The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-01-03
THE ISSUE IN PARIS

The premiers' conference which opened in
Paris yesterday will mark what is believed
to be the final attempt Of the allies to reach
a settlement of the PREPARATIONS problem
1t is fraught with grave significance for the
whole world. On the decision reached will
depend whether or not Europe will be start
ed toward industrial and economic restora-
ton, with the fear in the background that
if the conference fails France will proceed to
take direct action against Germany. For
the sake of France, all the European nations
and likewise America, which would feel the
evil effects of war or economic chaos In
Europe, it is hoped that an adjustment of
differences will be reached that will prevent
a break between Great Britain and France
and will at the same time result in the col
lection of reparations from Germany, to the
limit of her capacity to pay, without the use
Of force. The conference must decide
whether a moratorium can be granted to
Germany and what terms will satisfy the
claims of France and guarantee the fulfill
ment of Germany's pledges.
Great Britain and France are still far
apart. The French plan, which her states
men have consistently maintained, is to seize
Germany's productive resources on the left
bank of the Rhine and in the Ruhr valley as
a guarantee that Germany will no~longer
evade her war obligations This is opposed
by Great Britain and is not favored by the
American government which shares the
British view that such course would be
disastrous and instead of accomplishing its
object, would still further complieate the
economic situation. Great Britain has al
ready intirnated that she would withdraw
from the continent and leave France isolated
if she invaded German territory. The Brit
ish government believes moratorium should
be granted to Germany for at least two
years. during which she would be required
to stabilize her finances and put herself in
position to pay her debts. An international
loan would be necessary to enable Germany
to do this, but there can be no loan until
the Preparations question is settled and ade-
ouate security is offered international
bankers. Germany must be solvent before
she can receive any assistance from tnat
source. Great Britain and Germany both
approve the suggestion CT Secretary Hughes
that an international committee determine
what Germany can pay and make recommen-
dations in an unofficial capacity as to the
terms of payment, which all the nations
would be free to accept or reject.
The chief obstacle to settlement of the
reparations problem is Frances distrust of
Germany, who she believes is bent on re-
sisting the execution of the Versailles treaty
France is not yet convinced that Germany
is sincerely DESTROYS of paying her debts,
and that belief is due to the policy CT eva
sion Germany has followed ever since the
World war ended. However, with the Bel
gian and Italian governments disposed to be
neutral, although sympathizing with the
French attitude, it may be possible to har-
monte the differences between Great Brit
ain and France. If Germany would make
an economic surrender, trusting to the allies
to offer terms she can meet, the chances
for a speedy solution of the reparations
problem would be much improved. But,
whatever is done at Paris, there is a convic-
ton throughout the world that settlement
Of this question cannot be delayed much
longer without reducing Europe to bank
ruptcy.