San Antonio light. [volume] (San Antonio, Tex.) 1911-1993, 1923-10-28

ro-cstabii>h its credit rs one Of the
commercial nations of the world
Shortly stated. therefore. the two fun
damcntal conditions Of American par
iicipatinn. were in NY OniuiOn. unan-
Unity among its leaders and establish
mcnt OF the credit Of the borrower.
M. Morgan then pointed ont that
n difference of opinion had arisen In
the committee as between the French
and English texts of the instructions
from the PREPARATIONS commission is
TO the Scopc Of the barley. the discus
sion ending in a definition by the rep
arationS commission TO the effect that
the commission should discuss all
questions having a bearing on Ger
many's external credit.
Tie French member diSSented even
from that. Then official statements
began 10 be made in Paris. saying thar
tie bankers committee . as attempt
ing TO decre5S" the amount Of the
German obligation and that this
could lot b. tolerated by the French
government"
One Way 0ut. Morgan Says.
The committee had never thought.
said Mr.. Morgan. and .in this |
agreed completely. that il had any
power TO pass upon the sums OwHs
10y the German government but mere
IS that it had been requested to nd
wise the separations commission n To
= basis upon which Germany could
raise Il loan. There had been no dis
cGSsion Of the capital amounts OF
reparations but only OF 4 possible ar
rlnsement of tie annual payments.
These annual payments either in cash
or in kind are the only method where
by Germany can effect payment OF it,
debts.
Il am now and shall continue to
be ready 10 do everything in my pow
er 10 assist in the solution Of the
problems which confront the economic
life Of Europe but | believe that in
sofar rs such problems depend for
their solution upon an international
loan TO Germany. in which the Amer
lean investor would take part. the 50
luton is not possible without gen
cral settlement of the reparationS
question.
Undoubtedly. n settlement Of this
question involves the consideration
aAAA ~ = AAl1llA Va lhdil. " IfA tlllfS-
tons which must be settled between
the governments in order TO arrive at
the unanimity required for the first
condition Of loan. | shall be ready
| at any time to return and do any
thing in my power when conditions
permit and the PREPARATIONS commits
sion may desire
That's the way matters have rest
| cd for more than q year. And before
I any encouragement can be- derived
from the acceptance in principle by
the French-British-A American propos
ais. it must first be learned exactly
what the French are now willing to
discuss. Will they let the experts
! fix the amount Germany can pay?
! Will the experts be permitted to say
I what the penalties for non-paymcnt
! by Germany will be and who will en-
force them:
"Parley'S true value will not he
known until the terms of the invita-
| ton issued by the PREPARATIONS com
miSsion-which now is dominated by
France-are made known. America
Is entitled 10 n representative on the
commission but has never taken its
place officially there. The American.
Italian. British votes would unGoubt-
/ cGly be combined. have great influ-
ence on the way the French and Bel
gian members would vote.
AS il is now, the French domi-
nate. and the Belgian and British
stand alone. The possibility that the
| French may he more flexible today in
view of the change in the German sit
uation is therefore. the sole hope o,
official Washington"