As was to be expected, the Germans and. German-Americans are
fighting desperately to defeat the loan which the Anglo- French Financial Commission are endeavouring to negotiate with the American bankers. The Germans rely chiefly on the influence of the German element on the directorates of the banks, especially the savings-banks, in Chicago and the West ; and by organizing protests amongst depositors, by public meetings, talk of diplomatic intervention, personal intimidation of the delegates, and threats of launching
a German loan of £100,000,000 as a counter-move are doing their best to embarrass the negotiations. In spite of all these efforts, there is no reason to suppose that a satisfactory arrangement will not be reached. The majority of the great American bankers and financiers are said to be convinced that the loan is not only desirable but necessary. Telegrams from Washington on Thursday credit Mr. Lansing with the statement that the proposed loan, which was essen- tially a credit loan to pay for obligations, was viewed by the Government as being a private commercial transaction. It did not differ from traffic in contraband or other war supplies, • over which a neutral Government had no obligation to exercise control. The inference is that if Germany lodges a protest it will be ignored.