On May 11, in face of the situation which had
arisen, the Allies proposed and Germany accepted a fresh scheme for
the payment of the reparations. Germany is constrained to pay every
year in cash and in kind the equivalent of 500 million dollars, plus
26 per cent. of the total of her exports.
The rest of the accord refers to the procedure for the issue of
bonds guaranteed on the indicated payments, to the constitution of a
guarantee committee, and to the date of payment. Probably Germany will
have been able to get through the year 1921 without insurmountable
difficulties.
At Spa, on April 27, 1921, the proportionate sums assessed for each of
the conquering powers were established on a total indemnity notably
reduced in comparison with the earlier absurd demands.
But leaving alone the idea of an indemnity of 250, 150, or even 100
milliards of gold marks, it will be well to see in a concrete form
what Germany can be made to pay, and whether the useless and elaborate
structure of the Reparations Commission which, with its powers of
regulating the internal life of Germany for thirty years or more,
ought not to be substituted by a simpler formula more in sympathy with
civilized notions.
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