The commonwealth. (Scotland Neck, N.C.) 1896-1929, 1917-07-31
SERIES OF THE
WAR ARTICLES
FRANCE.
(Bv w. s ForraS+

Paris, July 31.-It is no secret in
France today that three years Of ter
rlble war have produced an earnest
desire for peace.
Sentiment towards peace permeates
the big government buildings in Paris,
the cities and smallest villages. AL
most every French home, aristocratic
or humble, rich or poor, in city or
country has its individual story of
war sacrifice. Crepe is as common
as calico or silk. Naturally this ele-
ment alone has produced longing for
peace. But as the compost voice of
the highest officials of France has
said:
''The only peace wanted in this
land is French peace-integral re-
stltutlon Of Alsace- Lorraine, brutallv
torn from France in 1871, reparation
for damages Of war, guarantees for
the future. France will fight until she
gets that peace.'
For the first time during the war
the French parliament, with the ex-
ception Of three or four recalcitrant
Socialist deputies, is today a solidifed
unit ons-all the war aims of the ma.
ton. Premier Alexander Ribot. fac.
ing the first political storm of his
regime when the Chamber of Deputies
reconvened after the Easter holidays
took the firm action which consoli-
dated the nation
He modified the high military com
mand placing the national hero, Gen
eral Petrain in supreme charge of
French forces on the Western front.
I'VE all want peace, he said
~ But what we want and are going
to have is a French peace.' France s
parliament overwhelmingly approved
this sentiment.
Perhaps the absolute faith which
the French people-the rank and file
have in the financial soundness of
their nation after three years Of war
is best proof of France 8 financial sta
bility.
The world has heard much of the
famous "bas de laine,' the wooden
stocking bank Of France. It is the
little hoard Of gold to be found al
ways in French homes. The strain on it
has been heavy. But today this wool
en- sock continues to pour from $780,
600 to $2,0O0,OOO each week into the
bank of France. This yellow stream
is exchanged for the government IS
short term bonds bearing from four
to FIVE percent Of interest.
Also the circulation of French bank
notes.-the American paper money
has risen today from 81 200, 100000 to
$4,0O0,0 600. This represents the
nation 8 floating debt except its out
standing short term bonds and enables
France to live and carry on the war
from one great loan to another. The
war to date has taxed the finance Of
France about eighteen billions Of dol
lars.
The seemingly bottomless "bas de
laine'' made Frances first war loan
and at time when mill
tary events were far from promising.
The second duplicated the first Then
came the famous French "Loan of
Victory and it's $4,000, 100000 more
from the woolen sock. For the first
time also during this past year, French !
banks have found that deposits have
begun to overbalance Withdrawals Of I
private accounts.
France can allow her national debt |
to mount to twenty billion dollars
md then use less than one third of /
he country's net annual savings to !
larry it. Two years of war elapsed /
'efore the government began to bal /
nee accounts. Increased taxation, in
luding three cent postage instead of T
'wo; doubled telephone and tele-
,raph rates; double tax on alcohol;
increased prices for tobacco, cigars