President Coolidge made haste to use his moral power in
the reparations controversy. He announced on Tuesday that, . as America was an important creditor of both Germany and the Allies, and " in view of the importance of the economic recuperation of Europe," he would welcome the presence of American financial experts on the committees which are to inquire as to the German Budget and as to German capital abroad. The American Government will not be officially repre- sented but will encourage private American citizens to accept the invitation of the Reparations Commission. The President expresses the belief that the inquiry " will have great value." Its value depends largely on the part that America, directly or indirectly, plays in its proceedings and in the steps taken hereafter to give effect to its conclusions. We have had conferences and committees without end on this subject. What is needed is some driving power—moral, political and financial—to effect a definite settlement of the reparations question, and American assistance is really indispensable-
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