A take it or leave it offer−and a surprisingly generous one−was made to Germany by the Allies last week, according to the press bureau of the German delegation to the second Dawes Committee in Paris (TIME, Jan 14 et seq.). Whereas under the Dawes Plan the Reich is scheduled to pay in reparations $595,000,000 yearly, the Germans said they had been offered a cut to $420,000,000.
Hitherto Germany's representative−her famed "Iron Man," Dr. Hjalmar Schacht, president of the Reichsbank−had hung doggedly to $332,000,000 as the greatest sum the Reich could possibly pay. Last week, however, he appeared so struck by...
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