The Cordova daily times., 1923-02-15
ACTION BY THE CREDITORS


 The Wall Street Journal says: If Franco can make the occupation of the Ruhr Valley effective she may be doing the greatest pos sible service to the German Government. She may even enable that government to take some small share in the financing of Germany The factories of the Ruhr Valley, including those of Essen, are not at present operated for Germany, and still less with any idea oi devoting part of the profits to the payment of taxes in real money. Those profits arc controlled from centers outside of Germany by Germans, through the working capital which has been removed to points beyond tlle reach of the German tax gatherer
 Ever since the Armistce it has been said and reiterated in these columns that a straight forward, business like receivership for Ger many was the safe and certain cure for the most vital part of the disease from which Europe now suffers The French and British in their view of reparations are not far apart The British want to see business relations TO stored and are willing to trust the Germans after the expiration of a moratorium. InC French believe that after that moratorium the Germans will simply raise all the o' obstacles to the payment of even a small part of their just debts. Their view of German character is, to put it mildly, amply justified by experience.
 A limited number of immensely wealthy il nanciers and industrialists, bankers who con trol the substantial financial business of Germany, captains of industry like Stimes who direct her production outside of the raw materials produced by the farms, are in { 4oIo to Dt q larger gold loan than anything hitherto pro posed. Being utterly devoid of principle sportsmanship, pride in national reputation fo' veracity and solvency, these interests have laid out for themselves a plain course, looking to the ultimate extinction of all claims fo1 separations. They mean to pay nothing. Whcl that solution has been accepted their capita will be returned to Germany, the mark ano the internal debt alike will be wi ped out, the state and municipal debts will be scaled doW1 to nominal figures, and Germany, within five years, will occupy the strongest financial DO stion in Europe
 To do this they must be able to supply raw materials from the outsde to sell the fin ished product in a world market at the gilt edged exchange rates their capital in New
  production in Germany on paper basis whict must ultimately ruin the worker and the farm CT but will make them fabulously rich. Franco has thrown monkey wrench into this ingen iously constructed machinery. In the Ruin district at least this humane process of arter otomy will be no longer possible. Germany $ not going to war about it. She has not tho means she has not the pretext, and so fa1 as her own working people are concerned, slle has not the inclination.
 It is not a fighting proposition and th' occupied area is the most prosperous part o Germany today. No well-informed person be- lieves the German protestations or accepts tic German pledges, if only for the reason that the German Government has nothing to pledge But the German exploiters have something tc pledge and the French are taking over part of it, for the benefit of the creditors. Every obstacle we throw in their way will play into the hands of the worst element in Germany and postpone by just so much the final settle ment we desire.
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