Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1923-08-09
Europe's Economic Prob
lens Too Closely En-
tWined for Any Country to
Be Independent, However,
$ Writer Says
BY DAVID LAWRENCE
Especial Cable to The Atlanta Journal.9
(Copyright 1928


Austria's evolution from a state
+ Of chaos one year ago to relative
| stability and safety today is the
most interesting story in the Euro
pean world.
For here at last formula has
I been devised to rescue a nation from
give it a chance to recover its eco
nomic equilibrium. What has been
done in Austria may have to be
| done in Germany. Hence Austria is
| worth analyizing. Indeed, the plight
| of one country is so much like the
! plight of others and the inter-de-
pendence of one on the other SO close,
| that here in the heart OF Central
Europe certain fundamental con
siderations arise which apply almost
to the whole continent.
Statesman may draw the mop of
! Europe politically but they cannot
re-arrange it's economic life without
seriously disturbing the whole con-
tinental structure Small republics
have been carved out of the old Aus
tro- Hungarian empire, but the many
pieces are as N.strong as was the
Hapsburg entity.
Might Fall With Germany
Here is Austria for instance, re
habilitated through the help Of
American and European bankers,
and progress made under the loan of
only $125, 1000, 900 is remarkable, for
the Austrian currency has been
stailized and business, elatively
speaking, is wonderful compared &c
the rest Of Europe, but how long can
! Austria go on if Germany colIapses?
! That is the big Question today and
what is true Of Austria also is true
in even greater measure of all other
little countries like Hungary,
Czecho-Slovakia, Roumania, Bulgaria
and Jugo-Slavia.
The fact is, Austria is not eco
mically independent She never can
get along without cereals, meats anu
coal. Her deficits at present are
icing met " an international loan
ment is that at the end OF 1924
the budget will be balanced.
! But what ca n the nation do it in
dustries become stagnant through
/ outside influences? Thus far Aus
! tria to some extent has benefited by
! the plight of Germany, for exchange
has been stabilized here and bust
ness has come to Vienna which
otherwise might not have come.
Austrian Future Bright
II. on the other hand, the powers
reach an agreement about German
PREPARATIONS 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 con.
troll Of her finances, which means
! efficiency. International bankers
world not agree to lend money unless
| the League of Nations undertook to
supervise the expenditures of public
i moneys and the collection of Gus
toms revenues.
DIR. A. r. Zimmerman, receiver
general here for the league, controls
the purse strings of Austria. His
position is not unlike that of the re-
ceiver- generals appointed by the
United States government to super
wise the collection of customs in
Haiti and San Domingo, so that for
eign investors might be assured OF
i.,to y nf
loans. 1t is an interesting subject
for speculation whether American
political prnta gonists would permit
the United States government to
stand back of the receiver-Gene in
Austria as have the allied govern
ments of Europe when it is matter
of record that Presidents Roosevelt,
Mckinley, Taft, Wilson and even
Harding have approved the con-
tinued operation of the same plan in
Haiti and San Domingo for the
benefit of American, French and
British investors.
9 Credit Given Priest
Dr. Zimmerman is n capable ad
ministrator and the league takes d
good deal of pride in the job il naA
done in Austria, but it is q fact that
to the good sense of DR.. Ignaz Ser
pei, the chancellor of the Austrian
government, himself a priest who
receives you in the garments of the
church, is due much of the credit for
what has happened. He saw the
neeG Of yielding governmental pow
ers to ne outside receiver as the
only means of getting he foreign
investors and thus save Austria
fICm ruin.
1t is an interesting story of for
eign aid being better than CommW
nism or complete subjugation.
Internally, Socialists are in a mi
nority and there is a tendency on
the part of the Facist organizations
d to grow stronger, but the entente
between Zimmerman and SeipeI will
keep things on an even keel fol
some time to come unless little wars
l. around Ger.