Evening star., 1923-09-13
STRESEMANN AWAITING
FRENCH REPLY TO OFFER
6contlnuea from F'Irst PaEel.


an understanding tho Ruhr will be
evacuated and the Rhineland restored
to hs former rights"
He admitted that passive resistance
did not ofTer a solution OF tho Ruhr
question.
Proposing an international trustee
ship for the administration for the
proposed nation wide hypothecation
of resources. the chancellor said the
proceeds Rccruing from the mortgages
would include representatives of the
roDaratton creditors. This body would
then be able 10 issue bonds. thus
making II possible for France TO re-
ceivs large sums Of money imme-
diRtely.
viii Give France Cash.
Such guarantees" he pointed out,
will give France cash and will meet
the conditions under which France
was willing to evacuate the Ruhr."
ana added that before these guaran-
tees could be obtained Germany
must be permitted the right 70 I'D
minister the Ruhr and recover her
sovereignty In the Rhlneland"
Herr Stresemann failed to assert
directly that Germany was prepared
TO stop passive resistance uncondi-
tionally. He did say that for Ger
many the question of the sovereignty
OF the Rhineland and regaIning the
freedom OF the Ruhr territory was
decisive, and that for those ends she
was ready to give real guarantees"
which would go a step beyond the
pledges of reich and state property
contained In the treaty of Versailles.
"If mortgages In favor Of the reich
Were entered into on property of a
state and on private property of
economic organizations as pledge to
the extent Of y certain percentage of
this property" continued the chan
cellor. then these nArtgages could be
transferred to a trusteeship as a real
negotiable asset.
Not Mere Theory.
surely such an accomplishment Is
not merely a piece OF theory or q
general guarantee. but constitutes
something real and free OF all
vagueneSS."
The chancellor's speech presented a
more precise formulation Of the ma
ture OF the productive guarantees
which Germany was prepared to
pledge for the security OF the repRra-
tton creditors. These would comprise
the hypothecation OF private holdings
in industry. commerce. finance and
agriculture In such a manner as TO
insure their immediate fluidity as ac-
tive loanable collateral
Sees Pledges Approved.
Unless France lis bent on annexa-
tion. Germany's pledges. he contend
ed, were of such a nature as TO meet
the conditions under which France
once prepared TO evacuate the irrupt-
ed areas. He believed that the posi-
tive guarantees offered by Germany
would impress Great Britain and Italy
with her desire TO achieve a solution
of the problem and would suggest 10
Belgium their disability as a means
OF overcoming the deadlock and open
ing the way to European reconstruc-
tion
A solution of the Ruhr dispute
could not be achieved solely by con-
tinuance of passive resistance; nor
could the question be settled by a
policy of force.
Even Chancellor Cuno. said Herr
Stresemann, had never contended that
negotiations could only be undertaken
after the evacuation of the Ruhr. The
object of passive resistance was only
to free the Ruhr territory, and the
government would be doing a great
service IL it could shorten the .Ruhr
dispute as far as possible. Feelers
hitherto put out. however. showed the
difficulties which existed.
Cites POincare View.
For us,~ continued the chancellor.
''the question of the sovereignty of
the RhLneland and regaining the free
dom of the Ruhr territory is decisive.
antees. NJ. .Poincare in recent speech
said he preferred the, positive securi-
ties which France had in hand TO the
finest theoretical rights. He did not
eral guarantees. and emphasized
further that the guarantees suggested !
belonged to the mortgages which the
treaty of Versailles gave to the allies
on the entire possessions of the Reich.
This conception OF the French
premier / must describe as erroneous. /
According TO the Versailles treaty the
property of the Reich and individual
states is a pledge for Germany's obli-
cations. What l suggested referred to
the direct enlistment of private prop
erty. and thus goes beyond the treaty. /
This enlistment is also a realizable
pledge, while the securities of the
Versailles treaty are at present not So
were entered into on property of a
state and on private property of econ
omic organizations as a pledge to the
extent of percentage of this property,
then these mortgages could be trans
ferred TO trusteeship as real nego-
table asset.
In the administration Of this trustee
ship the reparation creditors would ac-
ing from these mortgages would be paid
to the trustees. who would then be in !;
a position to issue bonds Thus France
would come into immediate possession
OF large sums OF money. and the inter-
est on these payments would be guar
anteed.
Not Merely Theory.
Surely such an Accomplishment is
not merely piece of theory, or general
guarantee. but constitutes something
real and free Of all vagueness. Such
guarantees will give France cash and
Will meet the conditions under which
France was willing to evacuate the Ruhr.
Before these guarantees can be OBJ
tained Germany must be permitted the
right to administer the Ruhr and re-
cover her sovereignty in the Rhineland
These guarantees are capable Of solv-
ing the question of passive resistance.
provided we are given assurances that
on the basis of such an understand
ing the Ruhr will be evacuated and the
Rhineland will be accorded its former
rights.
FTf we are given assurance that
every one whose home is in the
Rhtneland or the Ruhr viii be restor-
ed to his home, there is no reason
why this once prosperous and produce
tive areaSshould not regain it's former
zest for work. 1 trust such a settle-
ment will be possible.
Industry willing.
France, through her premier, has
repeatedly declared she does not con-
template annexation and does not in
tend to remain in the Ruhr. Great
Britain certainly concurs in this
attitude. Belgium would undoubt-
edly welcome the restoration OF
normal economic conditions, and we
are convinced that Italy shares the
same views. The question for us is
whether the German economic or
Eanism will be able to carry the
burden expected of it. We know i'm
what difficult times we live, but can
state with satisfaction that the nres-