Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1923-12-20
GERMANY RETAINS
R|CRES;LOW. POINT
PAST, MASON SAYS
Mark Was Sacrificed Never
to Return to SwindIe In
ternationaI Spectators,
He Declares
BY j. w. T. MASON

NEW YORK, Dec. 15.-Germany
has passed the peak of her domes'
tic misfortunes and is on the way
to recovery. The new monetary
system introduced by the govern
ment to stabilize conditions is haV-
ing an immediate effect on prices
and the end of the paper mark as
speculative instrument has come.
The German experiment with un-
sound money has had the effect of
creating very large funds abroad for
the German government. Foreign
speculators in marks have been
fooled by Berlin's interruptions
financial tactics./ 1t is not unlikely
that a billion dollars in Europe and
America may have been paid tor
marks by people who expected to
have castles on the Rhine for few
cents when the mark returned to
par. The mark will never come
back and the money paid for Ger
man paper currency has pashed for
ever from foreign purchasers into
the Golfers of the German govern
ment.
Transfer of Wealth
The only effect Of the reign OF
the paper mark in, Germany mas
been to transfer German wealth
from one set of Germans to another.
The wealth itself still remains With
in Germany, ready for use as soon
as a permanent settlement of the
reparations problem makes it safe
for wealth to show its head. NO
permanent harm, therefore, has be-
fallen Germany internally from the
marks carouse. At most, there has
been temporary misery among a
certain class of the population, while
the German government has taken
from foreign countries more han
enough cash to reimburse it for all
the actual cash payments on repa-
rations account.
The fall Of the Stresemann cabl-
net was regarded with dread by
those who believed it would mean
plunging Germany into chaos. In
stead of that, Germany is now
emerging from chaos. There VII!
be a fairly frequent succession Oh
governments to the Stresemann MIN
istry, but the new financial policy
now established is not likely to
change, in its essentials, however
MANY times the Berlin ministry may
he overthrown as an outward con-
cession to the hollow powers OF the
reichstag.
There can be no further playing
with paper money with any DeneIlC
to the German government. For
eigners, having been burned so bad
ly over paper marks, will not specu-
late again with the new currency
If they were foolish enough to DO
so. there is no question but thdt
the cynical financiers in charge OF
Germany's monetary policy WouIq
start the printing presses as OIL olQ'
and would pass out irredeemaple
paper in whatever quantities foreign
SPECTATORS desired.
Can't Play Game Twice
But the Germans have now BE-
come persuaded that this game can
rott be played twice. Therefore, to
depress the new currency would pc
only to continue confusion within
Germany, resulting. in no benefit to
the state. Hence, it is to be expect
ed that the present stabilizing policy
will be permanent, no matter what
government changes may follow.
Sterilization is all Germany needs
to keep the country busy at work.
Even at the height of the initiation
of the mark, German unemployed
numbered less than one-fourth the
unemployment of Great Britain.
Now that German employers know
where they are on a comparatively
inflexible money basis, unemploy-
ment is sure to decrease.
Prices have started to fall, and
the German people are now in a po-
sition to await the winter with equa-
nimity. If their own food should
temporarily give out, sthe American
government is preparing to grant
Germany food credits, to find mar
ket for American grain. SO, why
should the Germans worry?