New-York tribune., 1919-02-23
France Needs
q. S. Sympathy

"No matter what might be accorded
to us we could not profit from victory
we onlv ask that which we need in
order to live again. More than all else
we need the sympathy and help of
America. That is why we wish our
American friends to know exactly how
we stand, how enormous is the weight
we bear and how feeble are our re-
sources. We also wish them to know
the latent strength Of our industry and
commerce, so that efforts can he made
to bring back our former prosperity.
an August, 1914, the financial posi-
ton of France was admirable. OF all
the countries of the world she had the
greatest wealth per person. Savings
were plentiful, easily converted, and in
scribe to national funds. She had 80.
000,000,000 invested abroad, available
for purchases. Her credit seemed mex
haustible, and indeed is considered one
of the principal factors of victory.
When hostilities opened the French
treasury placed it's resources generous
ly at the disposal Of the poorer Allies
in the shape Of war materials and
specie. We advanced to the Russians,
Belgians, Italians and Rumanians a
total of 6,21O,00000 francs, of which
4,5O0, 900, 900 went to Russia alone. The
war, which we hoped would be short,
underwent a transformation For four
, years France had the appearance of a
city besieged and partly invaded. There
followed a positive debauch of NUM-
tions, war material and provisions.
France could not meet her expenses by
taxation, for 5000, 900 men, third Of
her active productive population, were
made unproductive by the war
"She therefore appealed for SAVINGS
The people responded with eagerness,
giving in four loans a total of ", ,0OO.-
100000 francs, repayable in 25 years.
to say nothing of 1o74,O0O, 600 francs
of debentures payable in from ten to
hve years. Next the manufacture rs
and merchants were asked to place
their funds in national defense and
treasury securities. This class now
holds term paper to the extent of 33.-
OO0,O00,000 francs.
This is an admirable effort. con-
sldcring that it was made by nation
OF 38,000,000 people who had lost their
best producers, were being invaded, and
saw the enemy 70 kilometres from the
capital. Nevcrtehless, they found seven
and half billion francs to show their
passion for freedom and their faith in
the future of the nation.
Yet wealth and good will have
limits. France, deprived Of her richest
factories and robbed Of the cream of
her agricultural labor, was Obliged to
go to England for steel, coal and cloth
and TO Amcrlca for munitions, explo-
siVes, wheat. meat, etc. To cover these
purchases, the British treasury. the
Bank of England and the British public
bought 13,027 ,865,O0O francs of French
treasury bonds. American fnanciers,
while tho nation still remained neutral
advanced 1864, 100000 francs. and the
united States government, from the
time when it declared war, to the sign
ing Of the armistice lent 1O,4l1 900 900
francs. America thus broke the record
for advances to France. Even distant
Japan contributed 100000, 1000 francs
Finally. France procured from neutral
Switzerland, Sweden, Norway, Spain and
Argentina credits totalling 92S, 900, 900
From, Creditor
To Debtor
Thanks to all this France managed
to secure throughout the world the pro-
visions necessary to feed her armv and
her civilian population. A serious con-
sequence must be noted. The country
once called the banker of the world.
became the worlds debtor. or her 30
100000 foreign holdings the majority
were Russian, Turkish. Bulgarian and
Austro- hungarian, day unproductiye.