But now we must examine the question not in the light of our sentiments or even of our hatreds. We must see quite calmly if the treaties are possible of application without causing the ruin of the vanquished. Then we must ask ourselves if the ruin of the vanquished does not bring in its train the ruin of the victors. Putting aside, then, all moral considerations, let us examine and value the economic facts.
There is no question that the reparation problem exists solely in the case of Germany, who has still a powerful statal framework which allows her to maintain great efforts, capable not only of providing her with the means of subsistence, but also of paying a large indemnity to the victors. The other vanquished States are more in need of succour than anything else.
Let us follow the _précis_ of them which a representative of France made at the signing of the Treaty of Versailles. They are as follows:
1. Germany is responsible for the total of the losses and damages sustained by her victors inasmuch as she caused them.
2. Germany, in consideration of the permanent diminution of her resources, resulting from the Peace Treaty, is only obliged (but is obliged without restitutions or reserves) to reimburse the direct damages and the pensions as precised in Schedule I of Clause viii of the treaty.
3. Germany must pay before May 1, 1921, not less than twenty milliards of gold marks or make equivalent payment in kind.
4. On May 1 the Reparations Commission will fix the total amount of the German debt.
5. This debt must be liquidated by annual payments whose totals are to be fixed by the Commission.
6. The payments will continue for a period of thirty years, or longer if by that time the debt is not extinguished.
7. Germany will issue one hundred milliards of gold marks of bearer bonds, and afterwards all such issues as the Reparations Commission shall demand, until the amount of the debt be reached in order to permit the stabilization of credit.
8. The payments will be made in money and in kind. The payments in kind will be made in coal, live stock, chemical products, ships, machines, furniture, etc. The payments _in specie_ consist of metal money, of Germany's credits, public and private, abroad, and of a first charge on all the effects and resources of the Empire and the German States.