The Daily Alaska empire., 1929-10-01
Five Years of the Dawes Plan.
(New York World.)

With the end of August the end of the fifth and last year of the Dawes plan It is not too much to say that the economic progress achieved by Western Europe since 1924 has come largely as result of the adoption of this plan We need mere ly to recall the bickerings which led to the Ruhr invasion, the policy of passive resistance which de- pressed German industry and the slump of the mark to an nfntesimal fraction of its pre-war value to realize what this plan did for Germany It res cued the Reich from bankruptcy, made possible a stabilized currency established the countys credit and paved the way for the great industrial revival of which the Bremen and the Graf Zeppelin are outward and visible symbols.
 The benefits from the plan, of course, have not been confined to Germany. Her creditors have profited not only from the receipt of nearly two billion dollars in reparation payments but even more through the stability which the plan has helped to bring to Europe. Nevertheless more has been written in disparagement of the Dawes plan than in it's praise. There predictions at it's adoption that it would work, and when it ac- tually worked there repeated prophecies of it's approaching breakdown Much of this criticism has been beside the point. The defects in the ar rangement were we'll known to the experts who formulated it. but with eye to the realities they sought to prepare tentative scheme to which all the interested nations would agree and which would meet the major requirements until the debtor and creditors could obtain clearer conception of a fair settlement.
 That the Dawes plan has achieved this broad purpose none can deny. It has not only worked but it has worked smoothly and almost noiselessy. Every payment has been met punctually and in full and without disturbance to foreign exchange. It is true that the wheels of the mechanism have been freely fabricated with American loans, but this does not alter the fact that the plan has been potent factor in the pacificaton of Western Europe. And large share of the credit for it's smooth working must be ascribed to the Agent General for Repara- tions S. Parker Gilbert, whose efficiency and tact | in difficult position have done much to bring about economic stability overseas.
 Yet, while the Dawes plan has been a powerful influence for peace and rehabilitation it's continu ance for a longer period might have undone much of the good which it has accomplished It was, after all stop-gap device, extremely useful for an emergency but also endowed with a capacity for mischief if adhered to for too long period In par tcular its provision for the increase of reparaton payments after the fifth year by the application of German prosperity index number carried the germ of future trouble. It is well, therefore that the plan is to be superseded Its adoption in 1924 may be regarded as really the first step toward the Young plan, which is to take it's place. Whether this plan will in turn give way some day to still another plan, no one can say. In the long span of sixty years for which the Young plan is to run much can happen At least we can say however that the Young plan starts off under favorable auspices and that it promises like its predecessor to do much for the peace and stability of Europe