Houghton Speaks

Alanson B. Houghton, U. S. Ambassador to Germany, home on leave, spoke at Chicago about Germany. The burden of his speech was that the Experts' Plan stood between Germany and utter ruin. He stressed the importance of the loan to Germany (see REPARATIONS).

"Today, we find in Germany and elsewhere a frightful lack of available and active capital. The factories are there--the men, the management; but the capital to put these forces at work is not there and must in some way be provided if Germany is to have an opportunity to function normally.

"For three years in Germany, I have watched the almost superhuman struggle of the German people to make their way through adversity. I know they want to work and that they will work. . . .

"It is not to be denied that a rehabilitated Germany will make for the prosperity of our own people. The successful operation of the loan will affect America, in particular, because it will very likely increase the ability of Germany once again to buy in our markets. Germany before the War was our second best customer. . . ."