New-York tribune., 1907-11-21
FRENCH AID URGED.
APPEAL IN THE "'TEMPS.'
America's Credit Strong Abroad-
Central Bank AdUOCated.

Paris Nov 2o-The sudden awakening OF the
French the necessity for doing all in their power
aid the United States is reflected I'm an article
published by the semi-official Temps tonight,
written by Jacques Siegfried. who insists that
France cannot afford TO hesitate If the opportunity
offers lie discusses the natural and artificial
means by which America obtain European
gold in the former case by the sale of products of
the soil good securities. which are now at at
tractve figures and in the latter by credit opera
tons NJ. Siegfried. however. points out that
prejudice exists in Europe at present against
American finance bills contrary tho credit of
the United States government, which is the strong
est in the world. President Roosevelt has only TO
lift a finger. and European gold would rush out IN
exchange for any sort Of government paper" He
adds
nal conditions. These will be established more
slowly II things are allowed 70 adjust themselves
Whichever method is adopted by the Americans.
make France at present the greatest ~ not the
sole. reserver of gold. and the unemployed capita!
hesitate to come to the rescue not only for the
friendly nation but because experience proves that
a commercial crisis follows financial crisis. the
tho latter All Europe has interest in seeking by
every means It's power to diminish the duration
of the intensity of the crisis and France has par
ticular interest I'm conserving the buying power Of
its rich American clientele. We have indirectly
ready 10 send gold direct If we have the op
aid OF friends America will emerge her dim
Culties and hoped that she will profit by
the lesson she has received
The Temps" then proceeds TO point out what II
regards faulty in the American financial system
insisting above all the necessity for the estab-
lishment OF central government bank on the
model Of the French. English and German banks
and adds:
The French may be reproached with being lack
Characterizes the Anglo -SaXonS. but il must be
recognized that I'm financial science they can give
now prohtably hearken to the teachings OF such
men as Clement Juglar, Leon Say. Gourd and New
marck.
The international houses which have been irving
FOR several days to induce the Bank OF France TO
sell gold for shipment to the United States have
received evasive answers One of these bankers
said to-day that he believed the bank was holding
off pending the result of the negotiations which
he says he has to believe are being ad-
vanced at Washington directly between the two
governments. This banker expressed the opinion
that direct transaction on the basis of United
States Treasury notes was impossible, as the Bank
of France discount only three months Daper
but he pointed out that the transaction could be
accomplished indirectly by accepted bills drawn on
Paris banks. j. p Morgan & Co proposed
last week. using possibly Treasury notes as col
lateral. with government guarantee. Some such
deal is hinted at in the following seemingly in
spred statement printed this evening in the Lib
erte":
The laws Of the Bank Of France do not authorize
direct participation in the projected issue Iot
United States Treasury nOtesl. but believe that
q combination designed to permit French banks to
lend their aid To the operation has been considered
Prices the Bourse opened weaker to-day on
the advices from New York, but strengthened later
and closed firm