Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-04-10

balancing the German budget and the
measures to be taken to stabilize its
currency which now have the honor
20 submit.
Deeply impressed by a sense of
it's responsibility to your commission
and to the universal conscience, the
committee bases its plan upon those
principles of justice. fairness and
mutual interest in the supremacy of
which not only the creditors of Ger
many and Germany itself but the
world also have a vital and enduring
concern.
with these principles fixed and
accepted in that common good faith
which is the foundation of all busi-
ness and the best safeguard for uni
versal peace. the committees recon-
mendations must be considered not
AS infiicting penalties but as suggest
ing means of assisting the economic
recovery of all European peoples and
the entry upon a new period OF hap
pinesS and prosperity unmenaced by
war.
Since as a result of the war, the
creditors Of Germany are paying
taxes to the limit of their capacity, so
also must Germany be encouraged to
Fay taxes from year to year to the
limit of her capacity. This is in &C
cord with the just and underlying
principle of the treaty Of Versailles,
reaffirmed by Germany in its note of
May %, 1919, that the German
scheme of taxation must be fully as
heavy proportionately as that of any
of the powers represented on the
commission More than this limit
could not be expected and less than
this would relieve Germany from the
common hardship and give to her an
unfair advantage in the industrial
competition of the future The plan
of the committee embodies this prin-
ciple.
THE plan has been made to in
clude flexible adjustments which
from the very beginning tend to
produce a maximum of contributions
consistent with the continued and in
creasing productivity of Germany;
the Conservative estimates of pay
ments TO be made in the near future
are dictated by business prudence in
outlining the basis of loan and
should not destroy the perspective as
to the effects TO be registered in the
aggregate of eventual payments
which will annually increase.
with normal economic conditions
and with productivity restored in
Germany, the most hopeful estimates
OF the amounts receivable are Justi-
fed. Without such restoration pay
ments as MAJ be obtained will lie of
little value in meeting urgent needs
Of creditor nations.
ITO ensure the permanence of the
new economic peace between the Al
lied governments and Germany.
which involves the economic adjust
ments presented by the plan, there
are provided the counterparts of
those usual economic precautions
against decentralization which are
recognized rs essential in all business
relations involving express obliSa-
tions.
THE existence of safeguards in no
way hampers or emharaSSes the case
OF ordinary business contracts. The
thorough effectiveness of these safe
guards should not embaraSS the nor
NAL economic functioning of Ger
many and is of fundamental import
ance to Germany and her creditors.
Great care has been taken in fix
ing the conditions of the supervision
over Cermany'S internal organiza-
ton SO as to impose a minimum oil
interference consistent with proper
protection. The plan submitted is
fair and reasonable in its nature and,
il accepted is likely to lead to ulti-
mate and lasting peace. The rejection
of these proposals by the German
government means the deliberate
choice of a continuance of economic
Generalization, eventually involving
her people in hopeless misery.
I'm the preparation of this report
the committee has carefully covered
a broad field of investigation. II
has had the constant cooperation of
able staffs of experts in gathering
informa ton, digesting it and present
ing it. The committee has conducted
on the ground an examination of Of
ficialS of the German government
and of German labor. agriculture and
industry. Voluminous and satisfac-
tory answers in response to WRIT
ten inquiries. In connection with
various features of its report. both
for the purpose of gathering tnfor-
nation and for advice. the commit
tee called to it's assistance outside
experts of International reputation.
The published reports and state
ments of economists Of world wide
standing have been in its hands. 1t
has had also the benefit of the ac-
Cumulated information heretofore
gathered by the reparation commits
sion.
IN its work the full committee has
held since January IA, 1924. forty
eight meetings. The sub committee
on the sterilization of currency, com
posed of NJ. Parment.er. Sir r.. NJ.
Kindersley. NJ. Tranquil and Profess
sor + Flora, assisted by Mr.. Henry
NJ Robinson and under the char
manship of Mr.. Owen d. Young. has
held sixty eight meetings.; and the
sub committee on balancing the
German budget, composed OF NJ. AK,
Baron Houtart and Doctor Pirelii,
under the Craftsmanship of Sir j. G.
Stamp, has held sixty meetings.
These sub committees have also had
the assistance of Mr. Andrew Nc
Fadyean. the general secretary Of the
reparation commission. The time OF
the committee, outside of that con-
sumed by it's meetings. has been
given largely to investigation and
study.
''In speaking or my colleagues and
as bearing upon the value of this re-
port, feel that | should make known
to the reparation commission and to
the world that their governments
have in no case limited their COM
plete independence of judgement and
action, either before or after their
appointment by the rcparation COM
mission. Limited only by the
power granted by the commission,
each of my colleagues has performed
his work as free agent: these men