A triumph for reaction is seen in the recent resignation of the Wirth government which has traveled a rough road since it took charge in May, 1921. The Chancellor's attempt to form a coalition of the Socialists and the German People's party ended in failure and the latter will probably control the new cabinet.

Dr. Wirth, himself of the Centre Party, sought a Reichstag majority by placing in his cabinet a large proportion of Socialists. But the Rathenau murder and the Bavarian revolt revealed a strong monarchistic reaction which enlisted the industrialists headed by Hugo Stinnes and which concealed itself under the name of Liberal or People's Party. Hence the Wirth cabinet had arrayed against it not only the avowed monarchical Conservatives but the powerfully influential industrialists of the People's Party.

Against such opposition doubly strengthened by Stinnes' control of the press, Dr. Wirth had little chance either greatly to centralize the control of the federal government or to bring early stabilization of the mark. The industrialists, in their role of opposition, permitted the mark steadily to decline thus filling then pockets it and harassing their political control. Their pre-war debts have practically disappeared; the wages they must pay have risen relatively slowly; and all business they do outside of Germany brings them a hand-some profit. So they oil the printing press and drew another trunk load of paper from the mint.

Since the Socialists decline to work with these so-called Liberals, it is possible that this People's Party will get the upper hand. What may be expected from them in the way of reparations is well illustrated by their offer to the Reparations Commission in Paris. They will place gold in the Reichsbank if a foreign loan is advanced and if reparation claims are reduced. Can Hugc Stinnes, the reactionary millionaire, deceive himself into thinking that he can successfully masquerade in rags under a Liberal banner?