The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1923-04-12
HELD BIC
BARRIER To
PEACE
Church Finds They UnderIie
Preparations Problems in
Countries of Europe.

This is the third of series of
analytical articles upon conditions
IN Europe, aUg-ittele after a tour of
| the continent 9OIen the situation
aOGs studied at first hand.
BY DAVID M. CHURCH,
International News Service.
| LONDON, April 11.-Money may
not be the root of all European
evils, but money is entwined
| around the root of the evils.
Europe's tranquility for many a
long day is going to be disturbed
| by the question Of money.
! The greatest single disturbing
element in Europe today-at least
upon the surface of things-is the
question of Preparations.
| But even If this question is sets
| tied satisfactorily to all concerned
the end Of Europe's money evils
will not be in sight.
Debts Prove Barrier.
The war debts. are going to prove
a considerable barrier to g. return
to normalcy for some time to come,
perhaps until they are definitely
settled-if they are ever settled.
| 1t was recognition Of this fact
that was the biggest element in
Britain's acceptance of Americas
Idebt-funding terms. British states
men realized that there could not
be smooth relations between the
United States and Great Britain
while debts remained unpaid; there
fore the British government agreed
to the American terms for payment
Of it's debts-terms which the Brit
| ish did not want to accept and
which they had hoped would be
| easier.
There are billions of dollars in
war debts kicking around Europe
and until these debts are crossed off
the books by payment or by agreed
cancellations there will be constant
| chickering's between nations.
Britain Big Creditor.
Great Britain is the biggest credi-
tor. Up to the present she has
made no strenuous efforts to collect
her debts, but she has dropped a
| gentle hint or two.
! Britain may certainly be expected
! to make a vigorous demand for
payment from France il the French
realize their hopes in obtaining
large sums of PREPARATIONS through
Ruhr occupation. If Great Britain
makes such a demand the present
| indications are that the French an
swer will not be soft one; at least
| 1T will not be an answer that will
| increase Anglo-French cordiality.
| Another question fraught with
possibilities is distribution of what
ever proceeds may come from the
Franco Belgian venture in the Ruhr.
Will all the allies share equally?
II they do not the resulting situa-
ton will be one demanding mas
terly diplomacy. 8
Exchange Another Factor.
| Up to the present the unpaid
| creditors have restrained themselves
admirably although there is no de-
nying that policy has been influ.
enced somewhat by the knowledge
| that certain debtors have made no
effort to pay. How long this re-
straint will last if prosperity and
normally unexpectedly should re-
| turn to Europe is question.
| Debts are a thorn in the side of
Europe while postwar abnormality
| prevails. but debts will become a
bone of contention if pre-war nor
| malcy returns.
Debts are not the only element in
the money evil in Europe. There
are involved questions of exchange
and credits, which must be worked
out before the situation is once
more labelled normal"