New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-07
Paris Journal des Debats''
Declares America Should
Recognize Emergency
Delay May Be Serious
Peace Time Finances No
Longer Apply-Luxuries
Must Be Dropped

PARIS, Aug. 6.-"Ihe journal ues
Debats" in a prominent review Of
finance yesterday calls attention that
it is Americas imperative duty to rec
ognize obligations toward France which
it cannot escape, and that it must open
credits to the Allies as large as may
be required, without which they can
not continue the war The article
points out that the status Of the
United States is different now that she
is in the war, and says that it must
not expect the same securities as when
her standing was on a private basis.
The review opens with a resume 1f
existing conditions which require
urgently that purchases outside Of
France must be restricted to the lowest
possible limits, for if the country
shows a willingness to cut down in
ternal expenses and do without all I'M
ported Injuries, then IL will have a
right to call on the Allies for all
needed financial aid The Allies know,
the review adds, that France is in a
peculiar position with the richest dis
tricts invaded, dependent a long time
solely upon itself and short Of labor.
Rely Upon England
England, on which we depend for
coal and many other things, would not
dream of refusing US credit for pur-
chases we make there" the Article
continues. 1--WE can rely on her 10y
atty not 70 demand Immediately pay
ment for our purchases. without
granting US any time at a moment
when we are short of money TO settle
would purely and simply put US in a
position of being unable to continue
the war.
"The Allies, in according US the
credit necessary TO regulate our pur-
chases, contribute not only TO the
credit of the Allies, but give US a
chance to live and fight by their side.
What has just been said about our
agreements with England applies as
well TO the relations between England,
France and the United States.
The latter are in effect suppliers OF
the Allies Of Europe, and the Allies de-
pend much more on America than we
do on England. While America was
still neutral it could limit its credit
TO US and demand that we pay in gold
large portion Of our purchases, but
now that it has entered the war it
would be folly on their part to wish
TO continue to act this way. IL is abso-
lutely necessary that it furnish Eng
land and France with all they need
/ 1t is realized that in America every
one has not taken into account the ext
/ gencies Of the situation.
America VIII Wake Up
"Some people still figure it is pos.
/ sible to make war with peace-time
finances. Likewise, many have been
somewhat frightened at the amounts OF
credits necessary for the Allies. Ameri-
cans have not been familiar with sums
current in Allied countries, but they
will become so by the eXigencies Of the
situation. Already they have slightly
/ relaxed the strict regulations imposed
on banks. They will 90 by the force of
circumstances much further along this
| line, for it is impossible that war
which overturns the economic life of
the country should leave absolutely in
tact its financial mechanism. The
. OnlJcu states Will 90 as OlHeT Dtl-
ligerents, and can do so least incon-
veniently, because they have been en-
riched since the beginning Of the Euro
peaa war
"They will open TO the Allies Of
Europe credits as large as may be need
ed, for to refuse them would be to make
continuation of the war impossible.
But it is important that Americans
take account as soon as possible OF
obligations which they cannot escape.
Every delay in their action, every hest
tation rsked, might have the most
serious consequences for the Allies.
This is what must be understood in
America, and what does not seem 20
have been understood yet, to judge by
the shipment of gold which England
has had TO send to America.
"That neutrals must be paid in gold
Is easily understood, but payments of
gold should not be necessary between
allies, who have the greatest interest
in seeing that one does not create en-
barrassment for the other"