San Antonio light. [volume] (San Antonio, Tex.) 1911-1993, 1923-08-01
CUNO TO REMAIN
BECAUSE OTHERS
DON'T WANT JOB
German Chancellor Takes
Up the Reins Again,
Despite Failures.
By HIRAM X. MODERwELL.
Special Cable to The San Antonio Light
and the Chicago Daily News.
DOWNRIGHT 1929.


=. Berlin, Aug. 1.-Becar/ nobody
wants his job, Chancellor Cuno may
still be able TO stay in office-rathcr
be obliged to stay-for it is known
he is anxious TO return to his COM
Portable office in Hamburg. Every
body admits that he bungled the
political situation, but nobody is will
ing to try TO "unbungler it.
Herr Stresemann. the leader of the
Peoples Party representing big in
dustry) few months ago, indicated
his willingness to become chancellor,
but now that the people are looking
his way he is unaccountably coy.
Because of his close business as!
sociatiens with Americans. Cuno was
expected 10 secure able American in
teryention, in the Ruhr conflict. Now
the people are wiser about America.
He no longer is blamed for this
failure. but his other failures nre not
SO easily forgiven.
First. he under-estimated the
length and the bitterness of the Ruhr
conflict and permitted the production
of enormous piles of coke for the
French to seize.
Second. he failed to do what was
chiefly expected-to force the indus
trialists and bankers to give the
Reich adequate financial support.
The fiasco of the gold loan was
due TO the fact that the only persons
able to contribute large sums failed
70 do this. Immediately this caused
the mark to start on the downward
path. bringing the economic crisis.
which now. threatens the very exist
ence of Germany. The industrialists
and bankers are too strong to be
forced TO pay. But it was believed
Cuno was one who could coax them.
After the debacle of the mark the
government seemed helpless. Guided
only by daily panic it's financial
regulations were so complex and SO
frequently altered that no German
understood them. Now ,Cuno seems
to be attempting to seize the helm
at the last moment. though perhaps
fcebly. He is issuing new gold
loan for the pitiful sum of seven
million dollars; is removing restric-
tons on private financial operations !;
is promising TO collect taxes more
abundantly and more promptly; and
is begging farmers to feed the
cities.
Ii he can persuade the industrial
lists TO bear their share of the sacri.
fees. Cuno may be able to stalize the
situation for a while, but this is
doubtful.
Hugo SHINES personal newspaper,
the Deutsche Allegemeine Zeitung
today published an amazing proposal
for special bank authoriacd to carry
gold accounts for industry and COM
merce. 1t would be free of control
by or having financial responsibilities
to the government: would issue a
tax-free stock, and. through its gold
bearing bonds, would become virtual
ly bank OF issue. In the present
conditions such n bank would become
n close corporation, dominated by in
dustrialists. limiting its privileges to
a favored few. SHINES would deposit
his profits in dollars and pay work
men in deprcciating marks. The
industrial clique and its favored
friends would be on n gold bnsis
while other Germans wonld be oyer
whelmed in the threatening German
financial collapse.