Quashing their quarrels and quibbles, Prime Minister James Ramsay MacDonald and Premier Edouard Herriot stood shoulder to shoulder in Lausanne last week, entreating Germany to accept an ingenious formula.
To this formula the Briton and the Frenchman had won over Japan, Italy, Belgium. Terms:
1) Let the creditor powers accept, in lieu of Reparations, bonds to be issued by Germany with a face value of four billion marks ($952,000,000).
2) Let the Powers agree to hold these bonds for a minimum of three years before attempting to sell them to the world public, after which...