GERMANY AND HER CREDITORS
[To the Editor of THE SPECTATOR.] SIR,—Baronesse von Der Goltz must surely have a very poor opinion of the intellect of the British public in general and your readers in particular if she hopes to influence them in favour of Germany by her arguments contained in the letter in The Spectator of June 29th.
She scolds the foreign Press when it blames Germany for taking refuge in the Moratorium, yet what other reception even the optimists in Germany could have expected of this gesture is beyond me. Taking into consideration that at the very moment that Germany prefesses absolute inability to liquidate its liabilities it spends enormous sums on National propaganda and rearmament, one is forced to the conclusion that were it the action of an indiVidual instead of a nation it would certainly amount to an indictable offence.
The Baronesse proceeds to deplore the devaluation Of national currency, but omits to state that it was Germany itself which set the lead in this respect twelve years ago.
With regard to the plea for the reopening of international trade negotiations, may I point out that political and social nationalism will never go hand in hand with trade inter- nationalism, for has it not been part of the German nationalist policy deliberately to antagonize Russia, France and the Jews, who together admittedly exercise a great deal of influence on the world market ?
I would conclude by asking, as a non-Aryan countryman of the Baronesse, whether, in asking for equality for every member of the League, it is to be understood that repre- sentatives, who belong to my unpopular race, are to be
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