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Show r,malned then for the reparations ron. mission to flx ,5lho bill, and this was accomplished by May ,1, 1921, was cLlled unon ta c when tecpt an obligation of approximately f3i, 000, 000,000 and to pegm payment f pon this colossal sum, which, nevertheless, represented a material reduction on the figures which had currency during the Paris conference itself. German resistance to these demands led to the allted ultimatum of May, '4J1, which brought German surrender and acceptance in form, tout not in reality. 4THE THIRD PERIOD. Quite logtoa-Ithen, w had the thrrd period, beginning on the morrow of this ultimatum and extending up to JanuarjfaSfl&S3, the date of the Frane.IJrtelan Invasion (Ruhr'. This is the period d urSigning of Agreement ofine thewhich a double process lakes the swift dissolution of the Mark Definite Period iplace, nderstariding between France and out of the divergent llritaln'growing Ir.tertats of the two countries, and in Postwar History. .he rapid development In Oermany of the spirit of resistance to the reparations demands fUed ty the l Jimnlum, Germany decides not toy Great Britain decides that Another World Entering should not be matte to pay, and France determines to make Germany satisfied that Germany can pay. of Question The Ruhr war, which follows, nds. from January U to the cloeing Began With Armistice. daystheof almost September, 193J; it Is marked complete break between by tie British and the (Trench and the :.r.oluta collapse of the fiscal system iJ Germany incident to the effort to By FRANK H. SIMONOS. finance a hopeless passive resistance WTien the confry currency inflation. 'tne of the agreement on flict Is terminated . in September by 30 gives the world one more the unconditional surrender of her economic and nscai prostieftnfcs date in tie long series which tration Is quite as complete s that stretches from the end of hostilities of her armed forces at the moment before. ol the armistice five yei-The last period, which eitends from are entering a new phaj of the to the signwar Kuhr of the the end postwar period. Quite as patently we ing of the London agreements for the icre also beginning what my well lie application of. the' Oawes report. t'.i.V. ei period of political moratorium, ana is almost exactly a year, represents the first def'r'te effort to liquidise tt.t? period, with eyen moderate, luck, the mess by the employ cover several years, precisely ment of moderate methods end tfie jnay those years when the application of I recourse to economic rather than po- the XJawes report gives to Germany a lltlcal agencies. A great deflation has lima for recuperation and ty allow- taken place, a deflation In the estiing tier foreign loans and demanding mates of the sums which can be obf her only moderate reparation paytained from Germany, a deflation in ments offers her no real temptation the peculiarly egoistic policies of both tthe British and the French. resume evasions. Five years have demonstrated prettooklnfr backward for a moment, while Germany can then, it Is possible to divide the years ty clearly that, t. nee the armistice, the sixth annihe brought to pay much, there are, to repversary of wilch is approachng, into nevertheless, very clear limits be condistinct Phaser Between the actual arations, snd payment must upon Germain consent ending of the fighting, on November ditioned rather In a there coercion. than word, upon 11, 1918, and the signing of the treaty of Versailles on June R, 1919, the Is the tar.lt recognition that allied bring the huge sums waking of the peace settlement dom- coercionforcannot in 1i21 while to halance inated attention of the world; the hoped Is the German perception that conference of Paris, with Its dramatic this circumstances and its disappointing the endeavor to escape completely r suits, thus constitutes a relatively means only the ruin of conttnuea Ruhr occupation compact period. - But DIVIDED AUTHORITY. the treaty of Versailles left open the major question of repars-tlunMeantime the British and the In that deciding only principle French have proved to each other's Germany should pay the costs, not of satisfaction that neither run have unthe war Itself, but of injuries to civil- restrained mastery. Lloyd George in ian populations injuries not alone ex- his long struggle has gone down . to pressed in lands and buildings rav- defeat before Holncare and Viscount aged and destroyed, but also In pen- Curxon. who continued the battle unsions and separation allowances. it der Bonar Law, and Stanley Baldwin . TO LONG LIST 7 has bad a- similar fate. Moreover a ly (Demanding an enormous reduction Labor government has succeeded both of this total. Coalition and Tory, largely because of When, long before the Ruhr days, national Impatience at the fatal low- Germany showed signs of resistance, world. n occuin the of British George threatened Lloyd prestige ering Uy contrast, the political victories pation beyond the limits fixed br the v of Foincars have bad evil effect for treaty of Versailles and France. The occupation of the Ruhr of the French march into the Ruhr than Bonar Law, while expressing doubt has harvested more criticism cash. It Is clear that the Kuhr is as to "the method, wished the French not itself an end and that the real luck. Yet a few months later th problem remains how to turn the oc- British government proclaimed that cupation Into money. Five years after the occupation was illegal-Toda- y the close of hostilities the three great the. whole world Is watchcombatants are it last in a mood to ing with some amazement the outtalk France wants money, Germany burst In London of criticism of the wants peace and Great Britain wants success of Mr. MacIVonald in gjttlng trade; half a decade has proved that the Iiawes report adopted and thus no one of the three can real lie perinsuring German recovery. For sevsonal necessities sava In agreement eral years ail British policy has been .with the other two. concentrated upon accomplishing preThis la the point at which the sus- cisely this rescue of Germany, and pended offer of Mr, Hughes, maae in now, when the renoue seems, assured, the New Haven speech of December, not alone the Right, but the Left, onhe 1922, becomes' available. America renews her declaration of willingness to cooperate through experts In the solution of the European mess, provided solution Is the end, and the old sterile game of national Interests is abandoned. America is too precisely the one country which can b useful, not because of higher Intelligence or wiser statesmanship, not because of better morals or higher ideals, but purely snd simply because America has n Immediate and dominating concern which will warp its vision and dominate Its policies. So, after five yean of deflation, we enter the period of liquidation, and this Is the period of the Iiawes report, terminating In theJO Ixindon conin the signference and on August And ing of the London Compacts. mean these compacts something vastly more Important than Is written In them : they mean that France. Brit-si- n and Germany have publicly affirmed that solution of the European tangle ran only be attained through that cooperation. Germany confessescannot she cannot get the Ruhr back, get the foreign loans without which her economic system will crumble, csnnot get started again In national life witbrnlt undertaking certain payments: the price is high, but the alternative staggering. CAN'T STAY WITH PEACE. Franca confesses that, while she can stay In the Ituhr and get a measure of reparations for the occupation, following the talcum arrangements, is turning qut by no means hc cannot have peace, un profitably her relalions with her neighbors tend to worsen and the returns from the Ruhr occupation are by no means commensurate with her needs or with the promises of the Dawes report. She will sell her Ruhr occupation for a price, which also represents great sacrifices, but also stands for the best market available. Now. unhappily, the British stale of mind is less clear and gKes far more reason for anxiety than either the French or the German. We have seen how at the Paris conference In 1!1 the British outdid the French In tbfir demands for saddling the Olermans with enormous reparations. If was Smuts, acting for Lloyd George, who persuaded Mr. Wilson to permit the Inclusion of war pensions and separations allowances in the bill, thus Yet not many almost trebling It. months later British policy was eager- - Qer-rsin- Phase That eSt-- tf at Oer-mm- rs - s, cJheTkKseofTioteemmrtSi II ATT v s, problem, that of possible combination of German and French heavy industries. Iron and nisei. France has the Iron which Germany lacks, Uermary has the. coal which France lacks, but Gerrrmny tn sny event will now have to supply France with coal under the reparations agreements of the Dawss plan. Automa.ticj.lly this German coal will replace British In the French market: this is Inevitable, but what more natural than that there thould be a combination of these1 two heavy industries. Frenth and German, a conibinHtlon which existed measurably before the iron region of Iorraino was restored to France by the treaty of Versailles? ROOM FOR ADJUSTMENT. France with a depreciated currency. Germany with a depressed standard of living and an increased working day. having together unlimited resources In coal and iron might easily arrive at some such adjustment an the French and German potash producers have recently made and thus start competition with British heavy Industries which would bo ruinous in the extreme, just as the German coal deliveries in any event menace the British coal industry. And just this kind of combination has always been in the back of French minds and has been rejected by the Germans largely because the French sought, not mere combination, but control of the combination. Now France Btands in a new relation to Germany. She is going to evacuate the Ruhr, her present government has shown a totally different spirit in dealing with the Germans; she can offt-- Germany in return for economic advantages a speedier evacuation of the Kuhr, an earlier withdrawal from the occupied area rn the loft bank of the Rhine, where she has still ten years to stay under the trcftty of Versailles, and as the principal erediior of Germany, holding's, ptr ctnt of the claims and8 assisted by Belgium, which holds per cent, she can use this gigantic debt as a basis for bargaining. Britain, on the other hand, is In this situation. Most of her experts believe she cannot afoijd to take reparations at all, since Germany can only pay In materials, raw or manufactured, and such payments would only lead to the Immediate expansion H"r inof British unemployment. terest remains still in furthering the reduction of German reparations, the reduction not merely of what Germany has to pay Britain, but the reduction of what Germany has to pay France, Belgium and llaly, since sufch payments, will necessariy be rqade in precisely the commodities In which Britain deals and therefore to the detriment of Britain. the British governAccordingly, ment will now obviously seek to play its finaf card. France owes Britain over $,KK,000.00. so does Italy. Let France and Italy turn over to Britain enough of their claims upon Germany, enough of their reparations shares to meet their respective debts to Britain then the British can cancel them, or, better, trade them in with Germany In return for trade agreements which will protect British Industry from German competition. In a word, Britain must now seek to use her debt claims upon her former allies to protect her Industries from the competition which would inevitably fojlow Germany's revery and Incidental payments to her contln?hla,l creditors. COMBINATION EVER PRESENT. France and Italy, on the contrary, are Just as certain to resist the British effort, to Insist that they paid in blood and ruined lands, and that the British loans represent a Britl-- h contribution to a common cause. You are MJkely to hae. then a pretty strong combination between France, Belglum and Italy, Inbacked by the little opposition to the (entente Instates. matter of debts, which the British t. the reparations is a detail ft is manifest, then, that the period economic. we are now entering is The struggle Is going to be between the Germans, who desire to recover without paying anything: the Brit-- ; to a moderate lh. who are reconciled German recovery, but do not want German industry and production Stimulated by the need of meeting va.t reparations payments in kind: and. lastly, the Frenct), and to a degree the Ithallans. who can take German coal and are not menaced by German competition as the British are. , If the British could establish the Italobligation of the French ami the ians to pay the war loans; If they could then take as payment French and Italian claims upon Germany for the amount of the loans: if they could then cancel these In return for German trade concessions, then their profit all around would be obvious This, en the whole, would seem now to be the objective of British policy. France and Italy, on the other hand. . ATlATAwS? VL566 South Main , Beginning Tomorrow not merely the but the for some new miners, are steps to prevent this German recovery from Injuring British trade and Industry. DIFFICULTY PERSISTENT. The new phajie which we are just entering, then, promises to.be quite as difficult as those perios which hav preceded for the simple reason that there remains the essential-conflic- t of Interests, What, after all, Is the German objective now and always? Obviously to regain economic and flr.andaJ prosperity and at the same time to keep down to the low-epossible figure the amounts paid by Germany to her waitlme opponents, In the debate . over London agreement In the rnichstag the nationalists demanded that the government ask of the allies a pledge that two years hence there should be a new exaxniruution of German capacity with the idea of obtaining a further reduction of the reparations payments. Of course this was out of the question then, but it opens a vista for the future: At the tame time the British miners were clamoring that their government take small steps to prevent German recovery from injuring British coal trade, but how, since Germany must pay largely In Kind and In eoal to France and Italy? The London agreement lays upon Gerto many the obligation pay largely and nece&rarily in kind, but what would the situation be if the British government intervened to insist now that Germany should not pay in kind In any direction which might Injure British trade? Of course, the thing ends in absurdity. Beyond lies the even mora puzzling Our Annual FALL SALE OF FINE rf Youll Welcome the, Difference in Xly'j and . - lmJ MM . 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This would, In reality, mean only a relatively small reduction of the French share In German reparations, although It would pretty well eliminate the Italian. But there Is as to whether the BritKrae doubt ish will now renew the Bonar Law was rejected Just beoffer, which fore the Ruhr occupation. In any event, however, it must be patent that what lies In the future is economic rather than political disputation: and the discussion for the present will turn over the liquidation not of reparations that job has been at least temporarily. attended to and no readjustment rati he pressed for several years., since no considerable German peyments will be demanded but the liquidation of war debts, of war debts between the European allies without regard to the American devta. which must presently fill still another chapter. In this forthcoming discission of debts, which will take place at Paris In October, the battle will be between the British and the French, the French supported by the Belgians and Italians, unless the British make a Separate bargain with Mussolini. British policy will aim at getting as much as possible on the debt account In the shape of German obligations to pay France and Italy and then later seek to turn these tn at Berlin tn return for trade advantages. Britain cannot, In the opinion of most of her experts, either afford to take reparations herself from Germany or afford tb have Germany pay reparations In kind either to Italy r France, because these reparations In kind win be in things which Britain produces and has hitherto supThe more coal plied the continentFrance gets from Germany on the reparatlona account the less sho will buy from Britain, and If the price 1s fixed below the British. French heavy Industry will be able to compete with British advantageously, while a combination of cheap Iron and cheap coal for for n France; that is. konte form of iron and steel combination, would be disastrous in the extreme for the British, given the advantages France would derive from a cheap money and Germany from Increased hours of labor. France- - on the contrary, having shown Germany that she has the oowenna will tn nae coercion If nec and essary being stilt both" tn the Ruhr and on the Middle Rhine, has certain clear trading bases of her own. although her position is materially both by her debt to the British and to ourselves. In reality the issue now comas down to a struggle between the British and the French to take advantage of German recovery, the British by the placing Itmita on this recovery, it to their advaji-tage- v French by turning --- Franco-Germa- NIW'K0T 0 Manhattan m.GiwarBRai MAINSTLASli are still free to repeat the Kuhr op- cusslon of the future to dominate Salt Lake Sanitarium eration, provided Germany Is declared European comment, while the Paris Electro-Hydr- o Thsrapsutle wilfully in default. It may even be conference will be In a sense only less Institute for General and that Frajice will presently be more Important than the recent London . Nervous Disorders Interested In German recovery than conference. INVA. EXQUISITE the British, provided that recovery j One must perceive, finally, that n ecoLID AND CONVALESCENT tan dlscussiona of the economic phase Is attei del by a HAVEN HEALTH now of we and which will enter nomic association plaice a deprived h any military menace for French se strain upon Especial fsaturs of treatment Is friendship Individual ears conceivajjie. fan- at least as heavy as the debates curity. It is evennow seem, that at over the Ruhr and .other details did tastic as it may Open to the patlants of all ethical British and during the purely political' phase. no remote date the phyaloiana RAY DEEP ULTRAVIOLET French positions of the recent past Moreover, for both Herriot and LIGHT THERAPY will be entirely reversed and Britain the coming Paris conference 111 and Electric be of utmost importance, for seek to check, France to promote Internal Baths, Etc. Herriot is certain to fall If he does German recovery. Anatomical Massage In all this struggle we shall be not obtain great concessions In the The very best of food, prepared by concerned, because quite patently the matter of debt scaling down, while a Dietician, Graduate Nurses. Is rapidly taking been adopted beBritish, 'opinion Dawes plan For terms spply to Superintendent, and had alarm over the possibls evils of the cause It. wu AmerUan E. 1st So., Salt Lake City, Utah American indorsement. But even at German recovery under the Dawes . Wasatch 7803 the outset It Is equally clear that the plan and thus growing more Insistent effect may be such that British as upon the use of the debt claims to well as German endeavor will be to reduce the amount of reparations. obtain new modifications, while the (Copyright, 12, by the McOlure 8 o'clock this evening on "Jeaus" AttiFrench will Insist upon integral apNewspaper Syndicate.) tude Toward Work' pworth plication and rely upon our support meets at J O'clock. Ths Boy Soonts In maintaining the terms therein GRACE CHURCH PROGRAM. will meet at 7 o'clock tomorrow evecontained. The Rev. Forrest H. Pelerslme will ning; prayer meeting will be at I It would be a grave mistake to reat ths Grace Methodist church, O'clock Wednesday evening, and the gard the Dawes plan and Its adop- preach West and Fourth South streets, Ladies' Aid society insets Mt ths Rlghth tion as representing the settlement of at 11 o'clock this morning on "The church at 2 o'clock Wednesday after- It does repretangle. the European of Redemption.' and at noon, Importance sent two things' We are now to have calm and a of a period gradpolitical ' ual and perhaps rapid lessening of military- - tension, but on the other hand we Jre certain to have a period "When in Want, of Intense economic competition. In the second place the recent accepUse a Want Ad" tance of the iawes plan does constitute the (treat liquidation of the reparations profcOeri. Germany's capacity to pe.vjlfas Been fixed not at as the reparations commissions 1921 totals demanded, Hut at $600,000,600 under the Mr.t tenDawes plan and conditions ot payment have been fixed that safeguard ? German domestic economy. seekingWHIRI CONDITIONS STAND. j We have still to see whether the credit! r w ill be able to absorb the i Is bound to' Germat.y payments make, whether the British will pern'ot mit the payments to be made and whether out of the new struggle we j shall have, first, an or, n combination; second, a combination, or, third, a combi- nation of all three, with Belgium eluded, which would ha,v very real apartslgniflcsjiee for the United StaUe, From now until the October tnveting of the allies In Pris the campaigns of the several nations are bound to; be pushed with great energy, ths dig- . 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