Mem Dork ?Er?lumc
First to Last?the Truths Newa, Edi?
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 $6.00 ?1.00
Op? wee*. SOo.
Pally only . 10 00 5.00 .85
One week. ?5*.
Sunday only . 4.00 ? S5 .?0
8UKi>} oily. Canada. 6.00 3.25 .55
Party and Sunday .?26.00 ?is.SO ?140
Dally only . 17.40 ?.70 1.45
Sunday only. ?.75 5.13 .8$
Entend at the PeatoOo? M New Tork aa Second
ilw? Mall Matter.
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
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
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
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
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
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
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 ?
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
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.
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
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
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
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
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
1 New York, Nov. 23, 1921.
Suggestions for Annapolis 1921
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
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
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.
"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
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?
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
Why Colyumists Are Merry and
Bright; or, "Pretty Soft"
Time: Yesterday morning
"Was a poem of mine printed in The
"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
"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-.
"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
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
Soli cognoscenti know what this is
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:
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?
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
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 ?
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
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
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
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
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
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
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
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?
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?
(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.
xml | txt