Mohave County miner., 1916-12-30
HOW FRANCE WILL PAY BILL FOR
 ITS PART IN THE WAR

PARIS, Dec. 15.-"How is France going to pay the bill? By applying to productive occupations the effort she has sustained in war;" in the opin- ion of NJ. Raoul Peret, former min ister of commerce. In an interview with the Associated Press he also de- clared that the theory of reciprocity ought to be applied to the commercial relations between France and the United States after the war. M. Pe- ret is now "rapporteur" of the budget in the chamber of deputies-a post equivalent to that of chairman of the ways and means committee of the house of representatives.
 Alexander Ribot, minister of finance, has had the delicate task of borrowing the unprecedented sums that have been swallowed up by war. Raoul Peret, who has not much more than half of Nj. Ribot's 75 years, has before him the task of finding the wherewithal to iquidate the G.bt.
 "M. RibOt, by his prompt action in issuing short term bonds, rendered an inestimable service to France" says NJ. Peret. "He gave the French peo- pie a chance to show their confidence; they brought him so much money that it was not until the 16th month of hos tilities that he found it expedient to tissue longer term bonds. Investments | 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 peas ants, laboring men, mechanics, capi- talists-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. Thirty-three and a half billion francs, all told, M. Ribot found in two years time in the pock- cts of our people.
 France, in two years effort, ac- complished in military preparation what it took Germany 45 years to do. The same effort applied to industrial activity will do as much in solving the grave financial problem the war will have left on our hands; but it is scarcely necessary to say that we shall need time to restore our finances.
 "It is difficult, and perhaps futile, to make estimates while the great eff fort is going on, but, supposing the shall owewar adds 7O,OO0,000,000 francs to our present national debt of 3O,OOO,OOO,OOO, we shall owe 100000 100000 francs. That involves an an- nual interest of 5,OOO,O0O,OO0 francs, and is sufficient to require serious re- fection; yet it does not frighten the French people, upon whom the charge lis going to fall. They bring their money into the treasury as freely to- day as they did after the battle of the Marne, when we thought it might be over in less than a year, and they know exactly what they are doing.
 France has great reasons for wish ing to promote closer relations with the United States" said M. Peret, in conclusion. ''There are reasons of sentiment and policy besides business reasons. We shall want to see you use more of our products than before, and we shall need more from you. What is desirable, even necessary, to facilitate these growing exchanges is a commer- cial tariff system. Your ad valorem tariff is the obstacle. It almost kept our industries away from the San Francisco fair. We are happy now that they went there, and we have been glad to see your industrial rep resentatives here. It is to be hoped that out of closer intercourse may come a solution to your great benefit as well as ours. It is the theory of reciprocal advantages that ought to be applied"
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