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First to Last?the Truths Newa, Edi? torials?Advertisement? MMRtiii of the Audit Bureau or Circulation?. SATURDAY, NOVEMBER 26, 1921 Owned by Nw Tork Tribun? Inc., * New Tork ! Corporation. Published dally. Ofdon Reld, rn>?l ami: O. Vernor Rogers. Vtoe-Prestdont ; ltelen Boten Retd. Secretary; R. E. Maxfleld. Treasurer. Addresa, Tribune Bulldlns. 15* Nassau Street, New , Tort Telephone. Beekmsn S0O0. suaauaif't'ioM rates-.By ???, including Postage. IN THS UNITED STATES; One Rli On* By Mall. Postpaid. Tear Months Mouth Dally and Sunday .?U 00 $6.00 ?1.00 Op? wee*. SOo. Pally only . 10 00 5.00 .85 One week. ?5*. Sunday only . 4.00 ? S5 .?0 8UKi>} oily. Canada. 6.00 3.25 .55 FOREIGN RATE8 Party and Sunday .?26.00 ?is.SO ?140 Dally only . 17.40 ?.70 1.45 Sunday only. ?.75 5.13 .8$ Entend at the PeatoOo? M New Tork aa Second ilw? Mall Matter. GUARANTY Yea can pure-hat? mwchandt?? ?drerttsed In THE TRIBUNE with absolute safety?tor it dlsaatlsfao fc;<o result? in any oaaa THE TRIBUNE fuaran K<? to pav y?!ir money back upon refluant. Ne red tapo. No qulbblint- W? make pood preaiotiy If the advorttser doe? ?et. MTatBER OP THE ASSOCIATED PRESS The Associated Presa la ?xcluslTely entitled to the use for ?publication of all new? d.spatches credited to ii or not otherwise credited in th!? paper, and also tit? local, new? of spontaneous origin published herein. AM rtgri!? of :-i uhHcatlcn of ?II other natter herein alao are marred. Punishing the Allies Suppose the Versailles Treaty, so far as relates to reparations and en? forcement of German disarmament, were scrapped, as some persons vehe? mently urge; suppose Germany were | no longer treated as a slave state, as these sympathetic persons say she is now treated; suppose she is allowed to go scot-free and is at once re? ceived in world society as entirely worthy of trust and confidence. Under these supposititious condi? tions Germany would manifestly be entitled to hail herself as the war's victor. She could truthfully say that through her campaigns she wrought great havoc in the territories of. her enemies ; that she economically ruined Belgium, the most populous part of France, all of Poland, and likewise Rumania and Serbia, while her principal ally devastated rich regions of Italy; and, finally, that on all the Allies she laid a burden of war debt under which they stagger, and, while thus weakening her eco? nomic rivals, not a German brick was displaced, not a German ma? chine lost a wheel. In the reconstruction period those thus despoiled have been busy re? building. To repair railroads, bridges and roads, to rebuild villages and to make shell-pitted land available once more for use, the governments con? cerned have borrowed huge sums of money. Even the fourteen points declared that Germany should pay for the actual damage that she had done. So it was assumed that Germany could pay for at least part of the re? construction bills. If this is not done, of course the injured must pay them, and the burden lifted from Germany is placed on the shoulders of her victims. There will be such a peace as Germany throughout the war was willing to concede?that is, one that merely called the war off. A trouble with a large part of the discussion over the cancellation of the reparation agreement is the fail? ure of the participants to think the subject through. It is assumed that if Germany does not pay then no one must pay. The case does not stand thus. To let Germany off is to say that Belgium. France, Italy and the rest are not to be let off*?must carry the burden lifted from Germany. All would have the economic rehabilita? tion of Germany; but to help it on, is it prudent or wise or helpful to trade to crush other nations which are with difficulty struggling to their feet? Putting China on Her Feet From the international point of view the conference's decision to surrender extraterritoriality is a gratifying response to China's de? mands. Extraterritorial privileges granted to foreigners are a badge of national inferiority. They call in question the will and capacity of the nation which concedes them to administer justice where foreigners nre concerned. Japan's first effort after blossom? ing out as a modern state was to regain full sovereignty by termi? nating her extraterritorial treaties. The United States gladly met Tokio's wishes. Other powers followed suit. In view of her own experiences Japan couldn't well hesitate to in? dorse China's liberation "in prin? ciple." Nor could any other power interested in strengthening China's national position withhold assent. .If China is to be helped along the |? path to genuine political independ ? ence, the right to administer justice W to foreigners must be conceded to her, subject to a demonstration that she can maintain courts which for? eigners need not fear to enter. In the separate peace treaty made with Germany extraterritorial rights were abolished. The Ger? mans must take their chances in the local courts. China's judicial sys? tem is thus to be put to a test. If the test is met, other nations will have no good excuse for maintain? ing their own courts on Chinese soil, China's feeling of equality as a member of the family of nations will be heightened by this breach in the old system of foreign tutelage. But there are other infringements of Chinese sovereignty .which go deeper, because they are economical *? well as political. In order to re Store China's national vitality und freedom of action those must also be removed. Fanatic Friends The friends of prohibition are of two classes. There are intelligent friends and there are fanatic friends. The last named seem to have been in charge at Washington recently and in an excess of zeal to have done pro? hibition no good. An act which forbids doctors to prescribe malt liquors either as food, tonic or stimulative medicine is of doubtful constitutional validity. The Supreme Court is tolerant of legisla? tion that comes to it in the clothes of regulation. To enforce the pro? hibition against the use of alcoholic fluids as beverages, it deems it rea? sonable to restrict the amount a doc? tor may prescribe for non-beverage use. But a flat prohibition against any use of malt liquors for non beverage use while vinous and spirit? uous liquors may be prescribed? here is another matter. On what theory is it possible to hold that alcohol diluted with water flavored with hops should be taboo, while alcohol diluted with water flavored with grapes gets by? Move over, under the new law a beer maker may put his fermented mash into a receptacle and distill vendable whisky from it, whereas, he may not sell the weaker liquid out of which this whisky is condensed. Surely Congress has not devoted much time to studying industrial chemistry. But though the Supreme Court sustains the new act it will scarcely help the cause of prohibition. Pro? hibition faces the problem of, en? forcement?cannot get away from it. If a policy of savage rigidity, as it is called, is followed, an orgy of boot? legging, smuggling, bribery and the like is certain. Doubtless this should not be so, but no sensible prohibi? tionist can doubt it will be so. And in proportion as there is general re? sentment, the enforcement problem i te made more difficult of solution. The fanatic friends of prohibition are to be regarded as prohibition's most dangerous enemies. A Leap in the Dark The adjournment of Congress, post? poning consideration of the tariff, gives time for a much-needed consid? eration of the highly important American valuation clause of the Fordney bill. The respite should be made the most of, for, though a rushing through of this revolution- j ary change in the tariff law is averted, the outlook is still grave. The danger of Congress committing an economic and political blunder is not passed. Without restating at this time the many potent arguments marshalled against the new valuation scheme let us dwell on a fact that is becom? ing increasingly evident?namely, the line of cleavage significantly de? veloped between the supporters and ! opponents of American valuation. The organizations behind American valuation are almost without excep? tion manufacturers who sell almost exclusively at home, and are pre? sumptively selfishly interested in higher duties and in higher prices. On the other side are manufacturers who buy raw materials abroad, manufacturers who export and manufacturers who are also mer? chants. Joined to these in opposi? tion are practically the whole body of wholesalers and retailers who would have prices low because large sales are profitable, the bankers now forced to carry borrowers, business men generally and, finally, the great agricultural interest which is com? pelled to sell its surplus on the world's markets and would purchase as cheaply as it can. Assuming that these various groups are equally intelligent and ! equally know which is the buttered side of their bread, the conclusion is inescapable that American valuation implies a surreptitious increase of tariff rates. In theory, with a proper rewriting of ad valorem duties, protection is the same under both plans?that is to say, an ad valorem duty of 25 per cent on the foreign price comes to the same thing as a duty of 20 per cent on the American price when the American price is 12 ^ per cent higher on ac? count of freight and other charges. But unless the disputants on both sides are foolishly wrangling over nothing, there will be a difference, and a substantial one. Doubtless many duties of the Underwood tariff are too low. Th? way goods came flooding in just be? fore the war is not forgotten. Bui tariff increases should be made openly, with every one knowing what they are and the justificatioi for them. A bad impression ii made when the tactics are to get in creases secretly or indirectly. Thi public, without going into techni calities, is able to make at least i i-ough guess of the probable effect o American valuation by noting wh are for it and who are against it. Other matters that the public i able to see without getting bogge in the marsh of tariff details ar that the valuation system which it i proposed to scrap has existed sine the foundation of the Republic, an that a great body of administrativ and legal decisions are a part of th tariff system and familiar to tl business world. Is the present tim with its confusion, a good one 1 make a leap in the dark and su< denly to establish a new method < imposing duties? Congress is doubt? less a wise body, but its wisdom Is not equal to translating in one en? actment the old duties into the new. Injustices will be inevitable. With freight and charges variable, any arbitrary horizontal decrease of ad valorem ratea would make some duties too high and others too low. Can't business be let alone until there is calmer business weather? The Deported Parasites "I am coming back when America is free," said Hyman Lochowsky, one of the four pardoned for violating the espionage act, on agreement to leave this country. Molly Steimer, who was of the party, announced that she hoped to see the time when there would be no governments? that some day the anarchists would destroy them all. Among some there has been doubt as to whether in fact these involun? tary emigrants were guilty of the offense charged against, them. They removed all doubt by their farewell declarations. America opened her doors to them?gave them tho pre? cious boon of an equal chance in life. They repay by malevolent hati'ed of their kind national foster-mother. In puzzled search for a rational explanation of such radicals it is not I easy to keep cut of mind the query | that Koko put to the melancholy j tomtit. " 'Is it weakness of intellect, 1 birdie?' I cried." Yes; ifc must be that. As some are born with crooked bodies, so others are born with crooked souls. Such would shoot the protecting albatross. No punishment to fit the crime has been devised. No island has been set aside for exclusive habitation by those who are at war with the hu? man race. It has seemed too cruel to put them all together, for then some would be compelled to work to live; perpetual talking could not be the pi'ivilege of all and the passed hat would come back empty. Frightful is it to be a human parasite. Old Abuses Warmed Over The Capper bill and other meas? ures of similar intent have drawn much criticism in hearings before the Senate Committee on Interstate Commerce. They seek to amend the transportation law so as to restore a free hand in rate-making to the various state railroad commissions. They would deprive the Interstate Commerce Commission of its present power to annul discriminatory intra state rates. This would be a long step backward in railroad regula? tions. The railroads have been i brought more and more into a na ! tional system, intended to serve na- : tional needs. They do actually serve j them to a preponderant extent. Ap- ? proximately 85 per cent of the total i freight traffic of the railroads is in- i terstate traffic; but this business ? may be hampered and interfered with if state commissions are al? lowed to impose discriminatory rates from one point within their boun? daries to another point. The roads would have to carry for state ship? pers at lower rates than they do for interstate shippers. A rivalry among the states would thus be excited, each community trying to get the better of adjoining communities. The Supreme Court's Shreveport and Minnesota decisions swept away these old abuses. Congress wrote the ? court's decisions into the transpor j tation act. Now some of the former ! advocates of state interference with the national rate fabric are trying to have the new powers vested in the Interstate Commerce Commission annulled. Railroad operation ought never again to be subiected to the vagaries of forty-eight state bodies, each striving parochially for limited ? local advantage. Christmas Seals Again The reappearance of Christmas seals for the fifteenth season is a reminder of the vast progress which has been made in decreasing the ravages of tuberculosis and the aid thereto given through this simple and non-burdensome means. The idea of Christmas seals is said to have been borrowed from Norway, and it was first put into practice on a small local scale in 1907. In 1908 the American Red Cross made it nation-wide, and in 1919 the Na? tional Tuberculosis Association gave its name to the enterprise. In these fifteen years something like $20, 000,000 has thus been raised. But what have these and other millions of dollars actually done for the suppression of disease and the saving of human life and health? Vital statistics tell us impressively. In 1904, the year in which the Na? tional Tuberculosis Association was founded, in the registration area of tHe United States, including about 81 per cent of the total population, the yearly death rate from tuber? culosis was 2,012 to the million. In 1919 it was only 1,25(5 to the million. There is a saving of 756 human lives yearly in each million of the popula? tion. That means 75,600 lives saved yearly in a nation of a hundred millions. We reckon that to be well worth while. If some city of 75,000 inhabitants were threatened with a visitation which would instantly kill every man, woman and child within its limits, there would be no hesitation in appropriating millions of dollars to avert the catastrophe. But it is just as dreadful a thing to kill need lesaly that number of individuals scattered all over the country, end juat as noble and benevolent a thing to save them. It is for the doing of such a work that every one of these little Christmas seals is sold. Periodic Meetings One of the most interesting and practical of the points proposed by China for the settlement of Far Eastern questions is No. 10. "Provision is to be > made," It reads, ''for future conferences to be held from time to time for the dis? cussion of international questions relative to the Pacific and to the Far East as the basis for the deter? mination of common policies of the signntory powers in relation thereto." This point recognizes frankly the difficulty of settling permanently at any single session or conference the highly complicated and constantly changing problems of the East. China, as well U3 Siberia, is in a state of ilux. Until China is on her feet again and until the fate of Si? beria has been settled there will be ever - recurring difficulties in the Orient. An arrangement made to-day may prove useless within two years. What are the problems of to-day may disappear to-morrow. To meet this condition the na? tions concerned are asked to assem? ble from time to time. The phrase "the nations concerned" seems used advisedly. There is no advan? tage to drag in states which are only remotely interested. The prob? lems to be considered will be for the greater part specific questions. And as such they can best be settled by the principal powers directly con? cerned with and affected by their ? settlement. China, of course, neither wants nor will accept formal international ! supervision over her affaira. But | China surely will not object to ; following her own suggestion and will take part in periodic con i ferences. France and Her Friends Assurance Rather Than Advice Would Be Most Fitting To the Editor of The Tribuno. Sir: I like your attitude toward France. She must herself be judge of her own danger from Germany and has a ri:;ht to be nettled at the advice so freely given to her by friends hap? pily free from the menace she con? stantly faces. If Germany had shown any signs of contrition it might be different, but Ludendorff's arguments are only one of the expressions of Ger? many's feelings and intentions. We were late in entering the war and prompt in getting out of it. Now that we are under a national instead of a partisan government, let us be true <o the thought which finally brought us into the war and say to France we were not mistaken and we will con? tinue to stand by her in similar cir? cumstances. If Congress is unwilling to give this assurance, let us not be too free with our advice. France has suffered most deeply and more than once. She is mature and experienced. Let us treat her with respect, espe? cially if we arc unwilling to indorse her notes. As to an increase in France's navy, I incline to the opinion that the inti? mation is only an offset to England's i criticism of her army. The French do j not mean to be classed as third rate. ? If Great Britain and tho United States ?really say to France: "We will stand with you against a third attack," the | army of France will dwindle, but if ! the German element hero prevents '; this France has an undoubted right to 1 maintain her army. Having lost 1,500, ?? 000 of her best beloved, she owes pro? tection to those who remain. Before 1914 the world cared little ! that Great Britain had the lnr<n?RT. navy or that Germany had the largest army. Had England tried also to have ? the largest army ehe would have been distrusted, even as Germany was in increasing her navy. France must not attempt to have both a great army and a great navy. Let America make it un? necessary for France to have either by saying the word. CHARLES S. HART WELL. Brooklyn, Nov. 24, 1921. Why No Guaranty? To the Editor of The Tribune. Sir: For months I have been in? quiring in vain in many quarters for some comprehensible reason why the United States refuses the beau geste which would cost us nothing, would send most of France's 800,000 soldiers back to the production of food, cloth? ing and shelter and would be the sig? nal for a general reduction of armies. Even Ludendorff himself would admit that, with a British-American pact in existence to guarantee France against ! German aggression such aggression j would be out of the question, even ? when Germany has got back to where j she could cone with France alone, and that will not be for a generation or more at the present rate. If we are averse to binding ourselves permanently, a five-year withdrawal clause wof'd '?^ve us sufficiently free and would afford France time for prep? aration. CHARLES T. ROOT. New York, Nov. 23, 1921. San Antonio Style To the Editor of The Tribune. Sir: Now that Dr. Hornaday has been strengthened in the conviction that Muscle Shoals should be Mussel Shoals, I beg to inform you that they were printed in the latter style in "Th< San Antonio Light" when I was copy reader and head writer on the staff o1 that newspaper. I believe no othei paper in America i;;ed the propel spelling and I trust that henceforwarc ! the name will appear correctly in thi ! press and in govermental files. One might as well call a barnacle t binnacle! R. 1 New York, Nov. 23, 1921. The Tower Suggestions for Annapolis 1921 Clus* Song They're going to scrap tho Navy, They're going to make It Junk} 1 used to sob to bo a gob And to call my bed a bunk. I'll never paco tho rolling dock Nor hear the cannon roar; To follow the ?erf I'll have to be A junk man ashore. H. S. 0. It. seems to us that France is trying to follow the advice of Mr. Doolcy who said, "Trust ivcrybody, but cut the ca-ards." Antiquarians among us may recall that Mr. Dooley, referred to above, was n character created by Finley Feter Dunne, a writer who ceased writing about the time of the Second Punic War. It is pleasanter, and probably more successful and efficient, to go through life trusting everybody than to trem? ble through trusting nobody. If you? we realize that the comparison between a nation and a person docs not always hold?trust everybody, you get a few disappointments, n few slaps, and a lot of bad debts. If you trust nobody, you get a lot of disappointments, you remain unwedded, and you spend all your money in insuranco premiums and fees for lawyers who are paid to see that nobody is putting anything over on you. As we must havo said before, for it is one of the few convictions we have had that we haven't switched from, it is our belief that the greatest enemy of progress is the fear of being thought an easy mark. That, prob? ably, is why most persons would rather be overpaid than underpaid. Why is it that a man shouldn't take pride in saying to himself "I give the boss more for the money than any? body clso in the place"? and why shouldn't he be ashamed to say "I cer? tainly am making him pay twice what it's worth"? Yet, too frequently, the pride is felt in the second instance. Book Reviews "Shoots two bits. Fade me, does you crave action." "You's faded. Roll 'em, Wilecat." "Wham! An' I reads . . . six-ace. Shoots de package. De big nugget keeps de pikers out. Gal? lopers, see kin you clatter home to yo'box-stall, Bam! And I reads . . . six-five. Shoots do dollar. ' Little cubes, show yo' fo'th dimen | sion. I rolls a fo' and a trey, or de ! winnin' number. I got two dollars. Shoots fifty cents . . . and I read six. I's a sixie f'm Dixie. Six is mah objective. Football dice, seo' yo' touchdown . . . an' I reads fo' ! deuce. Shower down." j And so Wildcat Vitus Marsden, for j it was he, with his fortune of two | dollars and fifty cents, went forth to I the nearest bookstore to buy Hugh i Wiley's swell and elegant book, pub I lished yesterday, and entitled "Lady i Luck." Evidently Mr. H. G. Wells has scrapped the word "bright," which a few years ago he was in the habit of employing with great frequency, and which he made mean something brighter than any bright we ever knew. Possibly its brilliance grew dimmed to him. And Miss May Sinclair no longer uses "sullen" every few pages. At present Mr. H. Broun is having a run on "gorgeous." A few years ago our second harsh? est critic, Old Clint Ball, the demon linotyper, told us that if we used "altruistic" again that week ?e'd take the matter right up to the Typographi? cal Union. Speaking of runs in words, Wednes? day night it struck us that wo were ub ing a few with sickening frequency, but nobody minded, so wo kept on. The words wcro "Good here" and "Another stack." Why Colyumists Are Merry and Bright; or, "Pretty Soft" Time: Yesterday morning "Was a poem of mine printed in The Sunday Tribune?" "Can you do something to boost the Knights of Columbus drive?" ' "What became of that piece of verse I sent you October 6?" "If I send the book to you, will you give it to the literary editor or what? ever they call him and tell him to re? view it right away? I don't insist that he say something nice." "What is Samuel Hopkins Adams's telephone number?" "What is Edna Ferber's address?" Students of verse who are interested also in the question of disarmament are referred to Austin Dobaon's "And where are the galleons of Spain?" A Nation Speaks to a Nation "Please, mother, may I disarm?" "Otti, oui, ma bien ch?rie"; Hang on the words of H. G. Welts, But look out for Aristide B-. J. Q. "I hope," said M. Landru. "that the Americans do not believe me as bad as I am painted." Speaking for the few we have consulted, we are author? ized to say that we don't believe that even hia beard is as blue as it has been painted. Out for the near-rhyme cup is Miss Ro3o Pilswick, The Globe's writer of | film reviews in verse. Her "scheme" I and "queen" of the other day was noth ' ing; but her "procedure" and "feature" yesterday is no light achievement. To-day's So-called Classic Aut miles aut nauta? Aut miles aut nau?o? Soli cognoscenti know what this is abauta! HUGHES. Mid or Cadet? Mid or Cadet? Well, on the former we are placing our bet. F. P. A. AS FAR ?S CHINA IS CONCERNED THEY CAN ALL STAY OUT, Copyright, 1021, New York Tribune Inc. Europe's Financial Pass Suggested Relief Through Modification of Reparation Terms and Moratorium for Debts Due the United States By James Simpson, Vice-President of Marshall Field & Co. In Europe is economic and financia chaos. Unless something is prompt! done to avert the disaster, which ap proaches with constantly increasin; rapidity, it will spread from one coun try to another, until we are all involve in the maelstrom. The leading minds of Europe, whil recognizing disasters, are looking a through a fog and know not which wa to turn. They feel that their onl; hope lies in America assuming leader ship in the restoration of an order!; state of affairs as among nations. You may say what care we? Per haps we do not; and thus far I mus confess it appears we either do no care or do not appreciate tho conse quences that will inevitably result t< our own country if we continue our in difference to European conditions. Le there be no mistake. No country cai save Europe but our own. Economic and financial question! should be considere! simultaneous!; with disarmament discussions. The; are so closely allied they cannot b< separated. If we stand ready to givt Europe voluntarily the imm?diat? financial relief that later we will b< compelled to accord we can obtain th( support of European powers for thos< principles of disarmament which wi believe to be in the best interest o: the world. Alternatives If we are prepared to lose every ad vantage gained by the war, if we art prepared to incur the enmity anc hatred of the world, if we are pr?par?e to lose the markets of the world for th< sale of our raw materials?grain, cotton steel, etc.?if we are prepared to buile a stone wall around ourselves and live within ourselves, we are pursuing tht right course. But if we desire to live at peace and fellowship with the world and develop o^r finest and best possi? bilities as a nation we had better take strict account of ourselves. If we aspire to u place as a leader o? nations, the obvious question follows what can we do? First of all, I think Congress, if it has not already done so, should confer upon the President or the Secretary of the Treasury un? limited power to act with respect to moneys owing us by other countries. Power to act is important because quick action is so vitally necessary. There should follow immediately conferences with our allies, after which neutral countries and perhaps Ger? many should join. Out of such con? ferences will surely come a plan to stabilize the exchanges of the world, without which enduring commercial intercourse among nations is not pos? sible. It is a mistaken impression that Ger? many is deliberately creating a con? dition of bankruptcy in order to ob? tain modification of reparation terms. So long as present conditions exist she is helpless and must continue working her printing presses overtime turning oat money until total financial collapse comes. And that will be in the near future. So far as Germany alone can act two courses only are opened; one to con? tinue as at present, in which event financial collapse is certain. Such collapse will probably be followed by ? revolution. The other course, the most likely one for Germany to pursue, is for her to decline to continue reparation pay? ments. Then occupation would prob? ably immediately follow. Occupation means industrial stagnation and prob ablv Inally a repetition of what has happened in Russia. Germany must have a breathing spell to get herself in order. It may take from one to two years, during which time she could organize herself to pay reparation of not to exceed 2,500,000,000 gold marks a year, a3 against the 4,500,000,000 at present demanded. She could raise perhaps one-half of this amount by a tax on her exports, which at the highest point before the war reached 10,000,000,000 gold marks. This 2,500,000,000 marks a year should con? tinue for as many years as necessary to pay the full amount finally deter? mined upon as financial reparation. If Germany enjoys unexpected prosperity and her exports should exceed 8,000, 000,000 gold marks in any one year she should be compelled to pay perhaps 20 j to 25 per cent of such excess on ac? count of her indebtedness for repara : tion. I think the leading minds in Great I Britain have a keener appreciation of j the necessities of the situation than elsewhere. I think England stands ready to bear its share of the burden in extending necessary financial relief to the world. But England is not in a position to take tho leadership and press France to recede from some of her demands because of the many points of difference existing between ?France and Great Britain at the pres i ent time. j France must be persuaded that it j is not to her own best interest longer ? to persist in her present impossible de I mands. Much as we sympathize with the sufferings of France, she must make concessions in her own interest, if not i on behalf of civilization. I Exchange Complication We must not forget that if France were to repay our loan to-day it would j be necessary for her to give us nearly i three times the number of francs she received from us, while Great Britain, on the other hand, would have to pay us only 25 per cent more pounds than she received, because her exchange has not depreciated to the same extent. Thus, Franco, Italy, Belgium and our other debtor nations are penalized much more because of exchange de? preciation than Great Britain, whose money is mere stable. I have heard it suggested, and it is worthy of most serious consideration, that we accept repayment of our loans at the same rate of exchange existing at the time the loans were made. We would thus give the greatest measure of relief to those countries needing it most. France must accept some suggestion that will permit a restoration of com? merce with Germany and effect that measure of world disarmament we are all so desirous of accomplishing. We, on our part, must realize the im? possibility of collecting $10,000,000,000 due us under present conditions. Europ? has not the gold with which to pay us even interest on this amount. They have only goods with which they might pay. Payment of this amount in goods would certainly mean great unemploy? ment in America, and rather than that we had better forget the entire debt So each of the Allied nations must contribute something for the general good, and I make bold to suggest some steps that may be taken to accomplish the desired result: 1. Allies to agree on substantial modi? fication of reparat'on terms in order to bring them within the bounds of possibility. 2. We to agree to a moratorium of &ay, twenty years, for debts duo as. For the first ten years no interest to be charged. For the second ten years only a small rate of interest, perhaps 2 per cent. After twenty years hava passed we lo rece've our principal in full, with a proper interest on deferred payments from that time, possibly accepting from France, Italy and Bel? gium payment at the same rate of ex? change existing at the time loan was made. 3. Those nations to whom this con? cession is extended to modify amount of reparation from Germany and maku terms thereof with which It is possible for Germany to comply. 4. England to agree to make similar concessions to nations which are in her debt. 5. Steps must be taken to insure that Germany's budget will balance. Her re? ceipts from taxation, etc., must fully meet her curient expenses, plus the amount of indemnity obligation finally settled upon. These suggcftions are neither philan? thropic nor idealistic, but simply good sound business sense. They will creato kindly feeling toward us, that irtar.g. ble asset which can be made to pay dividends in time to come, much greater than the full amount of debt owing us. Colonels Who Fell in Franco To the Editor of The Tribune. Sir: In his review of "Everyday" Percy Hammond says: "No American colonel is said to have fallen in France or thereabouts." I personally knew the following American colonels who were killed in action in France: Colonel Bertram T. Clayton, regular army, former member of Congress from Brooklyn; Colonel Hamilton A. Smith, regular army; Lieutenant Colonel Shannon, regular army; Lieu? tenant Colonel Griffith, temporary of? ficer, formerly of the Philippine Con? stabulary. There were, of course, many more temporary officers of the grade of colonel who were killed in Fiance. EA&T. HAMILTON SMITH. Former Major, A. E. F. Chicago, 111., Nov. 23, 1921. The Present Dange (From The Washington Star) It may yet become customary for a public man in selecting a private sec? retary to require a bond that be will not on his own responsibility under? take the publication of intimste biog? raphy. Saving Time (From The Washington Star) The rapidity with which the Wash? ington conference proceeded to busi? ness may mean more than a saving of days, weeks or months. To civilizatioa it may mean a saving of centurias.