The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1924-04-16
A TREATY or ECONOMIC PEACE

It is world treaty OF economic
peace which the Dawes and NC
kenna reports offer. 1he arbitra-
ton of arms ended with the, Arm
isticc. The arbitration OF politics
ended with the Treaty OF Versaii-
les. But neither was conclusive
settlement, because nelther tooh
Cognizance OF economies.
What Germany has needed, what
France has needed, what Europe
has needed, what the world mas
needed-has been and IS To-Day
business settlement.
That is precisely what the eco
nomic experts have worked out.
They have cschewed political con-
siderations: they have dealt soleiV
with economic considerations.
Through the complexities or thcir
findings and their recommends
tions shine certain simple, plain
principles.
One OF these is that the German.
people must pay as heavily IN TAX
es as the creditor nations.
Another is that, if Germany IS
10 nav. she must have her hands
free to exploit her economic re
sources.
A third is that the milliards or
German capital that have taken
flight to other countries, must pc
induced to return to Germany ana
bear their part in achieving imam
cial rehabilitation.
| The Dawes Committee proposes
to erect the new German system
of payment on hrm tripou'
whose three legs will be: First
taxes adjusted to the utmost capac-
ity to pay with safety; second. the
German state railway system
third, debentures based on German
| industries.
The scheme by which Germany
is to draw from these three SPUR
ces enough revenues to balance her
own budget and to pay PREPARATIONS
on an increasing scale untll
normal maximum is reached, mas
apparently been worked out Win
bushes slike care.
The German railroads. it is found
are in first-class condition. and the
property is unencumbered. Ihu:
it is perfectly practicable to draw
from them by means of a capltall
cation distributed among bonds
preferred and common stock.
Germany's industries in Ike
manner present ample securit!
, and opportunity for revenue-rais
ing. Thanks to the depreciation o
the mark, they have freed them
!, selves from practically all obliga
: tions. The complete depreciation
, of their securities has amounted u
confiscation in their favor a
l against the holders Accordlng.,
: thev are now able to bear a Dur
E den of debentltres almost as larg
as the debts from which they es
capped.
4 The reaction of both German
and France to the proposed settle
nent will determine it's fat
Germany can scarcely refuse he
consent, since to do so would mea
her sinking into economic ruin DC
yond hope Of rescue.
e France must give up her ect
f nOmic StrlnglehOld on the nun
, though she may keep her militar
=; hold for security's sake. She mu
q give Germany full freedom to wol
t out the plan of reparation paymel
O and budget balancing. This WI
- require some political backing an
a filling. some maneuvering to sa
isfy French public opinion. b
the supreme fact that must in II
end constrain France to acqul
scence is that thus and only TN
% can she. hope to receive the pa
ments from Germany.
e Americas interest is by
n means remote. European rehab
itation is the Indispensable precu
~ sor of satisfactory solution OF o
o own economic problems. o
business genius has devised U
e. way out for Germany, for Franc
for Europe 1t is also our own w
out.
s All honor to General Dawes a.
le his colleagues for their treaty
&c onomic peace! - Minneapo