Evening Star Newspaper, September 16, 1929, Page 22

YOUNG DEBT PLAN FILLS OUT DAWES i 1dea That Two Reparations Systems Are Rivals Is Called False. This s _the second of a series of six articles, based on information derived from _authoritative sources, describing the purpose, plan and operation of the Bank for International Settlements, the gollecting and distrivuting agency fo be formed to facilitate the working of the Young reparations plan end the pay- ment of war debts due the United States wnd other nations. BY WILLIAM H. FORT. NEW YORK, September 16.—The misconception has arisen that the * nmewly formed Young plan for repara- . mittedly so. tions payments is a rival, so to speak, of the Dawes plan, which it supplants. In various financial journals have appeared articles and editorials to this effect, asking why it was not possible to revamp the Dawes plan to include the new provisions embodied in the Young agreement and allow the exist- ing machinery to continue to function. Dawes Plan was Temporary. ‘The idea that the Young plan and the Dawes plan are rivals, it is ex- B!llmd, is * entirely incorrect. The awes plan was only temporary—ad- It was designed only to bridge over a period of time which was expected to be unsettled: an expedient intended to operate only until worid conditions became more normal and a complete and final plan could be per- fected. Its purpose was to get some- thing started in an abnormal situation. All that the Dawes plan said, all . it was intended to say, was: “Germany are listed for national to which, in times of stress, she may apply for as- sistance. % Germany’s affairs under the Dlm were becoming hxrdenwmn'b Therefore in plani ment, the first and most obvious move of the re tions experts, if a new order of was to be established, was to contrive some way to put Ger- many on an easier, better-paying basis. The same problem confronted them, only on a much larger scale, about when the machinery was to be set to work to reorganize some of her busi- ness after & J)erlod of constructive ex- periment and place the Reich on its feet as a :oln‘ concern. As a means to this end the Bank of International Settlements was set up. (Copyrisht, 1020, by the Chicaso Dafly News and North American Newspaper Alllance.) — OPEN NEW AIR MAIL LINE. 15,000 Persons See Plane Leave Seattle for New York. SEATTLE, Wash., September 16 (#). —Carrying 397 pounds of mail for the Atlantic Coast, the first plane of the Seattle-New York direct air mail serv- ice left here yesterday at 3:38 pm. It is due in New York tomorrow morning. More than 15,000 persons gathered at Boeing Field to see the big Varney ir liner, piloted by Kenneth Neese, take off ':n the initial flight.over the new rout U THE EVENING STAR, WASHINGION, D. C. 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Crepe de Chine Dancettes give restraint when needed; pants, designed by Chanel originally, with lacing to draw them closely about the hip—or with yokes that fit with- out a wrinkle. Molded, yet rippling out in low placed flares by means of lace godets. Lovely shades—nas- turtium, flesh, peach, eggshell and white; sizes 32 to 36. Underwear Shop—Third Floor owes an enormous amount of money. Her currency is weak. We must see ‘what can be done to restore this cur- rency, and stipulate on behalf of her creditors what in our opinion is a fair amount for Germany to pay annually. We will set what we consider a fair amount, and what Germany then does and how she does it will show us the extent of her ability to pay and her willingness to meet her obligation.” Specific Plan Needed. It was recognized at the time the Dawes rlan was put into effect that another and more specific plan_would have to be formulated later. Indeed, the Dawes plan was put into effect largely for the purpose of accumulating data which, in later years, would be useful in establishing a new plan. As_a matter of fact, it is explained, the Young agreement could not have been set up five years ago; it could not have been devised without the data which the Dawes plan furnished, data which the reparations experts used at the Paris conference as a working basis for the present schedule of payments. Instead of being a rival plan, the Young agreement simply completes op- erations which the Dawes plan left un- ¢ done. It was not within the scope of the Dawes plan to state the total amount of Germany’s debts. In_this connection. it should be re- membered that, until the Dawes plan went into effect, payments by Germany were made at the point cf the bayonet, 50 to speak, but with the Dawes plan in operation Germany made her pay- ments without compulsion. Agent-General Took Responsibility. Under the terms of the Dawes plan | Germany was required to deposit her | reparations payment in marks to the account of the agent-general acting as a representative of all the creditor nations. There German's responsibility { ended. From that point on all respon- : sibility was taken by the allies through i the agent-general. Under the present plan, Germany agrees to assume the full Tesponsibility of her debts. Under the Dawes plan the amounts of the annual payments were fixed. but there was no limit regarding years. { There was no certain indication of what the total of the payments would . be. 'Therefore at no time could Ger- * many calculate with any degree of ac- + curacy what her economic status would : be_in future years. In some respects, the terms of the { Young plan are to Germany's advan- tage and in some respects more strin- gent. In making up the new schedule the experts adopted the attitude that Germany’s economic position had become sufficiently established and her sta- bility well enough demonstrated by the workings of the Dawes plan to entitle the Reich to be regarded as a solvent entity. Pays in Creditors’ Coin. ‘Therefofe, under the Young plan, Germany s required to make her pay- ments, not_in marks, but in the cur- : h i ! Tencies of the countries to which she is the secret of their healing is iflm:;bui o offset this, the number power. They avoid a_l‘l, danger : and the amounts of the payments are of blood poisoning from cut- fixed and definite and the total payable Singyoticcorns: all rakofacid where during the day. Frocks sketched is of frosted brown covert, $16.50. Others $10 to $25 Spert Shep—Second Floor In Washington and vicinity there is a constantly increas- ing number of people who open Savings Accounts with the Union Trust Company. 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