San Antonio light. [volume] (San Antonio, Tex.) 1911-1993, 1923-02-26
Harden Draws Gloomy Pic
ture of Conditions Grow
ing Worse Daily.
INDUSTRY IS CRIPPLED
Must Accept Debts and
Reach Agreement With
France to Survive.
BY MAMMALIAN HARDEN.

Copyright. by The San Antonio Light.
Berlin, Feb. 26.-Thirty-three
printing establishments now are at
work making money for the German
state. 1t is said all to be official.
| But probably only the Omniscient
mummy, Pharoah Tutankhamen knows
how many others are secretly enjoy
ing the same pastime. This judging
by the repeated warnings in the
public press against specific series of
note issues which suggests the bust
ness OF uttering bogus currency still
is a profitable paStime.
The official presses, operating night
and day are delivering between Co.
600. 100000 and 70,000,000OOO marks
to the ReichSbank, but it is expected
the output soon will reach 125,00O,-
OOO,OOO. Still as in the kaiser's time,
these marks bear the promise to pay
TO bearer the number of marks"
stated thereon. Despite the enorm-
| GUS issue there also is a scarcity and
| one wonders whether trailloads Of
these worthless marks NAV not have
been sent to the Ruhr to secure wages
and to repay the bales of personal
currency issued there by the great
industrial firms.
Is a Futile EXpedient.
Prices for everything here are above
all reason. No wonder therefore that
these billions of new currency disap-
pear so rapidly. The German gov
| eminent which has not paid any Of
ITS obligations since August has
thrown large acCumulations of for
clgn currency onto the market be-
STNDg hfrrinor frEr,, -
war and from the neutralS more than
the former themselves have, in an eff
iiort 10 produce a much desired stab
Iuzaton. This in the face of the
advice of such eminent finanCiers as
Max WarDurg, MendOlsohn and Mel
cholr who say this hope cannot be
realized. For the moment they have
brought the exchange down from So
600 for n dollar to 10000 thus en-
aDllnS them 10 purchase relatively
cheap coal, cotton, copper and food
stunts. But with the dollar went
down the price of all stocks to fig
ures which represent less than one
lhird OF their real pre-war value.
Millions of people who until recent
ly have been able to meet their daily
expenses naturally now are furious
owing to the shrinkage in the price
OF their security holdings. The prices
OF the actual necessities Of life have
fallen little, if at all, the apparent
reductions being confined to govern
ment transactions. Dealers insist
mat they were compelled to purchase
at high prices and cannot sell at
any reduction at this time.
The situation throughout the coun-
try steadily grows worse. 1t is a sim
PIE fact that the great portion of
herman industries are unable longer
TO compete owing to the exchange sit
uatlon and plants gradually are shut
ing down everywhere. Should the
huhr blockade become real there must
be terrible shortage of coal because
the little bit of British fuel that has
been brought in, cost too much to be
IN reach of ordinary industry. The 1
result will be complete Gripping Of
German industry.
Gold Loan Too Late,
Stil officialdom endeayors to conn Z
pei the public TO believe that the artiI {
fetal initiation of the marx is a avars
measure which have a very percepti.t
Die erect IN the Ruhr It reminds
OF the old gamble of the kaiser and,
MS IouoWers IN 1914. The proposeds
gold loan, which is supposed to be
IN investment and not to reduce the =
real value of savings of those who in .
vest, comes rather late. Only a few
disseminated people who have fluid
cash or are unable to make immense
profits otherwise, will take a chance
IN this proposition which offers only 1
. per cent interest. They will prefer :
to buy dollars or good industrial
shares from which they will hone TO
garner enormous dividends.
No country can hope for salvation
either through the wand of a wizard
or propaganda so far as its currency J
IS concerned; so long as it encour-
ages an immense number of droueS
IN its official class, does not exact
from its wealthy classes their trus
proportion of taxation; prints a bill
hon In new currency every few days:
when coal is short, cuts down the
public schools and cuts out many
trains while at the same time permit
tlng movies TO be shown three times
a day and wastes much electric now
er IN dance halls, restaurants and
saloons.