Show WHY V IS ABLE TO PAY Having asserted that Gelman b cancelling internal indebtedness through the making of ot the mark has greatly improved ed Its ability to lla pay her external debts theVaI the Yal VaI Wall Journal finds Its position assailed bv bs professors of who bo argue that the Germans 0 owed oed Id I'd theil thell debts to each pother other and that the canceling oX or them made them neither nor poorer To this the Journal re re- re V plies f That this argument shows sho's s An absolute ignorance ot oX what hat has happened in Germany makes no 1 with ith what hat has been called by people I who ho do not I A the value of its occasional glImpses ot of common sen sense e our most ignorant ant claus s One o ot of theiA sa s I I 1 01 one oto e my I ICe and pay her 6 per cent Interest on It How flow is 15 our joint ability to pay the household bills increased by canceling this obliga obliga- obligation obligation tion It may beI be I well veil ell inci eased if Ie i our lle wife ife develops de a little more moro sense Bense than you ou ha hae haShe e She will III at least loam leal n to lend hert her t money to homebody who sho knows knows knows- s foney D t elter etter how to use It it The fring J- J jing of ot these economists Is s that the of a loan Is the samo thing as its productivity All look alike to them it If only the are properly secured The fact that t hat the of ot a tax exempt bond Issue I will aill III be muddled away ay awayan n ill II placed roads by polIticians t Ith a pull for tor Ae the sake of o the pa- pa in the contracts and jobs 11 oh cd makes no difference It loos looka just the same to them as money moncy lent to a well ell ell managed I that will aill I go on Increasing its reproductive e power S hat happened in Germany The Fhe he most cold blood cold blooded cd heartless of the defenseless small Investor that e even een cn modern civilization civilization tion could produce Pro made for Cor old age have base disappeared The class Is bereft of all Its hard earned savings The sa bank depositor his been looted The municipal and bonds which to so lal laige ge an extEnt the paper obligations thel heldI held I went into tangibles necessary necessary necessary essary but not rep c- c cand and andr these tangibles are stil sll there there They ha hae e not been destroyed destro Id I'd But Dut better has passed Into the hand hands handi of the cod bi blooded in- in industrialists In Industrialists That something Is s the iho and that credit is new It is the difference bet bet cen cen a million dollars tm ned 1 el once m lD the production of o a little needed highroad and the same million dollars turned over five times b by the United States Steel corporation or fifty times a eat eal I 11 b a great department store The The trouble I with the fancIed equation is that equate He lie Is muddling up tangi tang tangible tangible ble wealth eaIth with aith paper obligations secured on the ta taxpayers taxpayer's pa ers er's good faith and he be alwa B muddles muddled up capital capitalI I with credit I which In this countr country or Great Britain Is capital twenty times multiplied He lie dots does not see that Gel many has bas diverted all her private capital and the cred cred- credIt cred- cred credIt credit it It creates with restored sob soh solven solvency en- en ency en cy Cl Into I e enterprise The fills iila to get the point and his wife wonders sonders If it she can pay the dressmaker by canceling the annual vacation |