The Birmingham age-herald., 1924-09-06
AN AMERICAN OPPORTUNITY

tai. The lack of capital was due to lack of credit. The lack of credit was due doubly to the depreciation of German currency and to Germany's moratorium on her reparation payments. It is al- most automatic that the citizens of a nation have no credit outside of their own country when their governments s credit is impaired. Now that Germany's national credit is to be restored by her new agreements and by the inauguration of the plan of the experts, which involves also the deflation of the mark, Ger many's industrial companies are en- couraged to seek foreign capital for the development of their businesses. There is good reason to believe that they will not seek in vain.
 It is noted that the country to which the Germans first turn for loans is the United States. There are several req sons why this is the logical thing to do. In the first place, Americans have the money to9end. In the second place, the people of this country have shown a spirit of fairness towards Germany that naturally inclines her nationals to us. Also, our plan for adjudicating war claims of American citizens and the diff ficulties arising out of our seizure of German holdings in this country during the war, plan by which we voluntarily permitted the Germans to have equal voice with us on the joint claims commit tee, has proved that we desire to take no unfair advantage even of a for mer foe who is in a measure at our mercy. While that is an attitude that the Germans have not themselves as- sumed in similar situations, yet it is one the value of which they can appre- ciate, having once experienced it's bene- fits.
 It is with interest also that Americans observe the apparent disappearance of any former association between German industlfalists and the soviet agencies. The Germans naturally aligned them selves to some extent with the soviet when they were debarred from participa- tion in more decent society. But there was no profit in such alliance, as they ly forgotten in the new opportunity now afforded of alliance with American capital. The Russians at present are not profitable associates in any commercial, industrial or business adventure. They cannot be as long as they follow their prevailing weird ideas of honor and in- tegrity.
 For American surplus capital this need of Germans for money to finance their various productive enterprises is Ian opportunity of proportions more ex- tensive than may at first glance appear. It is not only an opportunity to lend money at a fair rate on good security. It is also an opportunity for Americans to invest in the actual ownership of many German industries. It is an opportunity for Americans to develop a foreign ton mage for American ships. It is an op- portunity for Americans to assist in the development of the German financial ca pacity to absorb American exports of certain kinds, particularly food products. The German necessity is both real and urgent. They must have the money. The Americans are in a position to die tate terms. It is not desired that this dictatorship shall assume an arbitrary or unjust form. Nevertheless, due advan- tage should be taken of the opportunity to advance American interests along lines that have hitherto been neglected. This can be done ip such a manner as greatly to profit us without hurt to the Germans.
 It remains to be seen whether the Re- publican isolationists will continue in their attitude now that Americans are about to submit their gold to entangling alliances of industry, trade and busi- ness. It remains to be seen whether the principle of the protective tariff will continue to be the Republican party fetich, now that there is likely to be so much Republican gold abroad and at the mercy of the laws of foreign gov ernments. It remains to be seen whether the former advocates of excessive duties on imports will continue in their atti- tude when these imports are in part financed by American capital and are given in exchange for American ex- ports. England's prosperity waxed to unprecedented dimensions before the war on the exact principle of almost free exchange of goods, among which much of the imports were financed by British capital in every land under the sun. America now has that same oppor- tunity thrust upon her.
 A STABLE GROWTH