That is, Germany has to bear for the
support of the Allied troops a charge equal to the cost of maintaining
the armies of France, Italy and Belgium before the War.
No financier seriously believes that the issue of bonds authorized by
the treaty for the credit of the Reparations Commission has now any
probability of success. Germany's monetary circulation system is
falling to the stage of _assignats_, and the time is not distant
when, if intelligent provision is not made, Germany will not be in a
position to pay any indemnity.
Obliged to pay only one milliard of gold marks, Germany has not been
able to find this modest sum (modest, that is, in comparison with all
the dreams about the indemnity) without contracting new foreign debts
and increasing her already enormous paper circulation. Each new
indemnity payment, each new debt incurred, will only place Germany in
the position of being unable to make payments abroad.
Many capitalists, even in Italy, inspire their Press to state that
Germany derives an advantage from the depreciation of her mark, or,
in other words, is content with its low level.
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