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A REVISION OF THE TREATY
9. In respect of the method by which the German expendituresfor reparations purposes should be credited against her totalliability, Germany proposes that prices and values should befixed by a commission of experts.
10. Germany is prepared to secure subscribers for the loan inevery possible way by assigning to them public properties orpublic income in a way to be arranged for.
11. By the acceptance of these proposals all other German liabilities on reparation account are cancelled, and German private property abroad released.
12. Germany considers that her proposals can only be realisedif the system of sanctions is done away with at once ; if thepresent basis of German production is not further diminished ;and if the German nation is again admitted to the world's com-merce and freed of all unproductive expenditure.
These proposals testify to the German firm will to make gooddamage caused by the war up to the limit of her economic capacity.The amounts offered, as well as mode of payment, depend onthis capacity. As far as differences of opinion as to this capacityexist, the German Government recommend that they be ex-amined by a commission of recognised experts acceptable to allthe interested Governments. She declares herself ready inadvance to accept as binding any decision come to by it. Shouldthe United States Government consider negotiations could befacilitated by giving the proposals another form, the German Government would be thankful if their attention were drawnto points in which the United States Government consider analteration desirable. The German Government would alsoreadily receive any other proposals the United States Governmentmight feel inclined to make.
The German Government is too firmly convinced that thepeace and welfare of the world depend on a prompt, just, andfair solution of the reparation problem not to do everything intheir power to put the United States in a position which enablesthem to bring the matter to the attention of the Allied Govern-ments. — Berlin, April 24, 1921.