The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1916-12-26
FRENCH PEASANTS
GIVE SAVINGS To
Cont |NUE WAR

Paris, Dec. 25-sHow is France 60
ing to pay the bin? BY applying to pro-
ductive occupations the effort she has
sustained in war, in the opinion Of NJ.
Raoul Peret former minister of COM
merce. In an interview with the As
ISOLATED Press. he also declared that
the theory of reciprocity ought to be
applied to the commercial relations be-
tween France and the United states
after the war. M. Peret is now rap
porteur' of the budget in the chamber
OF deputies post equivalent to that
of chairman of the ways and means
committee OF the house of representa-
tives.
Alexandra Ribot, minister of finance,
has had the delicate task of borrow
ing the unprecedented sums that have
been swallowed up by war. Raoul Pc
ret who has not much more than half
of NJ Ribot's rs years has before him
the task of finding the wherewithal
to liquidate the debt.
m. Ribot, by his prompt action in
issuing short term bonds rendered an
inestimable service to France" says NJ.
Peret. HE gave the French people q
chance to. show their confidence; they
brought him so much money that it
was not until the 18th month of the
hostilities that he found it expedient
to issue. longer term bonds. Invest
ments in French bonds are never a
gamble; yet, in sense, the purchase
of these securities was a wager on the
result of the conflict and upon the
ability of France to foot the bill.
French peasants, laboring men, me-
chanics, capitalists-men and women
Of all classes that have money saved
up-have been wagering in that way
billion a month for nearly two
years that France will triumph. Thir-
| ty-three and half billion francs, all
told. M. Ribot found in two years time
in the pockets of our people,
France in two years effort, accom-
plished in military preparation what
it took Germany As years to do. The
same effort applied to industrial ac-
| tivity will do as much in solving the
grave financial problem the war WI
have left nour hands; but it is scarce
| ly necessary to say that we shall need
time to restore our finances.
1T is difficult, and perhaps futile
! to make estimates while the great eff.
| fort is going Oh, but, supposing the
war adds 70 billion francs to our pres
ent national debt of 80 billions, we
shall owe a hundred billion francs
That involves an annual interest Of
| five billion francs, and is sufficient t.
require serious reflection; yet it doe:
! not frighten the French people cpor
! whom the charge is going to fall They
bring their money into the treasury
as freely today as they did after the
battle of the Marine. when we though
it might be less than a year, and they
know exactly what they are doing.
France has great reasons for wish
ing to promote closer relations will
the United States" said NJ. Pefet, il
conclusion. There are reasons of sen
timent and policy besides business rea
sonse We shall want to see you US
more of our products than before, ant
we shall need more from you. Wh3 il
desirable, even necessary, to facilitate
these growing exchanges is com
mercial tariff system. Your ad valoren
tariff is the obstacle. 1t almost KEEP
our industries away from the Sal
Francisco fair. We are happy nov
that they went there. and we hav
been glad to see your industrial repre-
sentatives here. 1t is to be hoped tina
that out of closer intercourse ma,
come solution to your great benefi