The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1929-05-31
DEBT AGREEMENT
MAKES WALL ST.
Chief SHYL0CK
Payments to Stretch
Over SO Years
Continued from Page One

Continued from Page One)
however, Germany in the course of
the next 50 years will turn over be-
tween $27,000,0C0,000 and $2S,000,-
100000. The average annual pay
ment is figured at Approximately
$3.50, 100000, or little less.
Connected with Debts.
Germany also will pay $260,000,-
900 in service on the Dawes plan
loan of 1924. Of the payments dur
ing the first 81 years, approximately
$5,000,000,000 will go in payment of
war debts, principally to the United
States. The remainder will be for
reparations.
1t was reported that the so-called
Young plan calls for approximately
$3,573,000,000 of the debt to be
modified for the unconditional ca
tegory of annuities-that is, to be
secured as payments which must be
met regardless of economic condi-
tons in Germany which might cause
temporary suspension of other
payments.
A Subterfuge.
In the meantime, the German in
dustrialists are attempting to force
wage-cuts on the workers in the
metal, mining and textile industries,
so as to keep their profits at their
present high level and pay the re-
parations at the expense of the
workers. The claim of the German
exploiters that they cannot "afford
to. pay" is shown to be only sub
terfuge to keep greater profits for
themselves in the great mass of
German steel, chemical and textile
products competing strongly with
the products of the other imperial
lists on the world market.
The PREPARATION negotiations them
selves were far from finding the
former allied imperialists at one.
The powers, this time represented
by the real directors of imperialism,
were all seeking for points of van
tage. Wall Street, under the cloak
of playing the kind-hearted medi-
ator, was there for business pur-
pose. j. P. Morgan, his partner, La
mont, and Owen D. Young, would
not have left their New York Of
fees for four months in Paris if
they did not expect to put across
big deal.
Their rivals, the British and
French imperialists, were there to
resist the onslaught of Yankee i'm
perialism, which is threatening them
more and more even in their home
markets. Although the war debts
due the United States from the rival
imperialists did not feature in the
public proceedings, it was made clear
that Wall Street could not expect
to collect more from Britain and
France than what they received in
PREPARATIONS from Germany. In this
way Wall Street was made the di-
rect shylocker of the German work.
ers, a task in which the German
bourgeoisie is coop2 cating.
Financial Center.
The creation of the International
Bank, introduced by Morgan and
Young, as collection agency for
debts and reparations, is really a
formal recognition of the grasp of
American finance capital abroad, for
since all the money collected is due
to Wall Street, Wall Street will have
control of this bank. 1t creates a
central financial center for the i'm
perialists, which can be used in a
war against the Soviet Union.
Talk of certain political conces-
sions demanded by the Reich, such
as withdrawal of the troops from
the Rhineland, return of some of
the former German colonies, revision
of the Polish corridor, and others,
Iis still continuing and may have been
the subject of negotiations between
the delegates. The fact that there
have been reports of the German
government offering to turn it's back
upon the Soviet Union in return for
these concessions, is Indicative of
the anti-Soviet spirit prevailing tn.
negotiations.