The Washington herald., 1919-03-22
FRANCE SEEKING
FINANCIAL HELP.
Finances Were IN Desper-
ate Condition When War
Ended, Says Holland.


the influence of President Wilson In
establishing an agreement upon the
league Of nations covenant was re-
ported by cable to this country, some
of the financial leaders Ventured 10
Eay. privately and Informally, that no
covenant OF the proposed kind woulo
De OF avail unless u had authority
.sfth respect to certain financial and
Commercial conditions. This point mas
been overlooked until recently. ex-
eopting by the financial authorities
. Now word comes from France that
The statement has been made In the.
Ererch Chamber by the chairman OF
she budget committee that an internal
ican in France Is out OF the question
end that the extraction OF France
6om the financial u,orass In Whlch
she now finds herself is a question
Hhich the league OF nations must take
90 and answer. The chairman Of the
budget committee Is quoted as having
aid that IL il for the allies an i'm
reratiye necessity TO solve this prob
am because IN no other way can
sorne OF these nations extricste them
Slves fron their financial difficulties.
~He went ON to speak Of some OF
DE nations asking. How can Bel
sum. Serbia, Rumania and the new
sations like Poland end the necessary
resources with which to establish
themselves and their credit unless
hey make an appeal to the society
q nations"
Look to America
sApparentIy France is turning to-
Yards the United States. for 1t Is
tported that the proposition has al
Hady been made that France get
sanction from the society Of nations
. 20 issue a loan of which each allied
nation will take a certain part, or
else for an issue of an international
loan to be proportioned according to
resources, population and war losses
OF every nation. This. OF course,
means the United States.
Thomas W. Lamont and other
American financiers who are now in
France. have. II IL understood. inti-
mated that the United States will
pot give its support to a proposal OF
that kind. Nevertheless something
must be done. Exchange Is running
against France. and she cannot bor-
row money at home. Apparently
France had almost reached the end
of her financial resources when the
Rrmistice was signed. The wonder Is
whether. had Germany been able to
Continue the war for another year,
France might not have become bank
rupt.
As the French relied with confidence
upon the ability Of the United States
10 furnish the reinforced strength to
the allied armies whereby the last
quarter OF an hour OF the war was de-
clded against Germany. so now France
turns to the United States for finan-
eial assistance whereby that republic
can by and by recover Its financial
footing.
Last Quarter Of an Hour.
While the battle was still raging one
OF the great leaders among the allies
was quoted as having said that IL
would be the last quarter OF an hour
which, would determine the military
issue. As the United States with its
armies. its supplies and its loans and
credits provided the means whereby
the last quarter Of an hour became the
moment OF triumph. so now France.
apparently having learned that the re-
sources Of the United States are es-
tirnated at $1,000 OOO 90. while our
war debt certainly can not exceed 3d.
oo.eoo.O00. Is persuaded that this coun-
try should extend a helping hand to
France because the financial recon-
strUction Of that republic il an i'm
portant factor In permanently estab-
fishing the society of nations to the
end that war may be prevented.
This suggestion from French lead
er- has been spoken OF In comparison
with the remarkable strength which
Canada has already shown and will
continue TO show. Canada's proper
tionate part in the war. when her
population and her resources are
compared with those NJ France. has
been almost equal TO that OF France
herself. Nevertheless Canada, with
a population OF not more than ten
millions, does not seek financial as
sistauce from any other nation SO
far as the lifting OF the burdens of
war debt Is concerned Canada's
strength Is ma gnihcent.
She is already almost leading the
nations OF the world so far as inter-
national trade with the United states
in concerned. And IL she imported
as much cotton as Great Britain does,
she would stand frst among all those
with whom we have trade.
France Must Be Aided.
Those who are familiar with imam.
cial conditions in Europe do not hesi-
tate to say that France must be aid
ed even though we are compelled
hereafter to lend her money enough
to enable her to repair her devastated
industries. When these Industries
are again in full operation France
will begin to regain her strength. But,
unless opinion changes, We are not
going TO assume any part Of her war
debt.
The American financiers now in
Europe are, IL information received
in this city be correct. warmly in IA
vor OF relieving. as soon as possible.
the restrictions upon Germany so
that it will be possible for Germany
to begin production Of commodities
and to seek trade wherever 1t can
be found. For 1t seems to be the be-
lief of our financiers who are abroad
that II is useless to talk about the
payment Of indemnities unless Ger
many has opportunity to earn enough
to make payments OF that kind pos
sible.
On the whole the financial ques-
ton, international and national.
which the war has raised is becom-
ing not the least and possibly the
NEST important of the considera-
tions which must be referred to the
society of nations. These questions
Will loom larger and larger and 1t
seems to be the impression that be-
fore the end of the spring they may
overshadow any other question, ideal
or humanitarian, associated with the
establishment and operation of the
league OF nations. In these questions