Having pledged its honor to do so, Germany last week came to agreement with Belgium on the nettlesome Belgian Marks issue which for a time threatened to upset the Young Plan for adjusting Reparations (TIME, June 10).

Back in 1914 when U. S. War-Correspondent Richard Harding Davis looked out of his Brussels hotel window to find the streets flowing with the quiet grey river of General von Bissing's soldiery, Belgian banks were seized, Belgian gold and money were removed from the vaults, German paper marks planted in their place. In 1918, with the...

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