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...peculiar strength of Dr. Schacht lies in the fact that the President of the Reichsbank is chosen for the inordinately long term of ten years, and is answerable during that time neither to the Reichstag, the Prime Minister nor the President of the Republic. Stiff-necked Dr. Schacht was appointed in 1923. Thus his term will not be up until 1933. Paradoxically the Allied Powers, whom he was challenging last week, themselves insisted on this arrangement in 1924, when the Dawes Plan was adopted. They feared that if German politicians could depose the head of the Reichsbank they might...

Author: /time Magazine | Title: Foreign News: Success at The Hague | 1/27/1930 | See Source »

Curtius v. Schacht. Chief of the German Delegation at The Hague last week was Foreign Minister Dr. Julius Curtius, successor to the late, great Stresemann, and a comparative tyro at diplomacy. He had asked Dr. Schacht to come on from Berlin as a financial expert, found him suddenly as troublesome as a Golem or a Frankenstein...

Author: /time Magazine | Title: Foreign News: Success at The Hague | 1/27/1930 | See Source »

However, Dr. Curtius had two bright ideas about how to deal with Dr. Schacht. First he proceeded to ignore him, assured the Allies that if the Reichsbank would not subscribe Germany's share of the B. I. S. capital, then the Prussian State Bank ("Preussische Staatsbank") and the Reichs-Kredit-Gesellschaft would. Secondly he ordered his legal experts to search through the traveling library of documents which all diplomatic delegations carry and find a way to oust the obstreperous Reichsbank President, if necessary. A good lawyer enjoys nothing so much as trying to find...

Author: /time Magazine | Title: Foreign News: Success at The Hague | 1/27/1930 | See Source »

...Obey or Emigrate!" Calling in correspondents, Dr. Schacht thundered: "The Reichsbank is concerned primarily with whether the Young Plan rests on a moral basis. It does not! The only way to make the world respect the integrity of the Reichsbank is for the Reichsbank to refuse to enter into this immoral agreement. But it is now a question of law! I must obey German law or emigrate. It is suggested that I ought to resign. I will not resign to please anybody. I will resign only if I am wrong. I will continue to obey German...

Author: /time Magazine | Title: Foreign News: Success at The Hague | 1/27/1930 | See Source »

Thus, still firm upon "the highest moral grounds," Dr. Schacht yielded and agreed-making clear that he agreed under duress-that the Reichsbank will subscribe its B. I. S. quota. This removed the last real obstacle to complete agreement at The Hague; but throughout Germany a tempest of controversy brewed. Whereas a few weeks ago ratification of the Young Plan by the Reichstag seemed certain, correspondents of nearly all major news services now filed long despatches full of ominous doubts. Skillful Dr. Schacht had roused in the German public mind a fear that Dr. Curtius had conceded too much...

Author: /time Magazine | Title: Foreign News: Success at The Hague | 1/27/1930 | See Source »

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