San Antonio light. [volume] (San Antonio, Tex.) 1911-1993, 1923-08-06
Rescues Nation From Star
walton and Communism
in One Year.
HER FUTURE BRIGHT
Unless Wars Come or Ger
many Crashes She Will
Lead Europe.
BY DAVID LAWRENCE.


of chaos ono year ago to relative
stability and safety today is the most
interesting story in the European
world.
For here at last has formula
been devised 10 rescue nation from
starvation and communism and to
give il chance TO recover its economic
equilibrium. What has been done in
Austria might have been done in
Germany. Hence Austria is worth
analyzing Indeed the plight of one
country is so much like the plight
Of others and the inter-dependence
of one on the other is so close that
here in the heart of Central Europe
certain fundamental considerations
arise which apply almost TO the
whole continent.
First Of all, statesmen may re-
draw the map of Europe politically,
but they cannot rearrange its
economic life without seriously dis
turbing the whole continental struc-
ture. Small republics have been
carved out OF the old Austro-Hun-
garian empire. but the many pieces
are not as strong as was the Haps.
burg entity. Here is Austria, for
instance. rehabilitated through the
help of American and European
bankers and progress made under the
loan of only S125,000,000 is remark
able for the Austrian currency has
been stabilized and business rela-
lively speaking is wonderful com
pared to the rest Of Europe, but how
long can Austria 60 on if Germany
collapse? That is the big question
today and what is true OF Austria
also is true in even greater measure
Of all other countries like Hungary,
Czechoslovakia, Rumania, Bulgaria
and .Jugoslavia.
Balanced Budget Next Year.
The fact is. Austria is not
economically independent. She can
never get along with cereals. meats
and coal. Her deficit at present is
being met by an international loan
and the estimate at the present mo-
ment is that at the end of 1924 the
budget will be balanced.
But what can the nation do il in
dustries become stagnant in view of
such influences. Thus far Austria
has 10 some extent benefited by the
plight of Germany for exchange has
been stabilized here and business has
come 10 Vienna which otherwise
might not have come. If. on the
other hand, the powers reach an
agreement about German reparatjons
and internal troubles are avoided in
Germany, then Austria is destined TO
become one of the best countries in
Europe. Austria has consented TO
the administrative control of her
finances. which means efficiency. In
ternational bankers would not agree
TO lend money unless the League of
Nations undertook 10 supervise the
expenditures Of public monies and the
collection of customs revenues.
Doctor A. II. Zimmerman, receiver
general here for the league, controls
the purse strings of Austria. His
position is not unlike that of the
receiyer-generals appointed by the
United States government TO super
wise the collection of customs in
Haiti and San Domingo. so that for
elgn investors might be assured of
the interest and principal of their
loans. 1t is an interesting subject
Tor speculation whether American
political protagonists would permit the
United States government TO stand
back OF the receiver-general in Aus
tria as have the allied governments oof
Eurpe when it is matter of
record that Presidents Roosevelt. Ne
kinley, Taft, Wilson and even Hard
ing have approved the continued OPP
Grafton of the same plan in Haiti
and San Domingo for the benefit of
American, French and British in
vestors.
Credit Due to Priest.
Dr. zimmerman is a capable adj
ministrator and the league takes n
good deal of pride in the Job it has
done in Austria. but it is fact that
to the good sense of DIR. Ignatz
Seipeh the chancellor of the Aus
trian government, himself a priest
who receives you in the garment of
the church, is due much of the credit
for whit has happened. He said
the need Of yielding governmental
powers TO the outside receiver was
the only means of getting the con-
fidence of foreign investors and thus
saving Austria from ruin.
1t is an interesting story of for
eign aid being better than communism
or complete subjugation. Information
ally socialists are in a minority and
there is tendency of the part of
fascist organizations to grow strong.
er, but the entente between thinner
man and Seipel will keep things on
even keel for some time to come I'M
less llttIe wars break ont arnnnd