for any part Of these
goods, only a proportion Of the
sum due Is credited to her imme-
diately in the books Of the Rep
aration Commission. the balance
being advanced by her to France
for the time being, and only
brought into the reparation ac-
count at a later date.
Tho first set of provisions has
met with unqualified approval
from everyone. An arrangement
which may possibly stimulate pay.
ment of reparation in the form Of
actual materials for the recon-
struction of the devastated dis
tricts satisfies convenience. eco
nomics. and sentiment in a pecu-
liarly direct way. But such sup
plies were already arranged for
under the treaty, and the chief
value of the new procedure lies
in its replacing the machinery of
the Reparation Commission by
direct negotiation between the
French and German authorities.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1922-02-26

where she can enlist on the side
of revision all the latent protec-
ZIONIST sentiment which still
abounds. II Germany were to
make q strenuous effort to pay
US by exploiting the only method
open to her. namely. by selling
as many goods as possible at low
prices all over the world. II would
not be long before many minds
would represent this effort as a
plot to ruin us, and persons of
this way Of thinking will be most
easily won over II we describe a
reduction In our demands as q
prohibition to Germany against
developing a nefarfous competitive
trade.
Such a way of expressing a de-
sirable change of policy combines
with q basis OF truth sufficient
false doctrine TO enable the Times
Uondon). for example. to recon-
mend It in a leading article
without feeling conscious of any
intellectual inconsistency. and It
furnishes what so many people
are now looking for. namely. q
pretext for behaving sensibly.
without having to suffer the in
dignity and inconvenience Of
thinking and speaking SO. too.
Heaven forbid that I should dis
courage them! 1t is only too rare
ly that a good cause can summon
to It's assistance arguments suffi.
GENTLY mixed to insure success.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1922-02-26
BY DR.. A. C. CROMMELIN.
Member of British Royal Obseru-
dtor-g, in an Eritcle in the
London Daily Mail.

NATURN has been attracting
unusual attention from as
tronomers on account of the
fact that the ring has been turned
edgewise to the earth and to the
sun, an event that occurs only
once in fifteen years. At these
times the marvellous thinness of
the ring.system is demonstrated.
Although the span Of the outer
ring is no less than 10000 miles.
the thickness is estimated as about
forty miles, 20 that the system dis
appears altogether in moderate
telescopes when edgewise. while In
large instruments 1t appears as a
beautiful filament Of light.
The ring has always aroused in.
tense interest from the fact that It
is the only fiat surface that we
know ofin the whole universe, and
many mathematician have studied
the problem of its equilibrium.
Clark Maxwell demonstrated i'm
1857 that 1t could not possibly be
solid: II It were, it would imme-
diately fall In ruins like an arch
strained beyond its re..gth. 1t Is
composed of dense swarms of tiny
bodies, each pursuing its own
course round the planet, the par
ticles moving quicker and quicker
as we approach Saturn.
This fact Of the ring being a
dust cloud was made strikingly
manifest on March II, 1890. when
II passed over a star OF tolerable
brightness. The star remained
plainly visible through the ring,
though 1t lost about nine-tenths Of
its light and also appeared redder.
1t was like looking at the sun
through the swarms Of sooty par
;lcles that compose a London fog;
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1922-02-26
Scotland Yards "Black Museum"
Preserves Gruesome Crime Relics

@NE Of the, most fascinating
private museums in London
is Scotland Yards own mu-
scum Of the crimes which II has
investigated. 1t contains q no
table collection Of the relics OF
forgers, confidence tricksters.
burglars and murderers.
Housed in three communicat-
ing rooms In the basement OF the
Yard. its orderly arrangement OF
neatly ticketed specimens In
glass cases and on tables gives
almost a dignity to human pas
sion and greed, says the London
Times. It would be the most
thrilling exhibition in London II
1t were open to the public.
As matter Of cold fact, its
exhibits would give the game
away" too much to the budding
criminal were admission unre-
stricted. and only police officers
and persons with a recognized
professional interest in criminol-
ogy are admitted, after due for
mality. to what is not inappro-
priately called the Black Mu-
scum.
MOST GRUESOME RELIC.
The most gruesome relic In tho
Photographic reproduction Of the
letter written in red ink and
sent to well-known London
Press agency over the signature
Of Jack the Ripper" announc-
ing that he should cut off the
ears OF his next victim 10 send
to the police. Accompanying 1t
is the later postcard, marked
with blood.stained fingers. re-
GREETING that owing to lack Of
time he was unable to carry out
his ghoulish promise.
Beside this the remains of Mrs.
Crippin's hair. found among the
earth dug up in the cellar Of
Crippin's house. or the black
stocking masks and lead-weighted
rope lengths used by the STRAIT
ton brothers in the Deptford
murder are ordinary, important
though they were in establishing
the guilt Of the murderers.
Generally speaking, no great
ingenuity is shown in crimes Of
violence. and herein lies the
weakness which gives the GRIM
inal away-for in his haste and
passion some vital link is left
undestroyed. A name half
scratched on workman's tool,
for instance, led to the arrest
of one man wanted for an East
End crime. Wainwright, who
murdered a woman and buried
her body under his warehouse
floor in whitechapel. was ig.
uol ant VI Nic hiAltitlCt between
chloride of lime and quicklime.
The first preserves, the second
destroys, and (he used chloride
of lime and had to disinter the
body when he left the warehouse.
He removed II in a brown paper
parcel, and detection followed.
His fate and that OF Smith, Mil
som. and a dozen others is rep
resented in a bunch OF hang
mans ropes suspended in one
corner-an innocent looking COL
lection except for the significant
labels attached to each.
PUT AND TAKE" swINDLE.
The process of parting a fool
and his money really provides
the most interesting section Of
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1922-02-26

the museum. II Is an astonishing
revelation OF carefully planned in.
genuity. in which the sheer sim.
plicity of the trick quite captivates
the Imagination. There is the
earlier ivory put and take" top.
for instance. which is SO simple in
operation that 1t is fortunate the
present craze is restricted to the
one-piece metal variety.
There are two fraudulent tops
in the museum. One depends on
the alternate arrangement of
put" and take on the sides.
and a movable plate with a square
edge and a rounded edge. The
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1922-02-26

now to be made in competition
with sales from these same in
vestors. Naturally the mark
collapsed. 1t had to fall to value
at which new buyers would come
forward or at which sellers would
hold off.
Any one who can fully persuade
himself Of the unalterable truth Of
the proposition that every day ths
sales of exchange must exactly
equal the purchases will have gone
a long way toward understanding
the secret of the exchanges.
There is no mystery here, moth
ing but what Is easily explained.
The credence attached to stories Of
a German plot" TO depreciate tho
mark wilfully is further evidence
Of the overwhelming popular igno-
rance Of the influences governing
the exchanges, an ignorance
already displayed. to the great
pecuniary advantage Of Germany,
by the international craze to pur.
chase mark notes.
In its later stages the collapse
has been mainly due to the neces-
sity OF paying money abroad in dis
charge of reparation and in repay
ing foreign investors in marks,
with the result that the fall in the
external value of the mark has
outstripped any figure which could
be justified merely as cons
sequence of the present degree "
currency initiation.
Germany would require a much
larger note issue than at present If
German internal prices were TO be-
come adjusted to gold prices at an
exchange of more than 1000 marks
to the dollar.
Since there are about as many
German government treasury bills,
payable at short notice, held by the
public and the banks, other than
the Reichsbank, as there are
Reichsbank notes, the note issue
can be easily expanded as soon as
the internal price level needs more
legal tender currency to support 1t,
even apart from new issues~by the
government to meet the excess of
their expenditure over their in
come. Do those who would enforce
on the German government a ces-
sation of the printing press" in
tend that the outstanding treasury
bills should be repudiated, IL at
their maturity the holders wish TO
be paid off in cash? There is no
such easy solution of the over
whelming problems of German pub
lie finance.
II, therefore. the other influences
were TO be removed, II, that is to
say, the PREPARATION demands were
revised and foreign investors were
to take heart again, a sharp recOv-
cry might occur. On the other
hand, a serious attempt by Ger
many to meet the PREPARATION de-
mands would cause the expenditure
Of the government to exceed its i'm.
come by 50 great an amount that
currency initiation and the internal
price level would catch up i'm due
course with the external deprecia-
ton i'm the mark.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1922-02-26

top is bound to fall on a rounded
edge when It comes 10 rest. and
according to the way the plate
has been slid around the spinner
wins or loses.
The other top, marked out as in
dice, Is more simple still; its
center spindle slides up or down,
practically reversing the top in
effect. though as top and bottom
are Identical this is not apparent
to the mug" Spun one side up.
only low numbers turn up: but
IL the spindle Is deity pushed
through the center so that the top
is spun with the real upper
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1922-02-26

than the cash we are now de.
handing; but 1t may be easier to
substitute deliveries Of materials
in place of cash. which will in
practice result in a great abate-
ment Of our demands. than to
abate the latter in SO many words.
Moreover, protests against leav-
ing Germany free to paw us In
cash by selling goods how and
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1922-02-26

rival as was pre-war Germany,
While make these observa-
tons in the interests Of scientific
accuracy, admit that projects
for insisting on payment in kind
may be very useful politically as
a means Of escaping out Of our
present impasse. In practice the
value Of such deliveries would
turn out to be immensely less
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1922-02-26
The Mark Exchange.

The gold value Of a country's
inconvertible paper money may
fall, either because the govern
ment is spending more than It 10
raising by loans and taxes and is
meeting the balance by issuing
paper money or because the
country is under the obligation
Of paying increased sums to for
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1922-02-26

Barred to Public, 1t is One of London's Most
Famous and Fascinating institutions
Wherein Are Kept Ticketed Exhibits AS
ISOLATED With Famous Cases of Forgery,
Confidence Games, Burglary, Murder, and
Every Other Form of Criminology.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1922-02-26
ARTICLE 2.
The Wiesbaden Agreement

TN the summer of 1921 much interest excited by
L reports of confidential interviews between NJ
Loucheur and Herr Rathenau, the ministers of
struction in France and Germany, respectively. An
agreement Professionally reached in August, 1921,
and finally signed at Wiesbaden on October 6,
1921, but it does not into force until it has
oeived the approval Of the Reparaton Commission.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1922-02-26
PRIORITY TO FRANCE
i'm PREPARATIONS is
DESIRABLE. HE SAYS

Economist Hits Second Article of WieSbaden
Agreement, Declaring That There Has Been
No Pilot to Force Down the Value of the Ger
imam Mark-PleadS for General ReSettle-
ment of Indemnity Figures.