Chancellor Wirth has come before the Reichstag with plain-spoken declarations that have the air of an ultimatum. Germany, he says must have a complete moratorium for the coming year, and a foreign loan as well if she is to being to meet her obligations for 1922. As to the recent action of the Allied Reparations Committee, which has demanded additional taxes of sixty billion marks and Allied control of German finances, he declares arbitrarily that no government will be formed to meet those conditions. The Chancellor's speech was greeted in the Reichstag with cheers.

At first glance, such a speech seems hardly appropriate from a conquered nation, and no doubt it will arouse again the comment that Germany considers herself undefeated and that France is right in maintaining her armaments. Permier Poincare is certain to make the most of that suspicion. On the other hand, many are inclined to regard the speech simply as a play to the gallery, the threat of the small boy who offers to beat up the neighborhood and ends by accepting a couple of marbles in complete settlement. In this respect, the move is perhaps reminiscent of the French demands which caused temporary consternation at the Washington Conference, but proved to be only the French diplomat's method of requesting something much milder.

The German side of the argument is not to be ignored. Many critics agree that the inevitable result of the latest Allied demands would mulct Germany of every pfennig, destroy the small remaining value of the mark, and open the door for Bolshevism. Their opponents answer with a different suggestion. They assert that the whole affair will sour the Genoa Conference on the hands of Lloyd George, leaving him in disrepute, an opening the way for a triumphant Lenin and Wirth to come forward with counter demands quite in the manner of Stalky himself.

Meanwhile there seems little to do but await results. America has elected to stay out of Europe and apparently has taken all international confidence our with her. It is hard to imagine a stronger contrast than that between Genoa and Washington.