Indianapolis Times, Volume 38, Number 61, Indianapolis, Marion County, 22 July 1926 — Page 7

JULY 22, 1926

POINCARE TAKES 1 HELM! FRANCE / (Continued From Page 1) representation. Poincare himself was expected to assume the finance portfojlo with the premiership. The papers emphasized that authorisation of sale of the residue of she Morgan loan wilt provide merely temporary relief. The sum available is about $20,000,000, or about 820.000,000 francs. The treasury contains about 150,000,000 francs, so that 970,<700,000 francs would be available immediately for government expenses. At the end of this month the government must pay 550,000,000 francs in salaries to employes;and in other similar charges and about 450,000,000 francs interest on the portion of the debt to the United States incurred by French purchase of surplus war supplies. Thus the immediate^commitments of the treasury are greater than its resources, although remain nipe days bef*p payents are due. Out of the®forty-eight, hours of Herrlot’s administration one entirely new factor has emerged—that is the genuine fright of the Chamber of Deputies. Anatole De, Monzie, the resigned 'minister of finance, may purposely have phrased his statement of the government’s financial position to exaggerate its seriousness. Whatever war his purpose, he succeeded in turning tlje minds of the deputies from nlitics for - the moment at least. It was revealed, after | De Monzie had spoken Wednesday ' that he had the resources of the treasury far below their actuality. The minister tersely informed the chamber that there was but 60,000,000 francs remaining in the treasury and he expected that sum ’ to be absorbed today. When, in developing this statement,- De Monzie said that the windows of the Bank of France might be closed, many deputies beHeve<j he meant the bank would close for all business. De Monzie subsequently ' explained that he had meant suspen-

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sion of payments tb the government, In dissipating the deputies’ misconception. De Monzie tyd that suspension of payment of .government obligations,, such as salaries. * ' As Germany Was Tour Years Ago Editor's Note—Carl D. Groat. Washington manager of the United Press, was Berlin manager of that organization during Germany's inflation years, hi the following article he, draws a parallel between Germany s conditions then and' France's i now. By Carl D. Groat United Pres Staff Correspondent * WASHINGTON, July 22.—History is repeating itsalf in France today with- unerring duplication. .The inflation situation, the close-to-the-preclpice and near-to-fbiancial-collapse reports coming out' of the French capital now could be taken from the flies of any newspaper of four or five years back with the date lipe changed from Berlin to Paris, and the names of the actors altered. |\ France is going through the same experience as Germany. Few Tricks Left • There are only one or two more tricks in the bag that France has not had—and they may (feme. These are the “putsch” or, in French, the "coup de’Etat”—and a Dawes plan of rescue. At-Christmas, 1919, in Berlin, the mark stood at Around 25 to,the dollar. Americans were buying Itnick knacks cheaply; drinking champagne for $1 a bottle, and.talking of the collapse of <%e German currency. Later came the cursings of Americans. France has that now, and her currency is worth just half what Germany’s was in 1919. Germany kept on with the narcosis of inflation until -about three years ago. She had a patient popu-

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lace. Tho noddle class was practically wiped out financially. Thousands with enough monefl* saved tb enable them to live on the interest in their old age under normal conditions, had to go back to work. France has more people who will be ruined than Germany had. Everybody almost In France owns government bonds—signs of France’s indebtedness. They are going to be next to worthless If France keeps on with tho Insidious inflation process. The French government is practically bankrupt. Its issue bank got down Wednesday to within a shade of its limit of issue to the government. Authority has been granted to use about $25,000,000 of Morgan loan (to pay current government expenses, and France wants to issue besides anew dose of paper money. Germany’s Reichsbank. which issued money for Germany, often was at the edge of nothing during German inflation. The German government prlntery could not keep up with the demand so- the billlcgis of worthless paper marks. In the meantime, there was talk of “National governments’’ and "dictators.” One hears the same eut ot Paris today. Monarchists and Communists sought overthrow of the government. These attempts failed. France has had rumors of kindred movements; they have not materialized —yet. Then Came Dawes Then, in 1923, cames Dawes and his colleagues. A “Dawes plan,” Involving loans of foreign money to Germany, changed the desperate situation of Germany almost overnight. Her money was put back on a sage basis. 4.2 mqrks to the dollar, the billions were ecrapped and Germany wart at the end of the nightmare of inflation—a sort of "hop debauch”

THE INDIANAPOLIS TIMES

service manager, the volume of business done by the two departments has increased more than 100 per cent since April 1.

where the victim had said continually- \ "I'll take another shot before I swear off forever*; give me more paper.” . France is on the same debauch.

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It W® end, say authorities, when France decides enough of her internal debt has been wiped out and when she is ready to face the hard, cold facts of real taxation instead of the veiled taxation and misery that Drings. British Anger At >U. S. Coolp Editor’s Note —Here is the second interpretative article by Ed L Keen, vice president and general European manager of the United Press, on tho financial plight of Europe as it affects the United State*. By Ed L. Keen General European Manager United Press Associations (Copyright 1926 bv United Press) LiONDON, July 22.—There is a marked indifference today in the attitude of Britishers and Frenchmen toward Americans. Whereas Americans in France have been subjected to insults and attacks enuring the past few days, there has not been a single Instance of this sort in" Britain although the British public apparently feels an strongly ab the French against the war debt attitude bf the Amertcatf government. King George and 9 ueen Mary this afternoon were hosts at the largest garden party In the history of Buckingham Palace to which -15,000 guests were Invited among whom were several hundred American residents and visitors. King George democratically mingled with his 1 guests, chatting and shaking hapds Cordially with Americans and English persons alike. British editors are beginning to see that the newspaper campaign against the United States, especially

the Daily Mail’s bitter attack, has gone beyond proper bounds. J. A. Spendier, editor of the Westminster Gazette, in a signed editorial_today soundly berated the Daily Mail. "Newspaper stunts such as it has been conducting,” wrote Spender, "are worse than useless. For it to say that ‘the menace of the vast war deftts owed to the United States is at the bottom of almost all the troubles in Europe,’ and, to call down wrath upon American shylocks lessens any chance there may be that the United States will play'a helpful part. Our part is to rebuild the

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bridge between Europe and America and to remain on watclv-for ever#’ favour ’ le opportunity of dping so.” Ev i Lord Rothermere proprietor' of the Daily Mail, evidently realizes that* he went too far. Today’s Daily Mail contains reasonably fair dispatches from America presenting both sides of the controversy. Meanwhile it is difficult for American observes here to discover- an adequate reason for anti-American agitation becaifse France has not yet paid America anything and England has not , paid enough actually to pinch the ordinary taxpayer or to

Chrysler Model Numbers Mean Miles Per Hour CHRYSLER “60”—Touring Car, $ 1075; Roadster, $1145} Club Coupe, $1165} Coach, $1195; Sedan, $1295. Ail about Chryaler’s attractive time-payment' term*. More than 4700 Chrysler dealers assure superior Chrysler seprice everywhere. AO prices /.ah Detroit, subject te current Federal excise tax.

cramp the usual government expenditures. For. Instance, the House of Commons Wednesday night passed the budget providing for an expenditure of $212,500,000 on the Army. $290,500,000 on the Navy and SBQ,000,000.0n the royal air force. The naval appropriation includes a provision for new ijaval construction to cost $45,415,000, comprising two Claps “A” cruisers, one class “B” cruiser and six submarines. The French franc closed at 218 to the pound sterling, the Belgian franc 1 at 213*4. the Italian lira at 150y t . - , t ’ '. ;

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