172 A REVISION OF THE TREATY , chap

So far, Reparation on a large scale has not beencollected from Germany. So far, the Allies havenot paid interest to the United States on what theyowe. Our present troubles, when they are not attri-butable to the after-effects of war and the cyclicaldepression of trade, are due, therefore, not to theenforcement of these claims, but to the uncertaintiesof their possible enforcement. It follows, therefore,that merely to put off the problem will do us no good.That is what we have been doing for two years already.Even to reduce our Reparation demands to Germany 'smaximum actual capacity and really force her to paythem, might make matters worse than they are. Towrite down inter-ally debts by half and then try tocollect them, would be an aggravation, not a cure,of the existing difficulties. The solution, therefore,must not be one which tries to extract the lasttheoretical penny from everybody ; its main objectmust be to set the Finance Ministers of every countrya problem not incapable of wise solution over thenext five years.

I, The Revision of the Treaty

The Reparation Commission have assessed theTreaty claims at 138 milliard gold marks, of which132 milliards are for pensions and damage and 6milliards for Belgian debt. They have not stated inwhat proportions the 132 milliards are divided betweenpensions and damages. My own assessment of the