Full text: The reparation problem, 1918-1924

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A mandate to that effect will be issued to the Inter-Allied High Commission 
of the Rhineland Territories to secure, subject to its own instructions, the 
exploitation of the forests. 
“(¢)' In the event of the deliveries in kind demanded of Germany (raw ma- 
terials, or building materials, or materials for business purposes, nitrogen, 
etc.) not being carried out within the period laid down in the protocols con- 
taining the orders, requ’sitions may be carried out®*to the extent of the 
deficiency of the deliveries under the orders and subject to the control of the 
Inter-Allied High Commission of the Rhineland Territories. These requisi- 
tions may take place either upon the territories under military occupation or 
in the Ruhr. 
SEIZURE OF PLEDGES 
Since, however, the three years which have just elapsed prove that it is 
impossible to rely upon Germany to execute the engagements which she has 
undertaken, the French Government looks upon the seizure of pledges as 
indispensable, -and considers that the realization of the secur;ties mentionsd 
below will not exceed Germany’s capacity to pay and is not calculated to 
hamper the restoration of her finances. 
These pledges will be taken (1) with a view to assuring the execution of 
the condit'ons of the meratorium alike as regards the reorganization of Ger- 
man finance and as regards the limited payments contemplated during that 
period; (2) with a view to guaranteeing to the Allied Powers the prolongation 
and extension of these payments on the expiration of the moratorium if Ger- 
many has not by that period taken the steps necessary for the normal discharge 
of her debt. 
If loans on a sufficiently important scale are contracted hy Germany during 
the moratorium and placed at the disposal of the Reparation Commission Lo 
redeem the capital of the German debt, the project might be entertained of 
leaving at the disposal of the German Government the cash vielded by the 
pledges and either a part of the yield from the deliveries in kind or their 
equivalent corresponding with the amount of the loans. 
But the French Government considers that all useful medsures must be 
taken to assure the immediate productivity of the pledges, the seizure of which 
it contemplates, and to secure the working of the organization to be created to 
the extent rendered necessary by the circumstances. 
The program elaborated entails the seizure of certain definite pledges. The 
French Government, however, has drawn up this program in such a way as to 
avoid, as far as possible, any further military occupation, excepting in the 
event of Germany failing strictly to conform with all the obligntions when the 
penalties mentioned in the section following will automatically come into force. 
The Allied Governments will, as regards that contingency, assume towards one 
another a binding engagement either to apply these penalties by common action 
or to raise no objection to their isolated application hy one of them. 
The French Government is, moreover, persuaded that if its allies accept this 
program and collaborate with it in imposing it upon the German Government, 
its application could meet with no serious difficulty, and that any movement of 
troops upon unoccupied territories would be rendered superfluous. 
PLEDGES DESIGNED TO SECURE CONCURRENTLY CASH PAYMENT AND DELIVERIES IN 
KIND 
{@) A levy of foreign securities on the basis of German exports coming from 
territories actually occupied and from the basin of the Ruhr. It would be the 
aim of this levy to assure the Allies the means on the one hand of collecting con- 
siderable sums in cash; on the other of controlling, with an accuracy which the 
guaranties committee has not been able hitherto to attain in Berlin, the con- 
dition governing the issue of licenses and. ahove all, the correctness of the pay- 
ments which must be made by the exporters. 
It might be realized through the intermediary of the commission of Bad Ems 
for the territories of the left bank and for the Ruhr Basin, either by the exten- 
sion to that basin of the authority of the commission or by the creation of an 
analogous commission at Essen, to which the exporters, in accordance with a de- 
cree to be issued by the Inter-Allied High Commission of the Rhineland Terri- 
tories would have to apply to secure their export licenses.
	        
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