Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1922-02-25
a Suggestion from, the Past on
Present World Problems

NT ORE and more clearly do able OBJ
MI servers see that there can be no
great improvement in the world
business condition until the international
problems of finance which the war entailed
are solved, or at least simplified. Such
difficulties are not to be disentangled by a
stroke of sword or pen. Military force
stands futile in their presence, and mere
treaty making leaves them unyielding still.
Germanys debt to the Allies, and the Allies
debt to America, and Americas ability. to
prosper and help others are all intermingling
threads Of common worldwide web. Never
was there greater need of broad thinking
and liberal co-working.
It was something more than a century ago
that a similar problem confronted Europe in
the aftermath of the Napoleonic wars. I'm
der the treaty Of 1915 France stood bound
to pay for a period of three years the ex-
penses of an occupation army of one hundred
and fifty thousand men, which amounted in
all to four hundred and eighty million francs
Besides this she over war indemnity
Of seven hundred million francs, payable in
five years. Moreover she was called upon
for a multitude of separations, little and
large. Wueu Cu0 llrSC payments l0l que the
impoverished country was unable to meet
them, notwithstanding all manner of expe-
; dents at home and intimidations from
abroad. In the midst of this perpleXity, ap-
peared Gabriel Julien Ouvrard
It is from his memoirs that we have the
. interesting story of how at last the troublous
knot was united Ouvrard, as current BIZ
ographer tells us, 'put himself at the service
of the Duke de Richelieu, the finance minis
ter of Louis the Eighteenth and advised him
to obtain from the allied governments per-
mission to make the payments in five per
cent French state papers, instead of in ready
money as had been demanded. Barring Broth
ers, in London, and Hope and Company in
Amsterdam, both of whom were aware of
Ouvrard's far-sighted intelligence, and with
whom he had conferred previously, were will
ing, with another English company, to nego-
tate this loan with the allied powers" But
because the majority of these wanted ready
money, the proposal did not then materialize,
although the keenly discerning Metternich
supported it.
AS the seasons rolled on, however; and
France remained unable to meet the demands.
Ouvrard's plan compelled attention anew cat
that time runs the record, nothing could
be decided among the allies without the con-
sent or Wellington, the conqueror of Water
loo Although Ouvrard as finance and in
dustr1al magnate and former lieutenant in
the French and Spanish armies could scarce
ly be very acceptable person with Yelling
ton, they relied on the practical and impartial
mind of the Englishman and were not dis
appointed" The Duke saw realities to which
passion and prejudice had been blind saw
that only great cooperative spirit could save
4 the situation, and that the interests of all,
:. vfctors and vanquished, were in truth the in
.,terests of each. His sound Judgment, happily.
1 prevailed. The other allies agreed with Eng
land to accept French stock for the first in
demnlty payment of one hundred and forty
r-illion francs and the first years occupation
Dill OF one hundred and sixty millions.
The result is succinctly told in this wise:
!. France was able to consolidate the whole
: OF her war debt and free herself from the
burden of long occupation; the allied pow
ers were able to satisfy their most pressing
financial necessities and start reconstruction:
the stock exchang received new impetus,
which was soon followed by the fresh bust
ness life; through the Holy Alliance mod
Grafton of the hatred towards France was
brought about by the fact that the COM
munity of former enemy powers and their
citizens, the English ship-owners, the German
businessmen, the Russian landowners now
possessed French stock and were consequent
ly interested in the prosperity of their former
opponent. Just the last point was perhaps
the finest in the whole of Ouvrard's combina-
ton
Is not the policy that thus proved effica-
cfous century ago the one best suited to the
International business problems of today?
Whatever particular plans anu m0IuOuS Inlay
now be most apt, the over-reaching principle
assuredly must be cooperation. There can
be no abiding prosperity for one country I'M
til there is prosperity for all, no security for
one until all are safeguarded in their funda-
mental interests and rights. The Arms Con-
ference, because of its favorable bearing in
this very direction, is rightly regarded an
event of vast possibilities for good, both by
way of preventing war and of restoring eco
nomic stability. Through the agreements
touching armament reduction, through the
Four-Power pact concerning affairs in the
Pacific, through all the understandings which
the Conference brought to pass, the nations
are now nearer effectual co-working for their
common veal than at any moment since the
United States Senate rejected the covenant of
Versailles. True it is that overshadowing
problems Of finance remain to be worked out,
and that America needs must take 'er place
in some sort of council for that purpose, if
not in the Genoa conference. But if the spirit
of intelligent cooperation now growingly
manifest continues to guide, it will lead to
constructive ends-and it alone will do so.