Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1919-05-03
ANE RIGA MUST AID
FRANCE WITH LOAN
SAYS EXPIRE R
Paul PainIeve Declares His
Country'S Taxable Capacity |
Cannot Stand Any Further
Strain.
BY Wilson Harris
Especial Gable Despatch)
CIV Arrangement with the London
Daily Nayus \

Daily News)
Paris, May Ill have had an op-
portunity to discuss certain aspects of
the worlds financial problems with
one of the ablest French statesmen
of today. Pau Painleve. II. PainleVe
has held office both as prime minis
ter and as minister of war during the
war. while his training as a mathema-
tician qualities him to speak with pre-
cision on financial questions. | asked
NJ. Pafnleve, rather conlprehensively
for his view on the financial crisis
with which practically the whole
world is faced.
"You have to distinguish between
purely financial and purely economic
questions said he. GAS the world
is placed today, the economic ques-
tons are by far the more important
of the two. Financial arrangements
are. in sense, conventions. The
world is utterly impoverished. Foc
four years and more all its efforts
have been concentrated on the man
ufacture of Instruments of destruc-
ton. Now what is facing the world
is starvation. The task of restora-
ton is two-fold; YOU have got to pro-
duce food, clothing and machinery
and you have got to control their dis
tribution."
THAT is a task for the individual
countries I suggested.
mot merely for the individual
countries was the reply; sit is a
task that has to be carried out on a
world scale. and there must be some
body capable of organizing it."
What are the prospects for in
passed taxation in France?
Increased taxation is inevitable,
= Il it has to be remembered how i'm
mensely Frances taxable capacity has
been reduced by the war Do yoa
realize that so per cent of our men
of the most productive age, indus
trially, have been killed? Think of
what that means in reduction OF out
put and reduction of output means
OF course, reduction in power to buy
goods from other countries.
Are you building on the anticipa-
ton of a German indemnity"
German indemnity? They can
pay no indemnity that would restore
our finances?" was the reply
What are your views on the deslr-
ability of a loan by the United States
to France"
at is absolutely indispensable ?" NJ.
Painleve declared
and France ! asked. lis capable
of contracting such a loan? She is
capable of duly paying the interest ?''
Certainly, provided the terms are
reasonable provided they are sup
portable. I do not say there could be
Immediate amortization. but as France
resumes production, as she RECEIVERS
her pre-war life. she is capable of
meeting to the full any. obligation
she may contract"
A few hours after I left NJ Pain
leve I asked an experienced and far
: sighted American if he thought Amer
lea was prepared to raise a loan for
France.
No he replied.
"Why not?"
Because the time has gone by for
more loans Of that kind to individual
countries. The problem has got to be
faced on far larger scale. The fin
ancial measures that the present sit
uation demands are world measures.
We have got tc work out the problem
on that basis. Mere tinkering with
individual countries is no good to any
one now