The sun., 1916-09-10
~ EDWARD MARSHALL.

with the Government are forbidden,
with o rigidity unbrcakable. from
Speaking 70 the public. French or
American, save upon official occasions.
N. Guyot is editor OF the Journal des
EconomiQucs and manager OF the
Agence Economique ct Financiere. lie
Is one Of the greatest students Of
finance and economics in all Europe.
He Is II years old and mentally and
physically as active as n boy Of 81.
He has made a tremendous impress
Son on his time. beginning life as a
journalist, but for twenty-five years
serving as a leader Of economic re-
forms in French politics. He is as
Sell known out OF as in France. and Is
one Of the few foreign members Of the
celebrated English Golden Club.
As long ago as 1ss9-92 he was a
member Of the French Cabinet. and in
1928 he was the prime mover in the
great and successful campaign against
socialism in France. lie was the
leader Of the movement to revise the
preyfus case. He was wounded by an
anarchist bullet when he attempted to
prevent Masons from attending the
funeral of Louise Michel in 1882. lie
Is q member OF and officer in numerous
economic societies and Is the author
O. many works on economics. Indeed,
lie is the best known and most tolerant
that rs. the most Observation-Disclosures
onist in all Europe. Therefore what
he has to say is very much worth
reading.
There is no spirit of antagonism
against the United States in France"
said he to me. Certainly those
Frenchmen who understand internal
,ional finance and the finances Of this
war are very grateful to your country.
In money matters you have been
generous to and sympathetic with us,
and I am n OF many who believe
that this has been due. in part. to sem
,iment.
Il have not the slightest doubt that
the course which you have followed
Will result after the war in a far closer
financial association than ever was
known before between France and the
United States. Always | have been
IN advocate OF the establishment in
France of facilities for the purchase
Of American securities. OF which there
are many which are superb.
But we in France have had a sys-
ZEN OF financial protectionism. tan
tamount in its operation in some de-
tails 10 your system Of tariff protec-
tIonism, which has prevented French
capital from subscribing to American
offerings at the time when it should
have done SO.
"1 am not alone in feeling the mis-
take Of this. Very recently NJ. Ribot,
OK Minister OF Finance. expressed to
mo his disapproval OF this obstruc-
ZIONIST legislation on the ground that
lad it not existed we should have
found ourselves at the outbreak OF the
war and later with large quantities
= American securities which We could
have disposed Of readily, thus averting
he crisis OF exchange from which We
low are and for some time have been
suffering. 1t was a bit Of unfortunate
'nsularity. Insularity does not pay
anybody, in any sense, at any time.
After the war the United State.
VII! have enormous sums Of capital
~ course Of that which she has
drawn from Europe she will Absorb
much for her " needs. but 1t is
nevertheless to be supposed that some
wi! be left for advantageous foreign
Investments, and it is my earnest hope
nat of this a share may come Il
france at a time when she will bs
under the necessity OF liquidating her
Expenses
What changes in trade relationship
between the two countries do yol
mink likely TO be brought about after
the war; l inquired.
individually l hope" said NJ
Guyot, that the United States vii
profit by the most favored nation
cause. ! know that there Is talk il
France az three tariffs; n war tarin
against Germany and Abstraction
gary, n privileged tariff between The
Allies and a third tariff for neutrals
consider this proposition and ever,
other proposition Of the sort absurd
u We treat ne%utrals, and especially thu
lhicd States. in a manner differcnr
rom that In which we treat our Al
los wo shall run the very grave rlsl
OF throwing their commercial Interests
and cooperation into the hands OF Ger
many, Certainly the convention
which the Allies may create among
themselves should be extended 4
"n'rals, and particularly to tn
United States"
You do not feel. then. that tn,
failure OF the United States to part!ci
pate II the fight. at least to protes
sGainst the German invasion Of Bel
sum- suggested, "justifes the Allie
N Withholding from her especial con