, 1923-02-04

"NNN NAAV AldANt W I'M
France" has aroused widespread COM
ment and criticism.
1T is alright for Babson to preach"
writes a high French official, but 1t
is another thing to collect the money
that France must get. and get at
once. Every week we are going fur
Their into debt. Our financial condl-
ton forced us into Essen. 1t was a
case Of sink or swim. We swami"
Mr.. Babson again reiterated his
statement that the trouble with Eu-
rope was primarily spiritual rather
than financial. He still contends that
the French tactics in the Ruhr dis
tricts are fundamentally wrong and
will complicate the problem rather
than simplify it. Discussing the ac-
'tual payment Of the reparations, Mr..
Babson continues: Several ways of
collecting the t~hirty-two billion dol
lars, that Germany owes as repara-
tons mas been suggested.
1.-The French plan is being tried out
at present. 1t promises little in the
way of tangible returns. Regardless
of how much the French are able to
collect at the point of the gun in the
Ruhr district, the methods they are
employing, IL continued, are bound to
increase hard feelings between France
n Germany. They are sowing the
seeds for another war.
1.-THE English view approaches the
problem from another angle, but Mr..
Balfour's suggestion that We cancel
one another's debts, and thus reduce
greatly the German reparations. is
to my mind absolutely unfair. All
nations involved, except tho United
States, are borrowers as well as lend
ers. The person who is borrowing
as much as he is lending can enter
into the agreement that all should
cancel his debts. He forgives a mil
lion dollars and likewise has a million
dollars forgiven him. The United
States, however, is at the end Of the
line. These nations owe us ten bill
lion dollars and we owe them practic-
ally nothing. The mutual cancella-
.tIon of debts is not a solution to the
problem. I believe hat an effort to-
ward reason, rather than force, how
ever, Is n step in the right direction.
"One If the most feasible solutions
suggested so far is that proposed by
c.. w. Barron, owner Of the Wall
Street journal, and Boston and Phil
aCelphia News Bureau. He suggests
that n receiver be appointed for Ger.
many and that the matter be han.
died exactly as that Of any other
great bankrupt. Secretary Hughes
idea to have a commission of prac.
teal bankers, rather than a commits.
sion of diplomats and politicians, is
a similar step in tho right direction.
tsTF ,,a I-nlr NJ tim rlattn~ - Rnn-
tinued Mr.. Babson, from either Of
these receivership points OF view. we
face the real problem. II Germany
had thirty-two billion dollars in gold
It might be a simple matter to collect
It. but she has no such amount on
hand. Germany has only about $780,
900 900 in gold. h means that
some method must be devised by
which Germany can get the gold with
(which TO pay the Preparations, France
says that If she cannot pay in gold
she must pay in machinery, coal an"
other property. But taking away
these tools does not help her earn
ing power. It simply makes 1t hard
err for her to earn anything. II is
like attaching a carpenters tool XII
for a debt. 1t makes IT impossible
for him to work or earn anything and
he never can pay up.
obviously, If the r~eparations are
to be paid. some plan must be worked
out which will enable Germany to
sell more goods in England. France
and the United States, than n is
selling today. This suggestion. of
course, raises a howl from our man
ufacturers and the manufacturers In
all these other countries. They a
hat by such a plan Germany would
ultimately be the winner rather than
the loser because she would m
ly have the trade of the world. They
say that this suggested receiver Tor
Germany, IL on to his Job. would de
velop great foreign trace and when
the ~receivership was discharged the
German nation would still have this
tremendous commercial machine.
England has thought the thing
through to this point, and it is this
Nhat has made her so anxious to cut
down German PREPARATIONS.
'sIf such a commission should be
appointed and should decide what
Germany can pay and will pay, the
shock to our commercial n flnan-
clal organization could be somewhat
reduced by having payments begin in
small amounts and gradually Increase
over a period of several years. then
gradually decrease again so that the
commerce of the world and h fnan-
clal machinery involved in interna-
tional trade could adjust Itself to the
changes.
The problem is very complex"
continues Mr.. Babson, but it does
not appear hopeless. Individually we
can all insist that II be handled by n
board Of commissioners, who are
Christian business men-who ap-
proach It with the idea Of coming to
tho solution that will be best for
the world as a whole. In the inter
est of future peace, we should protest
loudly against any proposals offered
by politicians, or others who are IN
Tested primarily in getting as much
as they car for themselves regardless
Of the consequences.
~ am not pessimistic about the
European tangle. I feel that It Will
work out some way. Secretary
Hughes is making a very good start.
yVttIf,- n McAdn MISC has come