Casper Daily Tribune Newspaper, April 9, 1924, Page 12

PAGE TWELVE. Che Caspet Dally Cridune REPORT OF GERMAN FINANGES [5 | FILED BY DAWES COMMISSION (Continued From Page One) ed on & sliding scale, run from 110,- 000,000 gold marks in 1926 to 2,500,- 000,000 in 1934. In order to prevent these pay- ments from affecting adversely Ger- many’s financial stability, an index of prosperity was fixed, making it possible to judge whether the amounts of the scheduled payments re or are not beyond her capacity A general board of control, includ- ing an American, with allied, neu- tral and German member, is the ex- perts’ solution of the difficult prob- lems, guarantees that Germany will execute eventual settlement under their plan. The experts found this plan most likely to satisfy the allies and at the same prove aceeptable to the Germans. One member of this board, with the title of commissioner, will be vested with the important duties of deciding, according to an index of prosperity, when the pay- ments provided for in the plan may prove too onerous and may threaten the upsetting of German finances. The index is to be based upon Ger- man exports and imports, the total budgets receipts and expenditures, rajlroad traf the monetary value of the consumption of sugar, to- bacco. beer and alcohol by the total population, and the consumption of coal, Percent: will be fixed on the average statistics covering these bases, first for three years, then for six years, the percentage of each of the six groups compared with the tase being separately computed and the average of the six percentage re- sults forming the index. ‘When the resources exceed the in- dex, supplementary payments on re- parations are to be made In propor- tionate amounts; when the index proves deficient, basis payments shall be made for the period on which the calculations are based. But subsequent supplementary payments shall not become due until allowance has been for pre- vious deficiencies. At this point the league of nations 4s brought into the plan; any dis. puted pe upon application of the statistics on this index is to be referred to the finance section of the league for arbitration. the fourth year and 2,500,000,000 the maximum payment to be re- quired from Germany annually the fifth year and thereafter. Reginald McKenna and his col- leagues on the second committee find that the Germans have six and three quarters billions gold marks abroad and that all this sum repre- sents purchases of paper marks at a dead loss by a million of for elgners. These estimates wero made on a mass of details and specific information which the experts re- gard as reliable. They find that, in addition to these assets abroad, there is in Germany foreign money approximately to the amount of 1,200,000,000 gold. marks, while for- eigners own in Germany property to the amount of 1,500,000,000 gold marks, which 1s subject to special taxation and consequently ought to be taken into account in an est!- mate of Germany’s resources. The experts found that Germany had been spending without stint on complete installation of her railroad system, which has been brought to a point of efficiency unknown before the war. The transportation sys- tem and industries generally are provided with the most modern ap- pliances, and ports and terminals have been extended and improved, furnishing excellent sources of reve: nue and an adequate pledge, along with monopolies, for the payment of reparations, With respect to the military aspects of sanctions and guaran- tees, the Dawes report says: “If political guarantees and penalties intended to insure execution of the plan proposed are considered desir- able, they fall outside the commit- tee’s jurisdiction. Questions of mill- tary occupation also are,not within our terms of reference. It, however, 1s our duty to point out clearly that our forecasts are based on the assumption that economic activity will be unhampered by any foreign organization other than the controls herein provided. Consequently our Germany's railroads, estimated by the experts to be worth 26,000,000,- 000 gold marks, with a net earning capacity as high as 1,000,000,000 gold marks yearly, were found to be an auxiliary means for securing reparation payments and aiding German finances. The experts pro- pose a blanket mortgage of 11,000, 000,000 gold marks on the entire German railroad system, bearing five per cent interest, with one per cent sinking fund annually. The interest and sinking fund on the mortgage, they figure, represent less than three per cent of the en- tire capitalized value of 26,000,000,- 000, Full interest will not be re- quired during the period of re- organization, but the payment of 330,000,000 marks will be asked in 1924 and 1925. Increasing on a sliding scale to 660,000,000 in 1927 and 1928, which the experts think ought to become normal years. Summarizing the proceeds from plan {s based upon the assumption that existing measures insofar as they hamper that activity will be withdrawn or sufficiently modified so soon as Germany has put into execution the plan recommended.” The provision contemplated by the committee for treaty payments 1s as follows: Budget moratorium period: first ytar® from foreign loan and part interest (200,000,000) on railway bonds, a total of 1,000,000,- 000 gold marks. Second year, from interest on railway bonds (includ- ing 120,000,000 balance from first year), and interest on industrial de. bentures and budget contribution, including the sale of railway shares, a total of 1,120,000,000 gold marks. “Transition period: third year, from interest on railway bonds and industrial debentures, from trans- port tax and from budget, a total of 1,200,000 gold marks, subject to con- tingent addition or reduction, not exceeding 250,000,000 gold marks, Fourth year, from interest on rai bond and industrial debenture: from transport tax and from budget, 1 of 1,750,000,000 gold marks, subject to contingent addition or re- all the provisions in the plan for treaty payments, the experts est mate t they will produce one billion gold marks the first year, 1,220,000,000 the second year, 1,450, 000,000 the thi duction not exceeding 250,000,000 gold marks. Standard year: fifth year, from interest on railway bonds and in- dustrial debentures, from transport tax and from budget tax total of 00,000,000 gold marks,” SUMMARY OF PLAN DRAWN UP FOR STABILIZING OF GERMANY (Continued From Page One) (>) Under present conditions ren tenmark sto is far from tem porary (c) A new bank fs set up or the reichsbank reorganized (4) The main functions ‘of the notes on a basis » to gold with an as a banker's bank official rate of ex ant To act os the government banker but free of government con trol, advances to government to be strictly limited (4) To hold on deposit reparation payments (8) Tho capital of the bank will be four hundred million gold marks (6) It will be directed by a Ger man president and managing board who can be assisted by a German consultative committee 1) The due observance of its 8 will be t safeguarded b; eral board of which half of the Cn # including a commissioner will be fore 7. BUDGET AND TEMPORARY REPARATION RELIEF Balancing the German budget re quires: (a) Full economic and fiscal sovereignty subj to the super. vision provided for in this report (b) A stable currenc (©) Temporary relief from charges on the budget for treaty obligations. (@) Buch relief not suspend essential delive in kind &. THE BASIC PRINCIPLES OF GERMANY'S ANNUAL BURDEN ligations and con: ed budget tinuously bals 1 charge is c » period on a basis clearly prescribed in te taxation been practically extinguished by the depreciation of the currency. New debt charge ought to be commensurate with the burden of the French, English, Italian and net Belgian taxpayer. (3) The treaty recognizes this principl (4) It is morally sound (5) It is economically just in its influence on costs duction (6) This neip) has been ap.- pled to the full limit of practic- ability (c) Allies share in Germany's prosperity 1 Germany's creditors must share in the improvement {n Ger- any’s prosperity. (2) Tats will be secured by an in dex of prosperity. (4) There is an important differ ence between the C mans capacity to pay taxes and Germany's capa et to transfer wealth abroad. 9 NORMAL RESOUR( FROM WHICH PAYME MADE y will pay treaty sources axes (b) Railway Industrial debentures. 1 HOW THE ANNUAL MENTS ARE MADE BY MANY (a) ‘The amounts will be raised in gold marks and paid into the bank (b) PAY GER These cover s annual obligation. 13. HOW THE PAYMENTS ARE RECEIVED BY THE CREDITORS (a) Gern these moneys in vert them into f payments Ger many any’s creditors will use Germany or con. elgn currencies: | t . |.) ‘The x at through i —— | rea! Anke 7) ee 'SHICHESTER S PILLS He DIAMOND BMAN hi t Street of Death Section of flocd-swept street In were drowned and Communication by boat ws away. Getting dreds succ 000 made homeless. leay ‘ng the town iso! mare impossibl aid to the stricken has be mbed to pneumonia and now typhoid threatens. Ki zmiller, Md., where five persons All phones and cables were ‘Then the gas mains went. and tracks were washed nm a vast problem. Hun- excessive remittances is by a transfer committee, (4) Sums not remitted are ac- cumulated but with a limitation of amount. 14. GUARANTEES IN ADDI- TION TO RAILWAY AND INDUS- TRIAL BONDS: obviated (a) The following revenues are pledged for a continuation of cok lateral security for budget con- tributions and other payments: (1) Alcohol, 2) Tobacco. (3) Beer. (4) Sugar. (5) Customs. (b) The yjeld of this sort of reve- nues is estimated to be substantially in excess of required payments. (c) The excess is returned to the German government. 15. EXTERNAL LOAN, CONDITION AND PURPOSE: Foreign loan of eight hundred mil- lon gold marks meets a double pur- pose: (a) Requirements of gold reserve of new bank. () Internal payments for essen- tial treaty purposes in 1924. 16. ORC IZATIO’ The organization consists of: (a) A trustee for railway and in- dustrial bonds. (b) Three commissioners of (1) railways, (2) the bank, (3) controlled revenues, (c) An agent for reparation pay: ments who will. co-ordinate the ac. tivities of the above and will preside over the transfer committee. 17. THE NATURE OF ITs THE Pr (2) The plan is an indivisable unton. (b) The aim of Germany, (1) to enable maximum transfers to be made to Germany's creditors; (2) to take the question of what Germany can pay out of the field of specu! tion and put {It in the fleld of prac. tlcal demonstration; (3) to fir and hens! a all the problems of ‘th stions s es make th FOREN ISSUE TOBE AEUIVED (Continued From Page One) comr whole problem of fore! policy. There is no doubt that while his move was criticised as indiscreet without th authority of the Republican leadership, it does rep resent an effort on th part of the nia genaton to swer criticiam that the Republicar party having pledged itself to n association of nations in 920 did nothing about it, Even though it might keep peace inside the Re publican family to forget this, the Democrats had no intention of ig ng the issue and are prer ring to accuse thelr Republican brethren of failure to fulfill pledges, To the friends of international cooperation any sort of conference which takes America out of her ion and brings her into con ference officially with the other The study of WORKERS RIGHTS OF LABOR AS ITS RESPONSIBILITIES ‘nts Dest, Safest, Always Reliab, Govetnment internal de re SOLD BY DRUGGISTS EVERYWHERE AN INVITATION T0 EVERYONE MOOSE HALL TONIGHT You are respectfully invited to attend the series of Lectures, Studies and Discussions, as arranged by the Casper Trades Assembly with the agsistance of Rev. Minort, to be given in Moose Hall tonight. EVERY ONE IS INVITED. ADMISSION FREE TO CAPITAL, SOCIETY, will be presented, as well as the proposition, “‘Does Casper Want the State Labor College.’ powers is looked upon as hopeful The Hague conferences contained % cade of international behavior limited in effectiveness. but far more advanced than the views of the isolationists who WOW oppose agreements of all kinds with the other governments of the world. The Democrats wil! probably sup- port Mr, Pepper's move largely be. cause they know it will mean em- barrassment within the ranks of the Republican party and anything which can be done to split the Re- publ arty still more is Demo- era egy just as it was Re- tactics in the league of. io # publican nations AIRING OF OIL DEAL CHARGE (Continued From Page One) to put Okiahoma in the Republi. can column in the general election. William H. Miller of Columbus, Ohio, testified that he assisted in Harding's pre-convention campaign, visiting the northwestern states. He first met Hamon at Harding head- quarters at Indianapolis before the convention and later saw him at the Chicago convention, “I had no part in the collection or disbursement of funds,” Miller said. J. B. French of Oklahoma City, testified last Monday that Hamon had told him he had given $25,000 to Miller to pay the headquarters ex- penses of the Harding committee at Chicago. here was no discussion of oil nds or leases at either of his meet- ings with Hamon, Miller said. Ham- on had told him at the Endianapolis meeting that he was for Lowden, he but had added that Mrs. Hamon who was a distant relative of Preai- dent Harding was tmportuning him to support Harding, He denied that Hamon had given him $25,000 to pay the expenses. of Harding head- quarters at Chicago. The committee adjourned until Friday because of the difficulty in securing the attendance of wit: nesses, Get rid of SNUFFLING COLDS Rub nostrils with MENTHOLATUM Antiseptic,healing—restores free breathing THE YELLOWSTONE APARTMENT HOTEL “Largest in Wyoming” 1 Room and Kitchnette A Real Home for. Two $50.00 Per Month 426 W. Yellowstone EDUCATION, AND THB ACKNOWLEDGED, AND IN ITS RELATIONSHIPS STATE AND CHURCH, WEDNESDAY, APRIL 9, 1924. STER One Week From Next Sunday To the Women and Misses of Casper -- Here is Your Opportunity to & Save-‘on Your Easter Wearing Apparel FOR THE BALANCE OF THIS WEEK, ONLY ! On Everything In Our Sto ALTERATIONS FREE =| Don’t Delay, Select Your Suit, Coat or Dress " Today From the Largest Ready-to-Wear Stock in Casper. By so Doing We can Make any Nec- essary Alteration and Have Your Garments Ready for Easter. iDON’T WAIT?! Shop Now and Save | A DEPOSIT WILL HOLD ANY GARMENT UNTIL WANTED Casper’s Leading Specialty Shop for Women and Misses