Evening Star Newspaper, November 27, 1927, Page 20

20 TAE SUNDAY STAR. WASHINGTON; Dt (% NOVEMBER® 277 1927=PART 1. FRENCH HAIL AULD AS KEYNES' RVAL His Book, “The Dawes Plan and New Economics,” Ex- pected to Stir Sensation. BY GERVILLE REACHE. | By Radio to The Star. 8 eor 26.—George P. Auld, formerly accountant general of | the Reparations Commission, and who | pssisted Owen D, Young in installing the Dawes plan, has book, “The es Plan and the New | Fconom joubtedly will in Europe and edition appears it | ived with decp uihor, indeed, in | Ircady has shown redoubtable opponent of | himsell rd Key theories, wh John Ma does ne NMr. Keynes escaped es | his time he will | is | fre- | tates enters the | mrena of wor with no policy. but is learnin and what Eu- rope ha e past the United | States can do today.” | Keynes' Theories Held False. i -Jo GIVE FURN Home and Christmas are always associated witi. each other. Christmas without a home is without that traditional atmosphere of good cheer—with- out the glowing warmth of the heart. Giving some- thing for the home is measurably contributing to the Christmas spirit. Nothing could be more ap- propriate nor received with more gratitude. - debt payments were extended 62 t Mr. Keynes' | rning the im- in new Am them ordinar | 2 of | to prove M. | statement that v d not pay taxes. He shows that economists ahead of the facts In the first place, it is regrettable that the Dawes plan influenced of English economists, thereby was permitted has refused to insert tions in the allied debt settlements. It is true that a nation can always transfer, if not with national revenue, then with capital. In the past trans. fers were simplified by cessions of ter- ritory. Today they are possible by foreizn participation in business, as ‘was done in the case of the German railways. stimate Not Accepted. Moreover, Mr. Auld’s estimate of the Dawes plan is not accepted in Paris. The committee of experts def- initely declared it was mot “within their competence to fix the number of annuities which Germany will have “to pay, as this would practically mean fixation of a new German capital debt.” Indeed, it would shock the European sense of justice if the allied years while the German payments lasted only 25 years at the full rate and 15 years at a_half rate. War debts, explains Mr. Auld, are debts between taxpayers, and the al- lied taxpayers, if obliged to continue heavy annuities under the Mellon agreements, will doubtless agree 4v years hence that the German pay- ments should continue at least 62 years. Meanwhile much water will pass under the bridge, and perhaps the idea of general compensation of debts will make progress. Anyhow, every day shows evolutions in these prob- lems which confound the economists. Dr. Hjalmar Schacht, president of the German Reichsbank, in a speech at Bochum, declared that since the Dawes plan went into effect German states and cities had borrowed about two and a half billion dollars. Another Interesting Fact. Germany, indeed, could have a great part of her railway first mort- gage bonds if she had desired, and thus discharged a considerable part of her capital debt. Such things will be still easier as soon as European money rates decline. Who could ‘have foreseen such developments three years ago? Another interesting fact is the re- cent conversion in New York of $400,000,000 in 4 and 41 per cent | berty bonds into 3 vhich incited Phili the British chancellor chequer in the House of Commons how it happened that Great Britain had consolidated its American debt at 313 per cent. The chancellor Qiplomatically replied that he saw | no connection between the two facts, | but the British taxpayers did not miss the point. (Covyright. 1 TWO MORE CONVICTS ARE DEAD OF WOUNDS | Folsom Prison Inmates Shot in Siege—Death Toll Now Totals 13. Aweal Malako e of Folsom cavsed their 1oda the death list ing from ¢ the prisoners to | 13. Two of 1t who died were | guards i Twenty-five convicts syill were suf-| fering from wounds and four of them | are in serious condition. | District Attorney Neil R. McAllister | continued his investigation of the ac- | tivities of the six convict rin who sought to effect a wholesa Jivery He has announced murder charges would be 4 against the six. | Warden Court 1y ordered | ) person he | he conviets have heen planned at the plans were ict, tho has confe; | er Neil, the district attorne mnounced. and Roy | Stokes, another convict, was held re. | him for the death of | ton. ’ SRR 1 Pigeon a Golf Enthusiast. 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