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The document discusses the collected writings of John Maynard Keynes, highlighting his significant contributions to modern economics and the Royal Economic Society. It outlines the structure of the collected works, which include his published books, articles, and correspondence, aiming to provide a comprehensive record of his economic thought. The volume specifically focuses on Keynes's activities related to reparations between 1922 and 1932, detailing key events and his efforts to influence economic policy during that period.

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the collected writings of
J O H N M AY NA R D K E Y N E S
Managing Editors:
Professor Austin Robinson and Professor Donald Moggridge

John Maynard Keynes (1883–1946) was without doubt one of the most influ-
ential thinkers of the twentieth century. His work revolutionised the theory
and practice of modern economics. It has had a profound impact on the
way economics is taught and written, and on economic policy, around the
world. The Collected Writings of John Maynard Keynes, published in full in
electronic and paperback format for the first time, makes available in thirty
volumes all of Keynes’s published books and articles. This includes writings
from his time in the India Office and Treasury, correspondence in which he
developed his ideas in discussion with fellow economists and correspondence
relating to public affairs. Arguments about Keynes’s work have continued
long beyond his lifetime, but his ideas remain central to any understanding of
modern economics, and a point of departure from which each new generation
of economists draws inspiration.

This volume, a companion to Volume XVII and to many of the Essays in

Persuasion (Volume IX), carries Keynes’s involvement in the post-1919 repa-
rations tangle down to the Lausanne Conference and Britain’s subsequent
effective default on her own war debts in June 1933 – almost fourteen years
to the day after Keynes’s own resignation from the Treasury over the original
Peace Settlement – effectively removed the issue from practical politics. The
events it covers were dramatic – the German hyperinflation, the occupation
of the Ruhr, the Dawes and Young Plans, the Hoover Moratorium. Through-
out, Keynes attempted to shape opinion and the course of events through
published articles, unsigned notes in the Nation and Athenaeum, speeches, let-
ters, official committees and memoranda. These add an important dimension
to our understanding of the history of the period.

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THE COLLECTED WRITINGS OF
JOHN MAYNARD KEYNES

VO LU M E X V I I I

ACTIVITIES 1922–1932
T H E E N D O F R E PA R AT I O N S

edited by
ELIZABETH JOHNSON

CAMBRIDGE UNIVERSITY PRESS

for the
ROYAL ECONOMIC SOCIETY

All rights reserved. No part of this publication

may be reproduced or transmitted, in any
form or by any means, without permission

Published for the Royal Economic Society

throughout the world by
cambridge university press
Cambridge, New York, Melbourne, Madrid, Cape Town,
Singapore, São Paulo, Delhi, Mexico City
Cambridge University Press
The Edinburgh Building, Cambridge cb2 8ru, UK

Published in the United States of America by

Cambridge University Press, New York

www.cambridge.org
Information on this title: www.cambridge.org/9781107691391

This publication is in copyright. Subject to statutory exception

and to the provisions of relevant collective licensing agreements,
no reproduction of any part may take place without the written
permission of Cambridge University Press.

This edition published 2013

Printed and bound in the United Kingdom
by the MPG Books Group

A catalogue record for this publication is available from the British Library

isbn 978-1-107-69139-1 Paperback

30-volume set isbn 978-1-107-67772-2

General introduction page vii

Note to the reader xiii

1 THE DECLINE OF THE MARK, 1921-1922 I

2 NEW GOVERNMENTS, NEW ATTEMPTS AT

SETTLEMENT, 1922-1923 85

3 CORRESPONDENCE WITH A MUTUAL FRIEND,

JANUARY-JUNE 1923 121

4 THE RUHR IMPASSE, JUNE-OCTOBER 1923 172

5 A BREATHING SPACE—THE DAWES PLAN,

I923-I928 234
6 SEARCH FOR A FINAL SETTLEMENT—THE YOUNG

PLAN, 1928-193O 304

7 HOW IT ENDED 351

List of Documents Reproduced 391

Index 397

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GENERAL INTRODUCTION

This new standard edition of The Collected Writings of John

Maynard Keynes forms the memorial to him of the Royal
Economic Society. He devoted a very large share of his busy
life to the Society. In 1911, at the age of twenty-eight, he
became editor of the Economic Journal in succession to Edge-
worth; two years later he was made secretary as well. He held
these offices without intermittence until almost the end of his
life. Edgeworth, it is true, returned to help him with the
editorship from 1919 to 1925; MacGregor took Edgeworth's
place until 1934, when Austin Robinson succeeded him and
continued to assist Keynes down to 1945. But through all these
years Keynes himself carried the major responsibility and
made the principal decisions about the articles that were to
appear in the Economic Journal, without any break save for
one or two issues when he was seriously ill in 1937. It was only
a few months before his death at Easter 1946 that he was
elected president and handed over his editorship to Roy
Harrod and the secretaryship to Austin Robinson.
In his dual capacity of editor and secretary Keynes played
a major part in framing the policies of the Royal Economic
Society. It was very largely due to him that some of the major
publishing activities of the Society—Sraffa's edition of
Ricardo, Stark's edition of the economic writings of Bentham,
and Guillebaud's edition of Marshall, as well as a number of
earlier publications in the 1930s—were initiated.
When Keynes died in 1946 it was natural that the Royal
Economic Society should wish to commemorate him. It was
perhaps equally natural that the Society chose to com-
Vll

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GENERAL INTRODUCTION
memorate him by producing an edition of his collected works.
Keynes himself had always taken a joy in fine printing, and
the Society, with the help of Messrs Macmillan as publishers
and the Cambridge University Press as printers, has been
anxious to give Keynes's writings a permanent form that is
wholly worthy of him.
The present edition will publish as much as is possible of
his work in the field of economics. It will not include any
private and personal correspondence or publish letters in the
possession of his family. The edition is concerned, that is to
say, with Keynes as an economist.
Keynes's writings fall into five broad categories. First there
are the books which he wrote and published as books. Second
there are collections of articles and pamphlets which he
himself made during his lifetime (Essays in Persuasion and
Essays in Biography). Third, there is a very considerable
volume of published but uncollected writings—articles writ-
ten for newspapers, letters to newspapers, articles in journals
that have not been included in his two volumes of collections,
and various pamphlets. Fourth, there are a few hitherto
unpublished writings. Fifth, there is correspondence with
economists and concerned with economics or public affairs.
This series will attempt to publish a complete record of
Keynes's serious writing as an economist. It is the intention
to publish almost completely the whole of the first four
categories listed above. The only exceptions are a few syndi-
cated articles where Keynes wrote almost the same material
for publication in different newspapers or in different coun-
tries, with minor and unimportant variations. In these cases,
this series will publish one only of the variations, choosing the
most interesting.
The publication of Keynes's economic correspondence
must inevitably be selective. In the day of the typewriter and
the filing cabinet and particularly in the case of so active and
busy a man, to publish every scrap of paper that he may have
vm

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GENERAL INTRODUCTION
dictated about some unimportant or ephemeral matter is
impossible. We are aiming to collect and publish as much as
possible, however, of the correspondence in which Keynes
developed his own ideas in argument with his fellow eco-
nomists, as well as the more significant correspondence at
times when Keynes was in the middle of public affairs.
Apart from his published books, the main sources available
to those preparing this series have been two. First, Keynes in
his will made Richard Kahn his executor and responsible for
his economic papers. They have been placed in the Marshall
Library of the University of Cambridge and have been avail-
able for this edition. Until 1914 Keynes did not have a
secretary and his earliest papers are in the main limited to
drafts of important letters that he made in his own handwrit-
ing and retained. At that stage most of the correspondence
that we possess is represented by what he received rather than
by what he wrote. During the war years of 1914-18 Keynes
was serving in the Treasury. With the opening in 1968 of the
records under the thirty-year rule, many of the papers that
he wrote then and later have become available. From 1919
onwards, throughout the rest of his life, Keynes had the help
of a secretary—for many years Mrs Stevens. Thus for the last
twenty-five years of his working life we have in most cases the
carbon copies of his own letters as well as the originals of the
letters that he received.
There were, of course, occasions during this period on
which Keynes wrote himself in his own handwriting. In some
of these cases, with the help of his correspondents, we have
been able to collect the whole of both sides of some important
interchange and we have been anxious, in justice to both
correspondents, to see that both sides of the correspondence
are published in full.
The second main source of information has been a group
of scrapbooks kept over a very long period of years by
Keynes's mother, Florence Keynes, wife of Neville Keynes.
ix

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GENERAL INTRODUCTION
From 1919 onwards these scrapbooks contain almost the
whole of Maynard Keynes's more ephemeral writing, his
letters to newspapers and a great deal of material which
enables one to see not only what he wrote, but the reaction
of others to his writing. Without these very carefully kept
scrapbooks the task of any editor or biographer of Keynes
would have been immensely more difficult.
The plan of the edition, as at present intended, is this. It
will total twenty-nine volumes. Of these the first seven are
Keynes's published books from Indian Currency and Finance,
in 1913, to the General Theory in 1936, with the addition of his
Treatise on Probability. There next follow, as vols. ix and x,
Essays in Persuasion and Essays in Biography, representing
Keynes's own collections of articles. Essays in Persuasion differs
from the original printing in two respects: it contains the full
texts of the articles or pamphlets included in it and not (as
in the original printing) abbreviated versions of these articles,
and it also contains one or two later articles which are of
exactly the same character as those included by Keynes in his
original collection. In Essays in Biography there have been
added a number of biographical studies that Keynes wrote
later than 1933.
There will follow two volumes, XI-XII, of economic articles
and correspondence and a further two volumes, already
published, xm-xiv, covering the development of his thinking
as he moved towards the General Theory. There are included
in these volumes such part of Keynes's economic correspon-
dence as is closely associated with the articles that are printed
in them.
The next thirteen volumes, as we estimate at present, deal
with Keynes's Activities during the years from the beginning
of his public life in 1905 until his death. In each of the
periods into which we divided this material, the volume
concerned publishes his more ephemeral writings, all of it
hitherto uncollected, his correspondence relating to these

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GENERAL INTRODUCTION
activities, and such other material and correspondence as is
necessary to the understanding of Keynes's activities. These
volumes are edited by Elizabeth Johnson and Donald Mog-
gridge, and it is their task to trace and interpret Keynes's
activities sufficiently to make the material fully intelligible to
a later generation. There will be a further volume printing
his social, political and literary writings and a final volume of
bibliography and index.
Those responsible for this edition have been: Lord Kahn,
both as Lord Keynes's executor and as a long and intimate
friend of Lord Keynes, able to help in the interpreting of
much that would otherwise be misunderstood; Sir Roy
Harrod as the author of his biography; Austin Robinson as
Keynes's co-editor on the Economic Journal and successor as
Secretary of the Royal Economic Society, who has acted
throughout as Managing Editor.
Elizabeth Johnson has been responsible for the Activities
volumes xv-xvm covering Keynes's early life, the Versailles
Conference and his early post-1918 concern with reparations
and international finance. Donald Moggridge has been re-
sponsible for the two volumes covering the origins of the
General Theory and for all the Activities volumes from 1924
to the end of his life in 1946.
The work of Elizabeth Johnson and Donald Moggridge has
been assisted at different times by Jane Thistlethwaite, Mrs
McDonald, who was originally responsible for the systematic
ordering of the files of the Keynes papers and Judith
Masterman, who for many years worked with Mrs Johnson
on the papers. More recently Susan Wilsher, Margaret Butler
and Leonora Woollam have continued the secretarial work.
Barbara Lowe has been responsible for the indexing. Susan
Howson undertook much of the important final editorial
work on these volumes.

In this and subsequent volumes, in general all of Keynes's own

writings are printed in larger type. All introductory matter
and all writings by others than Keynes are printed in smaller
type. The only exception to this general rule is that occasional
short quotations from a letter from Keynes to his parents or
to a friend, used in introductory passages to clarify a situation,
are treated as introductory matter and are printed in the
smaller type.
Most of Keynes's letters included in this and other volumes
are reprinted from the carbon copies that remain among his
papers. In most cases he has added his initials to the carbon
in the familiar form in which he signed to all his friends. We
have no means of knowing whether the top copy, sent to the
recipient of the letter, carried a more formal signature.
Crown copyright material appears by permission of the
Comptroller of Her Majesty's Stationery Office.
The editor also wishes to thank Eric Warburg and Sir
Sigmund Warburg for their courtesy in supplying copies
of Keynes's correspondence with Carl Melchior and of
Melchior's diary account of Keynes's visit to Berlin in
June 1923, and Joachim Kratz for his kind interest in
making an English translation of the diary extract.

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Chapter 1
THE DECLINE OF THE MARK,
1921-1922

The editing of the 'Reconstruction in Europe' supplements, culminating

in the publication in December 1923 of A Tract on Monetary Reform, ex-
panded Keynes's writing interests beyond their previous focus on repara-
tions and war debts to the broader field of the international monetary
system. It was at this time, during 1922 and 1923, that he made his most
concerted efforts for a rational treatment of Germany—officially, as an
expert adviser on the state of the mark, and unofficially, as a speaker and
writer; publicly, in the columns of the Nation, and privately, in attempts
to influence both British and German acquaintances in high places.
Linked with the reparations problem was the question of the health of
the German mark, which dropped disastrously in value with every Allied
endeavour to enforce payment for war damages. Early in 1921 Keynes
predicted that once actual reparation payments started, the mark would
collapse. The prediction occurred at the end of an explanatory article on
the foreign exchanges which cautioned speculative holders of marks who
were gambling on the eventual prosperity of Germany.
Keynes produced the article in February in response to a request by La
Nation, Buenos Aires, for him to write on any subject that he pleased. In
sending the manuscript to his American publisher, Alfred Harcourt, for
placing in the American press, he remarked (6 February 1921) that it was
'not an article to which I attach any particular importance—decidedly,
indeed, a second-grade article...'. Harcourt replied (24 February) that he
thought Keynes spoke 'rather too slightingly of it'; after trying the Saturday
Evening Post and the New Republic he sold it to the financial section of the
New York Evening Post for $50. Here it is given in the form in which it
appeared in England in the Manchester Guardian Commercial.

From the Manchester Guardian Commercial, 24 March ig2i

WILL THE GERMAN MARK BE SUPERSEDED?

The object of this article is to deal with a popular mistake
about the foreign exchanges which seems to be extremely

Against recovery
War, revolution, or a failure of the sources of the national
wealth generally begins the depreciation of a paper currency.
But the recovery of this money to its former value need not
result when the original calamity has passed away. A recovery
can only come about by the deliberate policy of the govern-

Germany today
Now it is well known that at the present time there are many
causes at work which are tending to make the value of the
mark progressively worse even than it is at present. The

Who would benefit?

But let us put aside these considerations for the moment, and
look a little further ahead. Most of those who look for a
recovery of the mark are not thinking of this year, or even,
probably, of next. They believe that ultimately Germany will
pull round, and that when this occurs the mark will recover
also.
Now though the process of the depreciation of money (i.e.,
the rise of prices) is easy, though painful, the reverse process
of appreciation (i.e., the fall of prices), though difficult, is also
painful. The upset to the economic organisation of a country
caused by falling prices is quite as bad, as we have all been
finding out lately, as the upset caused by rising prices. Both
are bad, but once we have suffered the evils of rising prices,
they are not obliterated by following them up with the evils

Against Allied interests

In addition, therefore, to all the usual difficulties of reinstat-
ing a fallen currency, there are strong reasons in the case of
Germany for thinking that a reinstatement cannot be under-
taken. Germany has two classes of foreign creditors to deal
with—the Allies, who have reparation claims which are ex-
pressed in terms of gold marks, and the foreign speculative
holders of German bank balances and of German currency,
which are in terms of paper marks. To increase the value of
the paper mark in relation to the gold mark benefits the latter
at the expense of the former. It is not particularly in the
interests of the German government to pay over huge sums
to foreign speculators, and it is decidedly contrary to the
interests of the Allied governments. Whatever temporary
fluctuations there may be, it is therefore extremely unlikely
to happen.
I do not expect, therefore, a permanent recovery in the
value of the German paper mark. Possibly it might be stabi-
lised at some very high figure to the £1 sterling. But if the
Allies persevere with their reparation demands the mark is
much more likely to continue its fall until the final stage is
reached, when the simplest and most sensible course will seem

Oct. Dec. Feb. Apr. June Aug. Oct. Dec. Feb.

End of Sep. Nov. Jan. Mar. May Jul. Sep. Nov. Jan.
350 3500
340 3400
330 I\
• *
S 3300
320 3200
\ {
310 3100
300 \ 3000
\ /
290 2900
280 \ > 2800
270 \ 2700
260 \
J 2600
250
i
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\
/ \ j
Ay
240 i 2400
230 /
\ / 2300
220 /
\/ 2200
210 /
\ /
2100
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JJ
200 2000
190 \ 1900
180
170
L'
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1800
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160 \ /
1600
f — -
/
150
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130
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( Parit y val ue = 20-42 marks.)

g in marl
Y 1r r *
1500
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1300
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Key 1
110 I • . I mpe rial B ank ofG< •rmany nc)te circulation in £ sterling 1100
100 1 7 May 19H
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1
1000
90 900

The Allies' London Ultimatum of 5 May 1921 demanded that Germany

pay over the sum of 1 milliard marks during the course of the summer.
The pressure of complying with this demand, combined with the unfore-
seen division of Upper Silesia between Germany and Poland, caused the

From the Manchester Guardian, g November ig2i

RECORD DEPRECIATION OF THE MARK

For some time the value of the mark was maintained to a
certain extent by the purchases of foreign speculators and
because Germany was not yet paying reparations in cash.
Early in the year I published the opinion that when Germany
had to begin to pay cash to the Allies the mark would collapse.
The fall, initiated by the attempts of the German government
to obtain foreign currency for this purpose, may have been
largely due in its later stages to speculators all over the world
losing heart completely. It is a very dangerous position for
the currency of any country to be held abroad in vast amounts
by persons who entertain erroneous ideas about its future
value. When once these preconceived ideas are thoroughly
upset they discover that they have no rational idea whatever
as to what their holding may be worth, and they fling it on
the market accordingly.
The future value of the mark now depends on the policy
of the Allies, which I shall not attempt to forecast. But as
recent movements have loosened everybody's ideas from
their previous moorings, and these are all at sea, it is useful
to steady ourselves by looking again at some of the facts.
The existing inflation in Germany is usually measured by
the volume of the Reichsbank's note issue. This is a little
misleading. We have to pay attention also to the treasury bills,
which their holders can turn into cash at an early date, if they
want to. If the exchange value of the mark remains at its
present level and German internal prices become adjusted to
it, a far greater volume of notes than hitherto will be required
to carry on the business of the country. Bankers and others
8

From the Westminster Gazette, 5 August ig22

A MORATORIUM FOR WAR DEBTS

I do not complain of Lord Balfour's Note, provided we
assume, as I think we can, that it is our first move and not
our last. Many people seem to regard it as being really
addressed to the United States. I do not agree. Essentially it
is addressed to France. It is a reply, and a very necessary reply,
to the kites which M. Poincare has been flying in The Times
and elsewhere, suggesting that this country should sacrifice
all its claims of every description in return for—practically
nothing at all, certainly not a permanent solution of the
general problem.
The Note brings us back to the facts and to the proper
starting point for negotiations.
In this question of reparations the position changes so fast
that it may be worth while for me to remind you just how
the question stands at this moment. There are in existence
two inconsistent settlements both of which still hold good in
law. The first is the assessment of the Reparation Commis-
sion, namely 132 milliard gold marks. This is a capital sum.
The second is the London Settlement which is not a capital
sum at all, but a schedule of annual payments calculated
according to a formula; but the capitalised value of these
annual payments, worked out on any reasonable hypothesis,
comes to much less than the Reparation Commission's total,
probably not much more than half.
But that is not the end of the story. While both the above
settlements remain in force, the temporary regime under
which Germany has been paying is different from, and much
less than, either of them. By a decision of last March Germany
was to pay during 1922 £36 million (gold) in cash plus deli-
veries in kind. The value of the latter cannot be exactly
calculated, but, apart from coal, they do not amount to much,
with the result that the 1922 demands are probably between
12

At the London Conference Poincare would not hear of a moratorium

without 'productive guarantees' from Germany—the appropriation of
certain state resources, customs receipts, and 25 per cent of the value of
l
7

Towards the end of August Keynes was invited to Hamburg to take part
in a World Economic Congress meeting during Hamburg Overseas Week
—'one of the innumerable German propaganda weeks', in the words of
the Daily Telegraph—organised by the city's commercial community to
encourage the restoration of normal trade relations. It was Keynes's first
visit to Germany since the war. He left England Wednesday, 23 August;
dined with his friend Carl Melchior, who lived in Hamburg, 25 August;
made his speech on Saturday morning, 26 August, the closing day of the
Congress, and dined with the committee that evening; lunched the next
day with Wilhelm Cuno, the general manager of the Hamburg-Amerika
shipping line, who was soon to become Chancellor—and was back in
London within a week. (He knew Cuno as one of the German economic
experts at the peace negotiations, and as a contributor to the Reconstruc-
tion in Europe supplements.) During the visit he sent two dispatches to
the Manchester Guardian on conditions in Germany.
Keynes was given an enthusiastic reception in Hamburg. 'His remarks',
observed the Daily Telegraph, not disingenuously, 'are reported in the
German press at a length and with a prominence which is usually reserved
for the heads of governments.' Keynes spoke in English and was introduced
by Cuno as the man most responsible for the changed attitude of the
English-speaking world towards Germany'. He was greeted with prolonged
applause and cries of ' Hoch' The Hamburg correspondent of the partisan
Manchester Guardian, describing the event, wrote:
As Keynes delivered his address.. .enunciating the guiding principles
with the clarity of the classical British economists, one had no longer the
impression of one foreigner speaking to others and to Germans; the
Congress revealed itself as a session of representatives of the' Commercial
Commonwealth' of Ricardo.

HAMBURG ADDRESS
Amidst the disheartening incidents of the moment, it is easy
to underestimate the rate of progress of public opinion. It is
necessary to look back a little way to appreciate the extra-
ordinary change. Two and a half years ago, when I published
a book, my opinions were those of a small and powerless
18

From the Manchester Guardian, 26 August ig22

FLUCTUATIONS OF THE MARK

The latest crisis in the exchange value of the mark has com-
pletely disorganised business. The violence of the fall is due to
the complete absence of support, the Reichsbank, which lacks
resources as a result of its last payments to the Allies, standing
aside altogether and not helping the market as it did on some
previous occasions of collapse. The amount of business done
is not large, and even a transaction of £10,000 either way
would have a significant effect on the rate. Thus a continuance
of violent fluctuations either up or down is to be expected.
The demand for foreign valuta for forward delivery has
been so acute that lately a holder of bank balances could sell
them in exchange for sterling and buy them back again for
delivery a month later at a rate of profit of 60 per cent per
annum. In effect, the forward market in Hamburg has broken
down completely, and transactions can only be carried out for
cash.
This is one symptom of what is becoming the leading
phenomenon of the German financial situation—namely, the
extreme shortage of cash. The fall in the exchange value of
the mark has so far outstripped the rate of inflation that the
amount of Reichsmark bank notes and bank balances is at the
present depreciated value quite insufficient to carry on the
business of the country. Thus an unprecedented stringency
of money is developing which, unless it is soon relieved, will
bring much business to a standstill.
Another aspect of the same phenomenon is the fact that
businesses which use imported raw materials are becoming
unable to buy enough material to keep their factories fully em-
ployed, simply because the amount of paper marks involved
is so huge in relation to their capital that their credit facilities
are unequal to financing it. Thus a continuance of the present
situation must lead to unemployment for this reason alone.
27

Keynes's second despatch to the Manchester Guardian, written the same

day as he addressed the Hamburg congress, belied the optimistic tone of
his speech.

From the Manchester Guardian, 28 August ig22

GERMAN PEOPLE TERRIFIED BY UNCERTAINTY

The situation in Germany is very anxious. I did not appreciate
until I came here how near Germany is to a nervous break-
down. The effect of the crashing fall of the mark on the
28

Rationing proposals again

At the same time the weather of the past month has injured
the harvest. Proposals are already on foot to restore food
kitchens and rationing and all the apparatus of the war
period. An industrial country like Germany cannot support
without a breakdown of its economic machinery these terrific
fluctuations in its standard of value.
I find, therefore, widespread apprehension that general
2
9

Immediate action needed

But if this result is to be achieved immediate action by the
Allies is urgently required. Germany must be given a breath-
ing space during which she can be free from demands for
money and from threats of invasion. An unconditional mora-
torium must be declared without further delay.
If Great Britain wants to save the situation the time has
come when she must have a positive policy of her own and
must insist on it. So far we have been content to moderate
the disastrous policies of France. I do not know what M.
Poincare really intends at this juncture. But if it is his intention
to precipitate a crisis, then he must be told in the clearest
manner that Great Britain will throw the whole of her auth-
ority against him. Everyone knows that M. Poincare's pro-
posals are imbecilities. It is intolerable that for such things
the health of Europe should be put to hazard.

On 31 August the Reparation Commission meeting in Paris voted against

a motion by the British delegate, Sir John Bradbury, to grant Germany an
unconditional moratorium until the end of the year and adopted instead
a Belgian proposal that she should pay the instalments due, not in cash

3°

To the Editor ofThe Times (dated 5/ August iga2—withdrawn)

Sir,
If the reports from Paris are to be believed, France will not
vote for an unconditional moratorium and Great Britain will
not vote for a conditional moratorium. In this case, the way
to escape a crisis is to avoid a vote on this issue.
Under the schedule of reduced payments for this year the
net sum still due from Germany in cash up to the end of 1922
does not exceed some £13 million. The whole of this is due
to Belgium in virtue of her priority.
Belgium's present attitude is dictated rather by loyalty to
France than by a belief in the wisdom of French policy. It is
said that Belgium is prepared to help a solution by accepting
from Germany six-month bills for the above sum.
If such bills were simply drawn in gold on the German
Treasury, Germany would probably agree. But Belgium re-
quires that they should be guaranteed by the Reichsbank's
gold, or, which comes indirectly to the same thing, by the
German joint stock banks. This condition is unacceptable,
because, once Germany gives up the quasi-independence of
the Reichsbank's gold, she will be open to continual pressure
until nothing is left of her final reserve.
Is there no third course? It is foolish to disorder the whole
affairs of Europe for £13 million. At this junction there is
nothing to be done but to gain time. I suggest that it would
31

From the Manchester Guardian Commercial, 28 September ig22

IS A SETTLEMENT OF THE REPARATION

QUESTION POSSIBLE NOW?
Nothing is settled; yet a way out is required before time can
allow a significant change in surrounding circumstances.
32

With these preliminaries settled the best chance of a settle-

ment is to be found in a plan which does not necessarily
require from Germany more than 1 milliard (£50 million) a
year, but provides for certain defined supplementary pay-
ments in the event of certain contingencies. Plans on these
lines have often been considered. But they are worth consi-
dering again. For they seem to offer an escape from the
dilemma that we must either repeat the mistake of compelling
Germany to subscribe to promises which she does not see her
way to fulfil (which will merely lead to a repetition of the
present state of affairs), or fix a figure which opinion in France
will certainly consider too low and which may in fact turn out
to be less than could have been obtained.
36

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GUIDE TO NEW ORLEANS. 209 Another case where a
reprieve was granted at the last moment, almost, was that of six
Confederate soldiers : Abraham McLane, Daniel Doyle, Edward C.
Smith, Patrick Kane, George L. Williams and William Stanley. They
had been captured at Fort Jackson by the Federal troops and
paroled, and afterward endeavored to organize a company of
Confederates in the city, called the Monroe Life Guard, armed and
equipped to force their way through the lines. They were sentenced
to be shot on the 4th of June, 1862, by Gen. Butler, but their
sentence was commuted to imprisonment on Ship Island. Pedro
Alriel and Vincent Bayonne died cursing the persons who had
assembled to witness their execution. They were Spaniards, and
proudly proclaimed their nationality ere the fatal • loor fell from
under them. They were executed for murder on the 13th of May,
1871. Six years elapsed ere the trap door was once more swung on
its hinges, and on the 15th of June, 1877. George Norris, Adrien
Eveque and Joaquino Florenza, a Chinese or Malay, were executed
for murder at one and the same time. The few executions since the
date given do not possess any special dramatic interest.
210 HISTORICAL SKETCH BOOK. CHAPTER XXIV.— THE
CARNIVAL— MARDI GRAS. HOW IT IS CELEBRATED IN NEW
ORLEANS — THE PROCESSIONS AND PARADES OF FORMER DAYS
— ORGANIZATION OF THE CARNIVAL SECRET SOCIETIES. 'Tis
known— at least it should be — that throughout All countries of the
Catholic persuasion, For, some say, ere Shrove-Tuesday comes
about, The people take their fill of recreation, With fiddling, revels,
feasting, fun and masking, And other things * * * * — Byron's
Beppo. One of the most graphic papers of the celebrated Parisian
critic and newspaper writer, Jules Janin, is an article published many
years ago, entitled " Le Carnaval." Combining wit, erudition,
philosophy and social ethics, the sketch, graced with all the
fascinations of this inimitable feuilletoniste's style, would be as
truthful and readable now as it was when, some forty years ago, it
presented a dazzling kaleidoscope of the Mardi Gras celebration in
Paris, at the height of that city's splendor and gayety, in Louis
Philippe's time. Those wTere the days, too, of the prosperity of
Louisiana, when her wealthy planters and merchants, descendants
of the adventurous Frenchmen who colonized the delta of the
Mississippi, looked to the motherland for their fashions, their
amusements and their literature; and sent scores of their sons to
Paris to complete their education. These young Creoles returned
home with Parisian ideas and tastes so engrained in them that is
was natural they should seek to transplant to New Orleans the
theatrical, operatic, terpsichorean and other amusements of the
great metropolis on the Seine. It was in 1827, sometime before the
elder Davis opened the old Orleans Theatre Ball-room, t'^at a
number of young Creole gentlemen, some of them just returned
from finishing a Parisian education, organized the first grand street
procession of masqueraders in New Orleans. One more splendid still,
and still larger in numbers, took place on the Mardi Gras of 1837;
and another, still more brilliant, in 1839. The French side of the Bee,
of Tuesday, 13th February, 1839, had a very gay and witty article on
the day's celebration, written by one of its assistant editors, Hans
Boussuge, a talented young Frenchman, a new-comer from Paris,
who died a year or two after, of yellow fever. This article concludes
thus : " The persons who are to take part in the mascarade are
requested to meet at the Theatre d'Orleans, at 3J^ o'clock p. m., at
the latest. ORDER OF MARCH. From the Theatre d'Orleans, Royal
street, St. Charles, Julia, Camp, Chartres, Conde, Esplanade, Royal."
We very well remember the appearance of this long and brilliant
cavalcade as it passed up St. Charles street, near Lafayette square,
one of the most conspicuous figures being an immense chicken
cock, six feet high, who rode in a vehicle and whose stentorian crow,
as he flapped his big wings, elicited cheers of admiration and
applause from the crowds on the sidewalks. A distinguished
physician, then quite a young man, it was understood, bore this
admirably rendered disguise. A grand mask and fancy dress ball in
the old St. Louis Hotel Ball-room, and one in the Salle d'Orleans
(next to the theatre) wound up the famous Mardi Gras of 1839.
GUIDE TO NEW ORLEANS. 211 From 1840 to 1845, several
of these brilliant day displays took place. They were in the hands of
gentlemen representing all the respectable element of the city's
heterogeneous population, and were conducted in the same
thorough style, and with the same taste and liberal expenditure that
have made the later displays of the Mistick Krewe, the Twelfth Night
Revelers, and the Knights of Momus memoratle gala nights in the
history of New Orleans. The lapse of years and changes of fortune
brought many changes, also, in the social characteristics of New
Orleans ; and the day celebration of Mardi Gras lapsed into oblivion.
The last, most brilliant and most successful of all, delighted and
amused the town, after several years' quiescence and neglect, on
the Mardi Gras of 1852. A number of New Orleans' first young men
determined to get up a procession, on the occasion alluded to, that
would equal in numbers, in order, variety, elegance and piquancy of
costumes, any that the chronicles of Mardi Gras in this country could
record. The announcement of this intention, through the press,
excited universal curiosity ; and when the memorable day came,
New Orleans boasted of an accession to her population, in the shape
of visitors from the North, West and South, that has not been
surpassed since. The procession traversed the leading streets of the
city, which were positively jammed with admiring throngs, and at
night the old Orleans Theatre was the center of attraction for all that
the Crescent City held of beauty and fashion. The maskers of the
day there received their friends ; and that bewildering ball was long
remembered as the gem of many such jewels clustering in the
diadem of the Queen of the South. In these days.however, the
celebration of Mardi Gras was confined mainly to a number of
maskers who walked or rode around the streets. It was a great day
with the boys, also, who, clothed in old dominoes and masks, with a
stout hickory club in their hands and a bag of flour by their sides,
would march around the streets, looking for an available victim on
whom they could throw their flour, and whom, if they resisted, they
would punish with their shillelaghs. Some of the wilder boys,
conceived, however, the idea of substituting lime for flour, and as
this on more than one occasion came very near producing blindness,
the police had to step in and arrest the boys. This surveillance was
kept up for several years, until both the flour and the lime
disappeared. The flour throwing was evidently a relic of the Roman
habit of throwing little confetti made of paste or plaster at maskers.
But, although for many years Mardi Gras was celebrated by the
appearance of many maskers on the streets, there was no attempt
at a general procession or celebration such as we have to-day.
Mobile first inaugurated the idea of presenting scenes on floats
moving around the streets, the Cowbellions of that city having had a
parade as early as 1831. The first entertainment of this kind in New
Orleans was given in 1857. The affair had been well worked up, and
there was -so much secrecy about it that not even the wives of
those who were engaged in it knew aught of it. All that the public
was aware of was that an organization, known as the Mistick Krewe,
would appear on the streets at night, representing various tableaux.
The consequence was that the streets were crowded with people,
who welcomed this display with shouts of applause. Its complete
success was assured, and as a consequence the Mistick Krewe has
not since ceased to parade on Mardi Gras except when war or
pestilence forbade. The following is a description of first appearance
of the Mistick Krewe procession on our streets, from a paper of that
date: This Krewe, concerning whose identity and purposes there had
been such tortures of curiosity and speculation, made their debut
before the public in a very unique and attractive manner. They went
through the streets at nine o'clock with torchlights, in a guise as
much resembling a deputation from the lower regions as the mind
could possibly conceive. The masks displayed every fantastic idea of
the fearful and horrible, their effect being, however, softened down
by the richness and beauty of the costumes, and the evident
decorum of the devils inside.
212 HISTORICAL SKETCH BOOK. After going through the
principal streets, and calling upon Mayor Waterman for the purpose,
we suppose, of obtaining a license to "raise the supernatural " in the
Gaiety Theatre, they proceeded to that elegant establishment in
order to entertain the hosts of guests they had summoned. The
interior of the theatre was decorated with a profusion of hanging
wreaths and festoons of flowers. In a short time after the doors
were thrown open, all the space inside, apart from the floor and
stage, was jammed with an audience composed of the elite of
Louisiana and the adjacent States— none being in mask but the
Krewe. ' In due time the Mistick Krewe appeared on the stage in the
full glare of the lights. If we may so speak, they were beautiful in
their ugliness— charming in their repulsiveness. There were upwards
of a hundred of them, and no two alike, whilst all were grotesque to
the last degree. They represented the different characters with
which religion, mythology and poesy have peopled the Infernal
Regions, and which Milton has aggregated in his " Paradise Lost."
Four tableaux were given. The first represented Tartarus, the
second, the Expulsion, the third, the Conference of Satan and
Beelzebub, and the fourth, and last, the Pandemonium. At the
conclusion of the tableaux, the barriers were removed, and the
brilliant audience crowded upon the dancing floor. The Mistick Krewe
having: disbanded, dispersed among the crowd and joined in the
dance in a manner which showed them to be very gentlemanly and
agreeable devils. Since then the other processions have followed in
this order : 1858— MYTHOLOGY. First came Comus leading the
Krewe ; following him came Momus ; then Taurus, in a car attended
by the Four Seasons ; Flora, Goddess of Flowers, in a car wreathed
with flowers and drawn by butterflies, attended by a Pomona and
Yertumnus ; Ceres in a car drawn by oxen, and followed by Pan and
Fanus ; Bacchus in a leopard-drawn car, and after him his intoxicated
preceptor, Silenus, scarce able to retain his seat on his donkey. After
them followed all the principal mythological characters. 1859— THE
ENGLISH HOLIDAYS. Comus selected this year for representation the
four great English festivals : Twelfth Night, attended by the Lord of
Misrule and the Abbot of Unreason ; May-Day, with its attendants,
Jack-in-Green and Bobin Hood, and his merry archers of Sherwood
forest ; Midsummer Eve, with Titania and her fairy attendants,
Pease-Blossom, Mustard-Seed and Moth, and Christmas, well
represented by the various dishes and drinks of a Christmas dinner—
Plum Pudding, MincePie, the Wassail-Bowl, Ale, Port and
Champagne. I860— THE HISTORY OF AMERICA. With his graphic
pen, Comus sketched rapidly the history of America from its
discovery to the Missouri compromise 1861— SCENES FROM LIFE.
The procession this year was in five sections, Childhood, Boyhood,
Youth, Manhood and Old Age, while Death followed in the rear. Then
came the war, and Comus for a brief period ceased to please the
people with his pageants. During the four years of that struggle—
1862-5, Mardi Gras was without any celebration whatever here. With
peace, however, Comus again appeared, and in 1866 renewed his
parades. 1866-THE PAST, THE PRESENT AND THE FUTURE. The Past
was represented by strife, destruction, want, grief and terror ; the
Present by Washington, surrounded by industry, commerce, science,
agriculture, history and art, while
* GUIDE TO NEW ORLEANS. 21B peace and plenty
attended the Future. Behind these came Comus, attended by his
followers in the form of animals. 1867— THE FEAST OF EPICURUS.
The procession this year was simply a personification of the various
dishes, wines, etc., that go to make up a grand dinner. The Heralds
of Appetite— sherry, absinthe and bitters, with their special aids,
oysters, and Johannisberger— led the van. The Lords of the Ladle
followed with the soups, and the Knights of the Shell— shrimp, crab
and crayfish. Then came the Rulers of the Roast, attended by
maccaroni a l'ltalienne, canard grecque, patedes oiseaux, snipe,
sausage, etc. Lettuce followed in the company of the salad fork and
castor, and behind them artichoke, asparagus and cauliflower. Ice
cream and strawberries attended by the Court Ushers— macaroon
and meringuecame next, and the various fruits— pineapple, orange,
melon and grapes ; then came the Triflers —nuts and confections ;
and last of all the Peacemakers— coffee and segars. 1868— LALLA
ROOKH. This procession was led by a cavalcade of horsemen,
bearing aloft the blazing insignia of Oriental royalty, armed with the
flying javelin, the vengeful scimitar and twanging bow. 1869— THE
FIVE SENSES. Each sense was represented by an antique statue.
Phoebus represented sight, Ceres taste, Flora smell, and Venus
touch. These emblematic representations gave the Krewe an
opportunity of representing in a fantastic and amusing manner the
various species of animals, insects, fruits and flowers of the earth.
The tableaux corresponded, in number and character, with the
senses, 1870— THE HISTORY OF LOUISIANA. The procession this
year contained sixteen floats, each giving a picture from the history
of our State. The first car contained Louisiana with her attendants—
Pelican, Justice and Union, and old Father Miche Sebe as her
companion. The other floats represented the following scenes : De
Soto and his followers in America, De Soto's march from Florida to
Louisiana ; the Discovery of the Mississippi ; the French priests
preaching the gospel to the Indians ; La Salle, Tonti and Hennepin ;
Iberville and the French settlers ; Bienville and his followers ; the
priests in Louisiana ; the Spanish Governors of Louisiana ; the
cession of Louisiana to the United States ; the heroes of January 8,
1815 ; Lafitte, the pirate ; Gen. Villere, and the Louisiana Creoles,
who fought under Jackson. 1871— SPENSER'S FAERIE QUEEN. It
was a pity that so few persons had read this exquisite poem of
Edmund Spenser, because very few of the lookers-on could fully
appreciate the procession, although they all knew it was beautiful.
1872-HOMER'S TALE OF TROY. A Doric temple was in the lead, in
which was placed the bust of Homer. Helen and Paris followed in
their chariot ; then came the Court of Agamemnon, Achilles, Ajax,
Patroclus, Menelaus, etc., and last the Trojans, headed by Priam,
surrounded by Cassandra, Hilenus and Hector. Scenes from the
Odyssey were also given, and from Homer's comic poem, the "
Battle of the Frogs and Mice. ' ' 1873-THE MISSING LINKS. Comus
appeared in a chariot drawn by Shetland ponies. Following him came
the Krewe, representing the gradual development of man from the
original zoophyte, to which Darwin traces our ancestry, to his
present condition.
214 HISTORICAL SKETCH BOOK. 1874— COMUS'
GREETING TO THE NATIONS. The five great divisions of the world,
Europe, Asia, Africa, America and Australasia, were here
represented, together with the various countries they contain. The
last tableau, the Arctic world, represented the Polar Queen seated
on an immense iceberg, with a large white bear lying at her feet. In
consequence of the political troubles in which Louisiana was just
then involved, Cornus gave no parade in 1875. 1876— BIBLICAL
HISTORY. The five thousand years of Biblical history as illustrated by
Comus has always been confessed to be the finest and most elegant
show of the kind ever given here by any of our carnival
organizations. The materials and dresses used were much finer than
ever before seen, and the floats were the grandest in design placed
on our streets. 1877-THE ARYAN RACE. The development of the
great Aryan race, to which all of us, English, German and Irish,
belong, its civilization, fashions and future, was the subject of
Comus's procession this year. Comus's chariot formed the figure of
an immense swan, garlanded with flowers, in which he sat, wine-
glass in hand, surrounded by his followers, Then followed twenty-
three pictures of our progress toward perfection : the feast of Isis in
ancient Egypt ; a tragic scene in the ancient theatre of Dionysius at
Athens ; a picture of Rome in its warlike and republican days ;
another of Rome under the empire— a feast worthy of Lucullus ; the
Dark Ages standing in the midst of a ruined and broken temple ; the
baptism of King Clovis ; Charlemagne mounted on his throne,
holding the globe of empire in his hands ; the Crusaders en route to
the Holy Land ; a court of justice in the Middle Ages, wherein two
knights are settling a disputed point with sword and battle-ax ; a
picture of domestic life, a hunting party and a dinner party of the
Middle Ages, with all quaint costumes of that epoch ; a gondola
party at Venice ; a fashionable call in the fifteenth century ; the
tournament ; the Renaissance ; a church scene in the sixteenth
century, the era of mighty muffs and ruffs ; a scene in the garden of
Versailles during Louis Quatorze's reign ; a soiree of the last century
and a view of Boston Common at the time of the Revolutionary War.
Our present century was represented by two floats, a promenade in
the early half of the century, when mutton-leg trousers and
crinolines were fashionable, and a party of ladies of to-day who have
just come out of the modiste's arrayed in all the finery of long trains,
high bonnets, etc. In the last tableau Comus glanced forward a
century and gave his view of what would be the styles of 1976. The
statue of Minerva stands as patroness in the centre, around whom
the weaker sex are congregated in Bloomer costumes, carrying on
all the trades and professions now usurped by man, while the men,
in hoops and skirts, are nursing the children or attending to
household duties. 1878— THE METAMORPHOSES OF OVID. This
year comus selected the Metamorphoses of Ovid, which were
represented in the form of statues on twenty-one floats. There was
no procession in 1879. 1880— THE ROMANCE OF MEXICO. A
number of scenes were given from the history and customs of the
ancient inhabitants of Mexico— the Aztecs. Unfortunately, in the
procession, several of the handsomest floats caught fire and were
destroyed. Among the finest tableaux were the following : The
Administration of Justice in Mexico ; the sacrifice of human victims
to the god, Qualtzoacoatl ; the floating gardens of the lake Tezcuco ;
an ancient Aztec marriage ; the meeting of Cortez and Montezuma ;
the defeat of the Spaniards on the Noche Triste ; and finally a scene
of the present day in the plaza of the city of Mexico.
GUIDE TO NEW ORLEANS, 215 1881— THE MYTHS OF
NORDLAND. Prom the story of Sigurd, the Viking, Comus gave
pictures of the ancient history, mythology and tradition of the
Norwegians. The handsomest tableaux were the Workshop of the
Dwarfs; Elfland: the voyage of the Nibelungs; the Norwegian Hell ;
andRagnaroc or the end of the world. 1882— THE WORLD'S
WORSHIPS. The floats represented various scenes from different
worships, the worship of the Sun, of the sacred bull, Moses receiving
the laws, the Druids, the Vestal Virgins bringing the religious wor
ship down to the Mormons of to-day. There wa3 no procession in
1883. 1884— IRELAND. Comus told the legendary history of Ireland
beginning with the invasion of Partholan, 2855 years before Christ,
and coming down to the great council of Irish chiefs held just before
the battle of the Boyne. In 1870 another organization, styling
themselves The Twelfth Night Revelers, sprang into existence and
paraded our streets on Twelfth Ni^ht (January 6). They continued
this fot several years, but in 1877 the club which gave this
entertainment disbanded, and these parades ceased. . 1871—
MOTHER GOOSE'S TEA PARTY. Mother Goose led off, drawn by
Humpty Dumpty. Eehind her came the great Giant Fa-fefi-fo-fum,
with Jack, the celebrated slayer of giants and ogres. Little Bo-Peep,
Jack Frost and Mr. and Mrs. Spratt, occupied the next float ; then
came Jack and Jill, Jack Horner and Daffy Down Dilly; Little Boy Blue
escorted Miss Red Riding Hood; the Old Woman who lived in a Shoe,
and Saddle My Cock and Saddle My Hen. Behind these come various
other friends of the children: Beauty and the Beast, Tom Tucker and
Johnny Grace, Tom the Piper's Son, Robin Hood and his Merry Men,
Richard and Robin, Cinderella and her Fairy Godmother, the Cow that
Jumped over the Moon, King Cole, Mother Hubbard, her Dog and
Puss in Boots, the entire Heart Family— King, Queen and Knave—
Pease-Porridge Hot, the Lion and L'nicorn, Cock Robin and Jenny
Wren, and last of all, famous Old Santa Claus. 1872— ENGLISH
HUMOR. The Lord of Misrule's next picture was of English humor,
representing pictures from the works of the leading English
humorists. The Wife of Bath and the Clerke of Oxf orde, represented
Chaucer ; Sir John Falstaff, Shakespeare ; the Alchemist and Boabdil,
Ben Jonson ; Hudibras, Samuel Butler ; Captain Maeheath and Polly
and Lucy, John Gay ; Gulliver in Lilliput, Jonathan Swift ; Tristram
Shandy, Lawrence Sterne ; Moses at the Fair, Oliver Goldsmith ;
Dominie Sampson and Dandy Dinmont, Walter Scott; Rip Van Winkle
and Ichabod Crane, Washington Irving ; the Two Wellers, Silas
Wegg, Captain Cuttle and Mr. Bumble, Charles Dickens ; and the
Heathen Chinee, Bret Harte. 1873— THE BIRDS OF AUDUBON.
Taking the work of our celebrated Louisiana naturalist as a basis, the
Lord of Misrule proceeded to give a thorough review of the
ornithological kingdom. The grouping of the birds was excellent, and
nearly every float contained a picture that was at once instructive,
beautiful and laughable. There was a barn-yard meeting, over which
Sir Chanticleer presided, and where, of course, his trusty hens and
the duck and goose were present ; the Woodpecker's Workshop,
where the partridge, woodpecker, and others were busy at work with
saw, hammer and chisel ; the Birds of War, the eagle of France, and
his double-headed brother of Russia; the Bird Club, mostly birds of a
sporting character, snipe, woodcock and grouse ; the Mocking Bird
Choir, composed of all the song birds, presided over by the gifted
singer of the South ; the
21(3 HISTORICAL SKETCH BOOK. birth of Tomtit ; the
Grand Turk-ey, represented as a pasha, swelled with pride and rage ;
the Crows in Council ; the Bird Ball, where are congregated the
peacock, pheasant, and all the ornamental birds ; closing with the
Pelican, emblematic of Louisiana. 1874— DOLLY AND HER TOYS.
The Lord of Misrule again came forth with a show to amuse and
delight the children as well as their grown-up friends, who were only
too delighted to be recalled to the happy days of infancy. This time
he gave a picture of Dolly with all the treasures of her nursery. The
doll was seated before a table covered with a small tea-set. Her
escort was a body of wooden soldiers, just such as come out of
Christmas boxes. Behind her came her cabinet, also of carved wood,
and looking supernaturally wise, but rather stiff for all that. The ark
followed, filled with angular birds and beasts. Then came a parlor,
and a kitchen, and a stable scene ; a children's band rattling drnms,
bugles, whistles and other devices for making a din. The stage was
represented by Puneh and Judy. The Christmas feast followed with
Santa Claus driving a sleigh filled to its very brim with the choicest
toys and candies. The last two floats were occupied by " citizens,"
among whom could be distinguished Messrs. Jumping Jack, Jack-in-
the-Box, Hobby Horse and others. 1876— THE MARCH OF AGES.
The Revellers turned out with the greatest number ever presented in
any parade in this city. Float No. 1 told of the Birth of Time. Then
came the Age of Fire, with Vulcan, Vesta and the Cyclops ; the Age
of Water, with Neptune ; the Nebulae the first Birth of Light, then
the Sun. Moon and Stars. Chaos followed, and behind him Creation.
The Primeval Age was then represented, with man in his first stage.
The Age of Stone followed, and then the Golden Age, where, under
the protection of Cybele, all the beasts lay down together, and war
and trouble were unknown. The Dark Ages came next, then the
Biblical Age, the Bronze Age, that of Semiramis, Queen of Assyria,
the Silver Age, that of Solomon, the Iron Age, over which the sword
of the Roman Republic rules. Then the Age of Chivalry, with St.
George fighting the dragon, and the Knights of the Round Table met
at the Court of King Arthur ; the Age of Adventure, when Columbus
and his followers crossed the Atlantic in search of new worlds ; the
Present Age, represented by a man bowed down by incessant study,
and an enormous Krupp gun. The Future Age, if the Lord of Misrule
is to be believed, will be the triumph of woman, for here is a gallant
army of Amazons congregated around their Queen, Pallas Athene,
and promising her the aid and support of their strong right arms.
Last of all comes Eternity— deep, mysterious Eternity— a broken
column, with Saturn (Time) asleep, the hour-glass empty, the dial of
time broken, and the sun obscured by dark clouds. In 1872 a
number of gentlemen in this city organized the Knights of Momus,
celebrating the event with a procession, which appeared on the
streets on the last day of the year. 1872— THE TALISMAN. Momus
selected for its first procession Scott's beautiful story of the
Talisman, the scene of which is laid in Palestine during the Crusades.
All of the leading crusaders, Richard Coeur de Lion, Philip of France,
Leopold of Austria, and others, were present, as were likewise their
Saracen enemies, led by the great Saladin. 1873— THE COMING
RACE. The second theme selected by Momus was The Coming Race.
The procession took place, as the former one had done, on the last
day of the year. It was a curious picture, such as one might well
imagine after a too hearty meal of mince pie, Welsh rarebit or
something very indigestible. Led by the great naturalists, Darwin,
Cuvier, Humboldt and others, came their curious army— dogs with
tortoise-shell heads, men with heads like lobsters' claws—
everything absurd, ridiculous and impossible.
GUIDE TO NEW ORLEANS. 217 In neither 1874 nor 1875
did Momus arrive. It had been determined to change the time for
the Momus procession so as to bring it nearer to Mardi Gras. This
was done to make the carnival as attractive as possible, and present
all the displays near together during the gay season. It was
determined, therefore, that Momus in f ntui-e should turn out during
the week before Mardi Gras. When that day came around, however,
the political complications just then affecting us were so unpleasant
that Comus declined to parade, and Momus followed the example of
his illustrious brother. 1876— LOUISIANA AND HER PRODUCTIONS.
In 1876, however, Momus came with his display, far exceeding
anything he had hitherto attempted, a picture of our own beloved
State. Louisiana led off, a gorgeously attired lady, with Bienville as
her protector, and surrounded by Union, Confidence, Justice and our
Pelican. Spring was heralded by Flora, behind whom followed
Magnolia, Acacia and all the flowers of our clime. Ceres led the van
of Summer, with King Carrot, Corn, Lettuce, Cauliflower, Tomato,
Cucumber, Garlic, Turnip and others. A kitchen scene followed,
wherein the Irish and Sweet Potato were wrangling in a pot, the
Squash courting the Egg plant, and the other denizens of the kitchen
— Leek, Beet and Onion — were attending to various culinary duties.
Pomona followed as Autumn, with a court of Grapes, Strawberries,
Melons, Pineapples and other fruits. Irene led the last division,
Winter, and behind her followed the Royal Agricultural Family of
Louisiana— Princess Rice, Queen Sugar on a throne of hogsheads,
and King Cotton on a dais of cotton bales. The procession occupied
nineteen floats, 1877— DEMONOLOGY. The fourth representation of
Momus occurred on Thursday, February 8. The subject chosen was
one which would have delighted good King James of Scotland and
England— a history of the demons, witches and monsters of the
lower world— behind which was conveyed a deep, political satire, for
the faces worn by those demons were fac-similes of those of the
leading Radical politicians just then engaged in oppressing Louisiana.
Verdelet and Leonard (Babcock and Boss Shepherd), two inferior
imps, led the procession ; then came the Department of State, with
Adraraelech (Fish) at its head ; the chariot of Mars, with Baal, Camer
and Chamos (Sherman, Sheridan and Grant) ; the Department of
Justice, Lucfer in a landaulet (Williams) ; and so on through the
entire book of demonology, Blaine, Packard, Kellogg and ah the
leading Radicals of the country being represented by some favorite
of the demon world. There were the Dukes of Debauch, the Knights
of the Black League, with Sabnack (Packard) driving the dragon,
whose face was that of a cornfield darkey; the Counts of the
Returning Board, with the well recognized faces of Tom Anderson,
WTells & Co., the whole winding up with the Ship of State going
down in a sea of fire. 1878.— SCENES FROM THE REALMS OF
FANCY. From the realms of Hades, Momus leaped to the heights of
fantasy, giving us one of the prettiest pictures ever seen here. The
floats were sixteen in number. Momus, himself led off in a grand
coral chariot, resting on the clouds. Queen Mab followed him in her
chariot, drawn by four butterflies. And then came various pictures
from our fairy tales, such as the Prince awaking the Sleeping Beauty
from her century-long sleep ; the combat between Valentine and
Orson ; the Knight's combat with the Yellow Dwarf, etc. In 1879, in
consequence of the presence of yellow fever here during the
previous summer, the great cost to which it had put our citizens
and.societies, and the larsre tiumber of persons in mourning, it was
resolved both by Comus and Momus to have no public celebration,
but to leave Mardi Gras to Rex alone.
218 HISTORICAL SKETCH BOOK. 1880.— A DREAM OF
FAIR WOMEN. Momus showed this year the most famous women the
world has produced, among them Semiramis going to battle ;
Sappho flying with Phaon ; Samson in the arbor of Delilah ; Aspasia
and Pericles; Judith before Holofernes; Cornelia and her jewels;
Cleopatra sailing down the Cydnus in her galley ; Boadicea
harranguing the Britons ; Fair Rosamond and Eleanor ; Queen
Isabella, the Catholic ; Mary Stuart going to execution ; Queen
Elizabeth and her Court ; and Maria Theresa being crowned Queen
of Hungary. 1881— POPULAR SUBJECTS. Momus presented curious
pictures from popular novels and stories. There were Robinson
Crusoe on his desert island ; Hans Christian Andersen's story of Little
Totty ; the marriage of Hoho of the Golden Belt; Baron Munchausen,
William Tell, The Ancient Mariner, Paul and Virginia, Hiawatha, and
many other creations of the poet and novelist. 1882— THE
RAMAYANA. The tableaux of Momus this year was highly Oriental,
and taken from the great epic of Hindostan. Among other scenes
were the Nuptials of Rama : the Council of the Gods ; the
Banishment of Rama ; Rama invoking the Ocean ; and the combat of
Rama and Ravanna. 1883— THE MOORS IN SPAIN. Momus
appeared on Mardi-Gras night this year (Comus not parading),
reprGo-eriiiig curious scenes from the rise and fall of the Moorish
power in Spain. 1884— THE PASSIONS. The various evil passions
which escaped from Pandora's box were given, each represented by
some celebrated historical personage, Jealousy, by Amertus, Xerxes'
wife; Ambition by Alexander the Great, Licentiousness by
Sardanapalus. REX made his first entry in our city m 1872. He came
then attended by a body-guard of Arabs. This organization was
started for the purpose of showing all the maskers in the city
combined in a procession to pass before the Grand Duke Alexis, who
was a guest of the city, and reviewed the procession at the City Hall.
It was brought prominently before the public and became popular
through a series of edicts emanating from Arabia, which were
published almost daily in the public press. It was through the
influence of Rex that Mardi Gras became a legal holiday in New
Orleans, and business was suspended, so that all classes could join
in the general festivities. The next year he appeared in still grander
style, and so on, each subsequent year. It was not until 1877,
however, that he emulated his brothers, Comus and Momus, and
presented us with a parade representing scenes and tableaux. 1877
— THE MILITARY PROGRESS OF THE WORLD. In twenty- four floats,
Rex represented the gradual development of military science from
the prehistoric ages to the present day, briefly reviewing the various
wars by which the world has been afflicted. The procession began
with the warriors of the prehistoric age ; then followed an Egyptian
army marching to conquest : the Israelites and Philistines engaged
in war ; the Assyrians and Babylonians accoutred for conquest ;
Greece 500 years before Christ, and Rome at the Christian Era ; the
Ancient Britons preparing to resist the Romans ; the Huns, Goths
and Vandals ; the Danes and Anglo-Saxons in their war vessels,
preparing for a descent on the the British coast : the Moslems
invading Europe and Asia ; the Crusaders about to march against
them ; the famous battering ram of the mediaeval ages : the
Spanish in Mexico : the Thirty Years' War ; the conquest of India by
the English ; the War of Independence ; the battle of Waterloo;
GUIDE TO NEW ORLEANS. 219 the Crimean war ; the late
war between the States, with the Confederate and Federal soldiers
fraternizing ; the Franco-Prussian war, and lastly, the Turco-Servian
war— which was waging at the very time the procession was
marching through our city. 1878— MYTHOLOGY. Rex burlesqued this
year, and he chose for his theme the Immortal Gods of Greece. The
procession was a long and exhaustive one, containing no less than
twenty-eight floats. Jupiter, Juno and Neptune led off in their
appropriate chariots. Minerva was an ancient and wrinkled blue-
stocking, surrounded by the arts and sciences. Apollo and the Muses
had organized a brass band. Venus in her shell chariot was flirting
outrageously, ogling every passer-by, behind her fan. Mars was
mounted on a mighty cannon. Mercury, as a merchant, was liberally
sampling cotton bales and watering his whiskey. Vulcan was busy
making horseshoes. Then followed the Fates, Janus and the Months,
iEolus and the Winds, the Vestal Virgins, Silenus, Bacchus gorgeously
drunk, the Sirens, Circe, the Harpies, the Furies, Momus, Comus,
Pomona, the Supreme Court of Hell, the Heroes of Homer's poems,
Paris and Helen fleeing from the wrath of Menelaus in a steam
yacht, the Trojan Horse, and lastly the Wheel of Fortune. 1879—
HISTORY. In twenty-six cars, Rex gave a burlesque history of the
world. 1880— THE FOUR ELEMENTS. Rex appeared this year as the
King of Hamuth, surrounded by an army of Assyrians. The floats
represented the four elements of Fire, Water, Earth and Air, and
were of unusual brilliancy and color. All the fish of the sea and the
birds of the air appeared, while Oxygen, Carbon, Zoroaster and
Thunder, and other tableaux represented the various divisions and
forms of fire, 1881— THE ARABIAN NIGHTS. Rex this year appeared
as Schahriah, the hero of the Arabian Nights, accompanied by the
famous story-telling Scheherazade. The tableaux were various
scenes from that great collection of Oriental romances. 1882-THE
PURSUIT OF PLEASURE. Among the tableaux were Christmas, a
Picnic, Surf Bathing, Hunting, the Circus, Fishing, Baseball, Dinner,
the Opera, the Gaming Table, and all the other forms that pleasure
can take. 1883— ATLANTIS. The habits, customs and life of the lost
continent of Atlantis were given by Rex. The tableaux were the
Hanging Gardens of Atlantis ; Nuptial Ceremonies of the Natives ;
the Courts of Justice ; Theatrical Amusements ; the Feast, etc. 1884
— THE SEMITIC RACE. Rex as Solomon in all his glory, renewed ;
the History of the Semitic Race ; Nimrod, the Mighty Hunter ; Asshur,
Semiramis, Sardanapalus, Nebuchadnezzar, Moses , Samson, David,
King of Israel and Mohammed. KNIGHTS OF PROTEUS. The Knights
of Proteus, a new organization, appeared in 1882, the day before
Mardi Gras, with a very handsome parade. A Dream of Egypt,
showing the various Egyptian deities, Osiris, Isis, Thoth and Nilus ;
the Mourning of the Egyptians, an Egyptian Wedding, etc.
220 HISTORICAL SKETCH BOOK. 1883— THE HISTOKY OF
FRANCE. Proteus produced various pictures from the history of
France, Hesus, the god of the Druids Charlemagne, the Normans'
Landing on the Coast of France, the Crusaders, Francis the First,
Marie Antoinette and the guillotine, and Napoleon crowning
Josephine Empress. 1884— THE ^ENEID. This was decidedly the
handsomest display of the year. Vergil's classic was magnificently
illustrated, and tableaux of the Gates of Ivory, Falace of Picus, the
Judgment of Rhadamanthus and others were among the best ever
seen in New Orleans. HOW THE PARADES ARE PREPARED. The
Carnival celebration in New Orleans has of late years surpassed, in
extent and grandeur, all similar events occurring either in Europe or
this country. Beside it the carnivals of the Corso of Rome and the
canals of Venice are tame affairs, lacking the exquisite order and
organization with which the Americans have endowed it. Though
frequently described in letters and by the public press, it yet has to
be seen to be appreciated, and few enjoy that privilege once without
thereafter making an annual pilgrimage to the Crescent City during
its festive season. Few understand the admirable and thorough
system of organization, through which alone such grand successes
can be achieved— a system as complete in its little way as that of an
army or an established government. In fact, it does embrace a
phantom government, ruled over by the mythical Rex, whose reign is
absolute for twenty-four hours, during which his flag is alone
permitted to fly ; and whose edicts are as implicitly obeyed as were
those of an Alexander or a Nero. The central power is contributed to
and supported by several secret societies, each independent within
itself, but all co-operating to a single end. Outside of Rex's court
there are other and some older secret associations, such as the
Mistick Krewe, the Twelfth Night Revelers, the Knights of Momus,
etc. Each of these has its own distinct gala night devoted to its
street procession and its tableau balls, to which the tickets are
invariably complimentary. The expense of one of these displays
ranges in cost from $12,000 to $18,000, and sometimes higher. In
one instance Rex's display cost $28,000. Each association owns its
twenty floats, its ladders and lights, housings for the draft-horses
and disguises for the torch-bearers, but none of them have any
known permanent meeting-place, which changes constantly and is
kept sacredly secret. Each association numbers from 150 to 200
men, generally club men, some of them grandfathers. One hundred
are generally selected to appear in the display, while the others are
utilized in other duties which are much more onerous than is
generally supposed. The preparation for a display occupies almost an
entire year, and the torchlights of one hardly die out before work is
on foot for its successor, all of which is conducted with the greatest
secrecy. The first step taken after Mardi Gras is a meeting for the
election of a design committee for the ensuing year, over whom is
elevated " the captain," with absolute power, experience having
demonstrated imperial power and blind obedience to be the main
essentials of the system. Next the artist is summoned for
consultation. Each member of the committee now proposes one or
more subjects fo.. treatment, the best half-dozen of which are
delivered to the artist to reproduce in rough crayon sketches
throughout. When completed, the committee meets again for
consultation, and a final selection is made. This is always the most
difficult problem encountered, and generally consumes an entire
month, after which the work begins in earnest. The artist at once
commences the preparation of accurate water color sketches of each
of the hundred characters, upon cardboards about the size of an
imperial photograph. These are finished to the minutest detail and
carefully colored for the use of the costume manufacturer, the
material of which every part of tne dress is to be made being
incribed upon it.
GUIDE TO NEW ORLEANS. 221 I These completed to the
satisfaction of the design committee— no easy task, by the by, and
one requiring a couple of months for execution— the cast of
characters is then made in harmony with the individual
characteristics of the members, who from that time forward lose
their identity and are designated only by numbers which are
inscribed upon the separate character cards. These cards also bear
upon their reverse the height, girth, weight, size of foot, head and
hand, together with a record of the physical peculiarities of the
individual who is to assume the indicated role. This done, the artist
at once commences upon a duplicate series of eighteen or twenty
larger, and much more elaborate watsr color designs in which all the
characters appear grouped in the respective emblematic tableaux
they are to exhibit upon the floats in the street procession, !
together with the float, designs, decorations and accessories, each
one being a little scene within itself. When completed, one set of
these— each figure duly numbered— is posted upon the walls of the
club-room, or " The Den," as it is generally called, for the members'
close scrutiny and study during the balance of the year. The other
set, together with the individual character cards, are then either
taken or sent to Paris, where the costumes are maufactured and
numbered to correspond. These preliminaries are generally
consummated by July 1, and a short breathing spell ensues, during
which time the local papier-mache maker is busy moulding the
properties which are required to decorate the floats. By December
1st the costumes generally arrive in New Orleans. They are at once
removed to " The Den," where they are ranged upon long tables,
each costume being surmounted with its appropriate picture. Here,
during a period of six or eight weeks, the members come in regular
detail to be fitted with their dresses by a corps of tailors, armorers
and milliners in constant attendance for that purpose. This task
completed to perfect satisfaction, each costume is placed in one of a
hundred boxes, duly numbered with the cast number, which is
locked up and laid aside in waiting for the eventful night. Meanwhile,
the Float Committee, with the duplicate set of designs, has been
engaged for weeks at some out-of-the-way place, generally the yard
of a cotton press, building up, with the aid of carpenters, painters,
carvers, gilders and papier-mache makers, the wonderful structures
upon which the figures are to pose during the street procession.
Another committee is at work preparing for the ball, which takes
place at the Opera House, and is generally preceded by three
tableaux, the last embracing all the characters, the large and
elaborate designs for which have consumed most of the artist's
leisure time up to the holidays. As the eventful day, or rather night,
approaches nearer, everybody is at work — some preparing the
lights for the procession, some engaging horses, others drilling the
torch bearers, who are forced to discharge their duties with military
precision ; others arranging matters with the authorities, so that the
streets will be in order and all obstructions removed— all this being
accomplished with such thorough system and secrecy that not until
the display is actually upon the street, are the public aware of either
its subject or where it will first appear. A few days prior to the great
event the boxes containing the costumes and other properties are
moved at dead of night to some building in the immediate vicinity of
the yards where the floats have been prepared. The front of this
building, generally a warehouse, is kept closed and the windows
darkened. Temporary entrances are improvised by cutting through
the wall into adjoining houses, so that it can be reached from two or
three different streets by members of the association, who alone are
in the secret. The processions usually move about 9 o'clock at night,
but as early as 2 p.m., upon the appointed day, the members
commence straggling into the Den, all in full evening dress. This
they remove and deposit in their numbered boxes in place of the
costume in which they array themselves. About 7 o'clock in the
evening, when all are dressed, the roll is called ; the Characters all
masked) take their places in line, and a final inspection takes place. i
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Activities 1922 1932 The End of Reparations 2nd Ed. Edition Keynes PDF Download

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Activities 1920 1922 Treaty Revision and Reconstruction

Activities 1940 1946 Shaping the Post War World

The Economic Consequences of the Peace 2nd ed. Edition

Analysing Patients with Traumas Separation Illness

Geosynthetics in Civil Engineering 1st Edition R. W.

Race Ethnicity and Football Persisting Debates and

A Japanese Joint Venture in the Pacific Routledge

Irradiation of Food Commodities Techniques Applications

This volume, a companion to Volume XVII and to many of the Essays in

CAMBRIDGE UNIVERSITY PRESS

All rights reserved. No part of this publication

Published for the Royal Economic Society

Published in the United States of America by

This publication is in copyright. Subject to statutory exception

This edition published 2013

isbn 978-1-107-69139-1 Paperback

General introduction page vii

Note to the reader xiii

1 THE DECLINE OF THE MARK, 1921-1922 I

2 NEW GOVERNMENTS, NEW ATTEMPTS AT

3 CORRESPONDENCE WITH A MUTUAL FRIEND,

JANUARY-JUNE 1923 121

4 THE RUHR IMPASSE, JUNE-OCTOBER 1923 172

5 A BREATHING SPACE—THE DAWES PLAN,

PLAN, 1928-193O 304

7 HOW IT ENDED 351

List of Documents Reproduced 391

This new standard edition of The Collected Writings of John

In this and subsequent volumes, in general all of Keynes's own

The editing of the 'Reconstruction in Europe' supplements, culminating

From the Manchester Guardian Commercial, 24 March ig2i

WILL THE GERMAN MARK BE SUPERSEDED?

Who would benefit?

Against Allied interests

Oct. Dec. Feb. Apr. June Aug. Oct. Dec. Feb.

( Parit y val ue = 20-42 marks.)

The Allies' London Ultimatum of 5 May 1921 demanded that Germany

From the Manchester Guardian, g November ig2i

RECORD DEPRECIATION OF THE MARK

From the Westminster Gazette, 5 August ig22

A MORATORIUM FOR WAR DEBTS

At the London Conference Poincare would not hear of a moratorium

From the Manchester Guardian, 26 August ig22

FLUCTUATIONS OF THE MARK

Keynes's second despatch to the Manchester Guardian, written the same

From the Manchester Guardian, 28 August ig22

GERMAN PEOPLE TERRIFIED BY UNCERTAINTY

Rationing proposals again

Immediate action needed

On 31 August the Reparation Commission meeting in Paris voted against

To the Editor ofThe Times (dated 5/ August iga2—withdrawn)

From the Manchester Guardian Commercial, 28 September ig22

IS A SETTLEMENT OF THE REPARATION

With these preliminaries settled the best chance of a settle-

Let us accompany you on the journey of exploring knowledge and

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