The Birmingham age-herald., 1924-03-17
|DAWESPLAN WOULD FREE |RUHR AREA World Bank System Is Planned To Handle
 Reich Gold ECONOMIC FREEDOM DEEMED NECESSARY Taxes Provided In Order
 That Preparations
 Are Certain ALLIES PROTECTED
 AGAINST DEFAULT Would Be Able To Curb Ad- verse Policies Of German
 Financiers
ECONOMIC FREEDOM
 DEEMED NECESSARY
ALLIES PROTECTED
 AGAINST DEFAULT

\ Press )-The report of the first com mittee of experts under Brig.-Gen. Charles c. Dawes. which is practically agreed upon by the experts, though the working out of some details and the drawing up of the text may require an- other week, is based on these funda- mental findings.
 The German people must pay as muci' in taxes as any of the people of the al lied countries. Germany must pay tn maximum of her capacity in reparE tions. The German economic machiD must be free to function under Ger man control, unhindered by any inter ference from the outside.
 Minimum sums must be paid at oncr or in the immediate future on repara, tions, these to be increased in propor. tion to the revival of Germany's pros perity and according to her economic conditions.
 International Bank
 In order to put Germany in pos tion to carry out her spart of the pr gram, which the report will sugge to the separations commission on q basis of these general principles, u experts propose to set up an intern; tional bank to have exclusive right the issue of German currency on gold basis. Tke bank plan provides for the cooperation of the allies and neu. tral nations with the Germans in SUI plying capital and in the manageme1 of the institution, which is to be cated in some country neutral in u late war.
 The capital of the bank remains l. L. Aln% ( be in the neighborhood of $400.0OO,O0 of which half will come from German and the remainder from abroad. For eign subscribers to loans, to raise t, necessary amount or to the capital, # final arrangements so provide, will te secured by a lien on Germany's pr, ductive monopolies.
 To Stabilize Mark
 The setting up of a bank of issue expected not only to assure permanei stability of the mark, but to furnish flexible medium through which repar, ton payments may be effected witho resorting to the purchase of foreie money with marks, with the conseque, risk of another depreciation in Ger man money.
 The Reich is supposed under th plan to deposit in this bank the sur required to pay interest on loans al minimum reparation installments. ri allies will be enabled to draw on t reparation fund approximately their percentages fixed at Spa. Tho may check out cash or draw chec' payable to products imported from Ge many on the reparation account. Thr the Reich may pay its obligations it's own money.
 MonopOlies and railroads are e. pected to furnish the revenue fro which the minimum reparations insta, ment are to be paid. It will be su gested that in case these revenues q insufficient at any time the balan. must be made up by additional tax tion. This proposition is based upt the conviction of the experts that on' Germany's money is stabilized she wi almost automatically recover her c; pacity to pay something, and if tl. money is not forthcoming from pledges. it must be furnished from the people pockets.
 Ruhr To Be Freed
 The suggestion of the experts thu Germany's economic machinery be free of any interference from the outsi, means that the French and Belgian must hand over the administration the Ruhr and Rhinelgnd railroads an abandon economic supervision of u Ruhr mines and industries. The e. perts will avoid the political aspects of the problem and will omit any refer ence as to the merits of the occupation of the Ruhr, passing their recommend tion on the economic truth that if tl Germans are expecter to produce tl uN0 vi ifl1IH fssl1 hindered control of their economic sy tenn.
 The French and Belgians will be ley free to maintain garrisOns and prisak in the Ruhr or immediate vicinity. /S while obliged to give up actual posse. sion of the pledges seized in Januari 1923, they will be able at any time | put their hands on the Ruhr industrir if Germany fails to carry out the termt.
 Control Debated
 One of the most important question i treated by the experts was control the bank and pledges that will gi, maximum security to the creditors q Germany with minimum annoyance the Germans. Representatives of til Reich i'll their negotiations with tii experts demanded full and unuualifin control the bank, the railroads m. the monopolies. The representativ {, ] the allies insisted that if they gave up economic control of the Ruhr thex, must have equivalent security in TO-. trol of the bank of issue, the railrss3 and monopolies. The experts hit 100 a middle course, giving the Germans d apparently dominating position in, th bank. while affording an opportunit for the allies to block any policy tha might be inimical to their interests the interests of other creditors.
 The bank board, according to tn, plan will be made up of fourteen mem bers, seven Germans and seven allies and neutralS, with a German president The statutes as drawn up provide tha questions of interest to the creditors c Germany may be decided only by three-fOurths vote, thus giving an actua veto power to the allied representative
 Railroad control remains to be com,
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