Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1917-05-04
Governments Statement.

1
Governments Statement.
| To impress on the public the necessity
of the measures which are being taken,
a Government statement has been CIV
en- out at the Ministry of Commerce
, for all these measures chiefly concern
large businesses which, unlike private
citizens, come into direct contact with
Government, in such things.
1.-THE decision has been taken only
after mature reflection and when we
are confronted by absolute necessity.
We are now at a period of the war in
| which each nation ought to live on it
self. At every cost, we must keep our
gold at home and not let our exchange
be further deprecated. While in nor
NAL seasons our purchases and our
sales abroad nearly balance each other,
the purchases since the war exceed the
sales by nearly 10 milliards $500 O00,-
000). Energetic measures had to be
taken. National defense must pass
first"
This is not wonderful after nearly
three years Of war such as the world
never saw before. Prime Minister
of Finance, estimates that last years
imports into France all told Chat is for
Government as we'll as for individually
were in excess of French exports to the
amount Of S.. 000. GOO, co., Taking for the
whole war the figure given out at the
Ministry Of Commerce, it has not yet
obliged France to more than double her
national debt. At the beginning of war,
CT IN, ho ;rl,t - 90
O00,oo0,0oo. Neither Frenchman nor
foreigner who has any knowledge of
the substantial riches and thrift of the
French people and their country can
doubt their ability to keep on paying
twice the interest which they were al
ready paving en- their debts. And 1t
must be remembered that by far the
the greater part of their national debt
thus increased by war is owed to them
selves.
There is on need of going into the
question Of French money exchange. in
which trained fnanciers are apt to lose
their heads. 1t Is true that the French
franc suffers depreciation with re-
spect to the American dollar between IL
and l3 per cent.-but the American dol
lar also is deprecated to nearly the
same proportion in Spain and is per
cent. below par in Switzerland. This
may seem curious, but it depends on the
regulating value Of exchange where
money only is concernod-and that is
the pound sterling. Neither with the
French franc nor the American dollar
has 1t anything to do with the nations
credit. We Americans should also re-
member that. out of 81 COO oAo. 900 in cold
brought into the United States since
the war through the Bank Of England
one-half has come from the Bank of
France directly and a very good ror-
ton OF the other half indirectly. It is
because France is still so far from be-
ing at the end Of her financial rope that
her Government is trying to restrict
any further exit Of her gold to the alb
solute necessities of national defence
The war may end soon or it may not
but France is taking every precaution
10 carry war On to a victorious ending
No Half Measures.
The high official at the French Min
istry of Commerce who made the state
ment for the general public. expressed
this clearly: From the beginning of
hostilities, we have known it to be
wrong to go on with half-measures. It
was because everybody, in all good
faith. foresaw a speedy end of war
Today we acknowledge that it is i'm
possible to give any exact date when
the war will ne over. So we cannot
hesitate any lorger-rigorous regulation
whose efficiency will be beyond doubt
has to be made 1t is being taken in
entire agreement with our Allies"
Here we must notice that these pro-
hibitions Of importing foreign products
apply to the Allies among each other.
England has ruled out French goods
like silks and wines-and that is not
agreeable to French trade. All possible
delegations are made consistent with
the object Of the prohibition-and this
France will also do for America. AS to
the United States. the products which
the French Government continues buy
ing there will keep up the overlooking
Of cur country with gold. Only private
business will sutherland then only
when 1t is quite unnecessary and use
less to the national defence Of France.
This is why 1t is idle to try to answer
now a cry of alarm which interested
parties have been raising-Is all this
Government interference and homespun
national policy going to continue after
the war? No doubt, many war habits
Will remain among Governments as
we'll as individuals. but that will be
another story. For the present. let US
accept the French functionary's express
sion of the idea here and now: "All our
efforts must be concentrated on in
creasing the production Of our own soil
land our own mills-the country's acttv
fty must be conferred at home" 1t Is a
copy-book truism that God helps those
who help themselves-and the French
are going to do 1t. Americans have
profited enough by the war and are
likely to profit by peace enough to wish
more power to them.