The Monmouth inquirer., 1923-05-03
CUNO WILL SEND
OFFER TO ALLIES
SHINES Wins Peoples Party
Away From Chancellor in Hot
Debate With S~tresemann.
MONEY BARON SHEDS MASK
Time Fixed for Transmitting Direc:
Peace Proposal-Raid on Marks Val
ue Only Causes R%eichsbank to Dip
into Precious Gold Reserve.

1880
Berlin.-Germany's superman, Huge
SHINES, after using his financial pow
err to undermine the Governments and
the ReIchbank's attempt to stabilize
the mark and to finance the passive
resistance campaign in the Ruhr, now
has brought his heavy political artil-
lery into action against Chancellor
Cuno's decision to submit a direct pro-
posal for ~reparations and a Ruhr set
Element to the Treaty of Versailles
s~ignatories this week.
SHINES, who usually acts through
subordinates, entered the battle per
~sonally at a caucus of the Peoples
Party representatives in the Reichs-
tag. He criticised sharply and vigor-
ously the standpoint of DR.. Strese-
mann, the party leader, who believes
with Cuno that an offer should be
made. Stresemann countered with
equal sharpness, and a hot debate en-
sued between the party's ieader and
its powerful member. SHINES argued
that the time was i~nopportune for
submitting a proposal and that the
Government and public opinion had
been misinformed regarding the Brit
ish Governments attitude and inten-
lions.
He apparently has Won his battle
with DR.. Stresemann and swung the
Peoples Party away from support OF
Chancellor Cuno's plan. 1t was an
nounced by party leaders that condi-
tions fayoring such a proposal in view
Of supposed British opinion and inten-
tons has been overestimated.
The hand of SHINES and his friends
is discernible in the food OF newspa-
per comment on the untimeliness OF
an offer now. Cuno, however, still
stands firmly against this combined
political, business and newspaper pres
ure and information from a most
competent Government quarter was
that not only would a proposal be sub
mitted, but its main lines already had
been definitely settled. Cuno has picked
the time for telegraphing it to the En-
tente signatories to the peace treaty.
The reasons for speed are clear In
the light Of apparently trustworthy
information that the Reichsbank has
now swept its vaults clean Of foreign
exchange holdings in its efforts to
prevent the marks collapse and Is
about to attack the hitherto sacred
gold reserve which has been kept in
violable as the last reserve of Ger
many's financial structure during all
the storms since peace was signed
Part of the 300, 900, 900 gold marks
transferred abroad will now be pledg
ed, it is credibly reported, to raise
funds to continue the sterilization
campaign. Loans will be negotiated
in London, where a large part of the
gold is deposited in the Bank of Eng
land, the remainder being in the ma
tional banks of Switzerland and Hol-
land.
That part of the big business inter
ests which participated in the cam
paign to drive the mark down from
21,0O0 to the dollar to 10000 as the
point where it was believed they
could resume their export business
profitably continues to receive sharp
knocks from all sides. Chancellor
Cuno, meeting representative of Ger
man industry, complained that when
he entered the Ruhr struggle he be-
lieved he had industry with him, but
found he had been deceived. Social
lists aver that while the workers to a
man are standing solidly behind the
passive resistance policy, the leading
Ruhr ndustrialists deliberately have
%conspired to weaken German resist
ance by raiding the mark and declare
that these interests and not the So
cialist advocates of negotiation right
ly should be accused of knitting Ger
many in the back"
All indications are that a sharp day
of reckoning Is coming as soon as the
Ruhr conflict is out of the way.
Considerable curiosity is therefore
being manifested as to whether Ger
many offers an attractive financial
risk to any foreign banking syndicate.