Neither Bonar Law nor Mussolini, however, felt that it would be good
policy to ignore the German offer. Had not France and Belgium been
showing a tendency, which had to be checked, to regard reparations from
Germany as a matter interesting themselves exclusively? The British and
Italian replies both pronounced the offer as “far from corresponding,
either in form or in substance, to what might reasonably have been
expected,” as Lord Curzon put it. The British answer called attention
to the fact that the British program, which was rejected by the other
Entente Powers in January, had provided for nearly double the amount
Germany now offered. How could Germany expect that 30,000,000,000 gold
marks would be accepted as a basis for discussion? The Italian answer
declared that Germany failed to realize the importance of taking into
account Italian reparation claims. These had been reduced to one tenth
of the amount to be recovered from Germany on the ground that Italy was
to receive compensation from Austria and Hungary, which had not been
forthcoming. Both Governments omitted any reference to the Ruhr, or to
Germany’s alternate proposal to refer the reparations question to an
international tribunal.
One point in the Italian note was significant. It laid stress on the
intimate connection between reparations and interallied war debts
and insisted that this problem be solved at the earliest possible
moment in order to “relieve the cost of reconstruction of the Italian
invaded provinces.” The sacrifice demanded of Italy by Germany was
therefore too great. The Paris “Temps,” commenting on the British and
Italian notes, said that Great Britain and Italy, by encouraging the
Germans in their passive resistance, must be held partly responsible
for the inadequacy of the German proposition. Great Britain, declared
the “Temps,” had to realize that “the amount France and Italy demand
from Germany will necessarily depend upon the sums claimed from them
by England.” Virtually every other Paris newspaper said in substance
the same thing. By the middle of May it had become clear that if
the deadlock was to be broken, and a tolerable sum fixed for German
reparations, pressure in the Ruhr was not going to accomplish that
purpose. Hope lay in a reconsideration of interallied indebtedness; and
a part of the sacrifices to be made would be demanded of Great Britain
and the United States.
Public-domain text, read in full here on John Shaqi.
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