FLABBERGASTED?

Germany's apparently satisfactory reply to the demands of the reparation commission and the commission's decision to grant Germany a provisional moratorium for the year 1922 may improve the financial situation throughout the world; at least it will have a definite stabilizing effect in Europe. The outlook is encouraging because Wirth, Hermes, and Rathenan, the German chancellor, the finance minister and the foreign minister, have made a serious effort to meet the commission's requirements"; they have taken action to put German finances on a sound basis. The floating debt, as well as the speed of the printing presses, is to be reduced. And the endeavor will be made to meet deficits from additional taxation.

The theory is good but even the most optimistic realize that in an attempt to get back on a sound basis, Germany needs assistance in the forms of an international loan. Whether it will be forthcoming is at present a mooted question; the fact that the French delegate agreed to the decision of the reparation commission is encouraging. It money from various nations is put into such a loan, an even more powerful interest will be taken in the stability of debtor Germany. To be sure it may flabbergast the fire-eating French politician and the isolationist agitator at Washington, but then--they are not to be taken too seriously.