Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-07-26
Editorial Comment
Americas Part

(SprlnSneld RepuDHCan)
The United States is represented
at the London conference in two
quite distinct ways-informally by
it's ambassador, Mr.. kellogg, who in
theory at least is there only as an
observer, and unofficially by the rep
resentatives of American banking in
terests who are consulted as defer
entially as though they were pleni-
potentiaries. They are, indeed, the
ambassadors of finance, and in the
lean years that follow an exhaust
ing war financiers outrank generals.
1t is not to be supposed from the
fact that the United States is not
taking a full part in the conference
that it's influence is not felt.
In promising American assistance
in the economic rehabilitation of Eu-
rope Secretary Hughes at the Pill
grim dinner Monday remarked that
''it does not matter that this aid is
mot given by the government He
was not referring entirely to finan-
cial aid, for he went on to say: You
have the Dawes plan and you have
had the participation of American
experts with the liberty of construc-
tive effort which was essential.
When you deal with economic re-
'habilitation you doubtless have in
mind such contribution as America
may be able to give in disinterested
advice, and later in participation in
the absolutely essential loan"
The advice would probably cause
no overwhelming enthusiasm If 1t
were not associated with the pros
pect of the absolutely essential
loan" In so far as the loan is es-
sential and cannot be floated without
American support, the United States,
through it bankers if not through its
ambassadors, is in a position to re-
quire that in some part at least it's
advice be taken. The Dawes COM
mission, in which American influence
ter of fact way the conditions which.
in the opinion of business men, were
essential and tied them up in one
bundle, to be taken or rejected. No
European country, with things as
they are, dared to reject them out
right, but some of them were so con-
trary to the spirit which has pre-
vailed since the armistice that the
diplomats could not resist the temp
tation to tamper with the string that
held them together.
This is where American influence
at the conference comes in. Whether
exerted by the bankers or by the
various unofficial observers" or by
ambassador Kellogg. it is directed
toward preserving the integrity of
gard to the evacuation of the Rhur
and the guaranty that it will not be
frivolously reoccupied. 1t is at this
point that the diplomats under the
guise of compromise had made the
most serious inroads on the Dawes
conditions. The insistent demand of
France for liberty of action was met
in the negotiations in the committee
with vague phrases which might
mean much or little.
1t is in this crisis that ambassador
kellogg takes the role of mediator,
but under the circumstances he is
practically limited to the quest for a
formula which makes it easier for
the allies to yield in substance to the
requirements of the money lenders.
His proposal is to have any question
of default by Germany left in effect
to the decision of experts, who would
report whether the sanctions pro-
posed would interfere with the work.
ing of the Dawes plan; this would
involve agreement by the allies to
abide by the decision of the experts.
This plan was modified by the Bel
GUM prime minister. Theunis, who
suggested that the question be re-
ferred to the American agent-gen-
eral, the American representative of
the bondholders, and a committee of
five chosen from the personnel of
the Dawes committee. The Belgian
modification was favorably received
by Americans in Paris, but like the
Kellogg proposal it encounters
French opposition based on strict adj
herance to the powers which the
treaty of Versailles confers on the
commission. From that
position Premier Herriot could not,
If he would, escape.
Yet for the Dawes plan to go
through it is necessary either for the |
powers of the French