Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-04-06
FURTHER u. S. AID
IN EUROPE URGED
Called Greater Step for Sc
curity Than Warship
Construction.
BY GERVILLE REACHE.
BY the Consolidated Press.

By the Consolidated Press.
PARIS, April 5.-France has just
ratified the Young plan and The
Hague accords. 1t is only necessary
now for three other powers to ratify
the instrument for the new protocol
to enter into force.
The Belgian and the British govern
mentS have informed Paris that this
will take place without difficulty or de-
lay on their part. In Italy there is
some pre-occupation regarding a
definite and complete settlement of East
European reparattonS, OF which certain
points are still under discussion
notably the not easily determined con-
sequences of agrarian reform, in Czecho-
slovakia, the product of which Is to be
paid into the agrarian fund. Since this
Is only matter of the relatively small
sum of 100000 gold marks (about
$1,750,000) annually, it is hoped that 1t
will not delay italian ratification and
that the necessary signatures OF the
four principal creditors can be obtained
within 10 days.
Loan Incites Interest.
Worldwide attention is being paid to
the coming German external loan.
France wanted this loan-duration OF
which is 81 years, the same as uncon-
ditional German payments-to be so
international that all coupons could be
paid in any city, but this point raised
fiscal difficulties and produced technical
opposition from the British and the
Germans. Consequently there is en-
visaged only an issue with national
portions, which, it is possible, could be
quoted on all markets in practice, II
not in theory.
The two most important portions to
be issued are those to the United States
and France, which get between $75,-
900, 900 and $50, 000, 900 each, with S45,-
100000 for England, $25,0o00 for
Germany and Holland, SIS, 100000 for
Switzerland and the remainder for Bel
GUM and Italy and, perhaps, even
Sweden.
Since it is likely that France will
make almost Immediately to the Inter-
national Bank a guaranty deposit of
500,000,000 marks, it is considered that
the loan will be easily floated and that
the credit of Germany will allow the
consideration of an interest rate appre-
ciably lower than that for the 1924
loan.
These developments should incite
partisans of policy of excessive isola-
ton to greater moderation. Is it pos
Sible for nation to isolate itself from
the world when it is the creditor for
all the world for such important sums
as these owed to the United States?
No, it must be recognized that there
Is some interest in the maintenance of
the credit and good will of ones debtors
The Dawes and Young plans are testi-
monials of American interest in Eu-
M 0T ,;~I ~
ing have devoted their good Offices in
settling the great reparations quarrel
They succeeded therein at the same
time that the American Government
was consolidating other war debts. This
far-seeing policy soon will produce very
complete results.
Results of Policy Specialized.
If Washington substitutes for this
policy one of too pronounced isolation
what would happen? 1t would provoke
an equivalent Chauvinism in Europe
where some would propose the annul-
ment of war debts and a tariff wal
and many other foolish steps, likely to
lead to results quite other than dis
armament.
Unfortunately, the progress of social
ism has been so considerable in Eu-
rope that this phenomenon, if further
intensified, would increase the obstacles
separating the two continents. The
slightest perturbation of a grave ma
ture in Europe would not fail to accen-
tuate the trend of latent bolshevism
which remains more or less menacing
as long as Russia is under Soviet rule.
BY collaborating in as full a measure
as possible in the financial and eco
nomic restoration of Europe, the United
States would be better employed in
working for its security than by build
ing warships or threatening to girdle
itself with a Chinese wall of isolation.
Copyright, $780,