Show SYNOPSIS OF DAWES PLAN much has been said in general commendation of the dawes plan but few people are familiar with its provisions it Is an extensive scheme to enable germany to pay reparations pa rations to the extent found possible to balance the german budget and to stabilize german currency the plan provides tor for an international loan of 0 gold marks to establish a new bank of issue to stabilize the currency and to meet the first years reparation payments the bank of issue is to be established li with a capital of sold gold marks in shares of marks each shares to represent assets of the and shares share to be subscribed in germany and abroad the bank will be the fiscal agent and depository of the german government hut but will be free of government control it will be administered by a german president and managing board but will be supervised in ili matters affecting the creditor nations by a general board ot of seven germans and seven foreigners one of the foreigners being the bank commissioner the bank of issue is to have the exclusive right to issue and circulate bank notes in germany during the period of its charter which is fifty years all reparation payments are to be made through the bank of issue the sources ot of revenue tor for these payments are the international loan part of the first years payment a mortgage on oil german trail railways ways a mortgage on german industries a transport tax I 1 and revenues from the general bud pet get guaranteed by certain controlled revenues the experts estimate the plan will produce for reparation pa ration payments marks the first year 1 the second year the third year the fourth year and the maximum payment to be required from germany annually tho the fifth year thereafter payments are fixed on a sliding scale and subject to addition or reduction in certain contingencies in order to prevent these payments from affecting germanys germanas Germ anys financial stability adversely an ail index of prosperity has been fixed the plan provides that germanys germanas Germ anys payments abroad shall not exceed its earnings abroad in case of default of payment of interest sinking fund or principal upon either railroad or industrial bonds the plan provides for tho the collection of 0 the deficiency from the german government through the commissioner of controlled revenues revenues from customs alcohol tobacco beer and sugar are to be assigned to and put under the control of germanys germanas Germ anys creditors and are to guarantee the reparation payments from the budget after 1925 26 the plan provides for a commissioner of the bank of issue a commissioner of railways a commissioner of industrial debentures an agent general for reparation payments who is to act as the agency between the reparation commission and the various commissioners and a trustee to receive and administer the railway and industrial bonds accountable to the reparation commission S parker gilbert former undersecretary of the treasury of the united states has been appointed agent general for reparations payments mentioned in the preceding paragraph |