Evening star., 1920-05-23
FRANCE, WORRIED
BY FINANCES, MAY
TURN TOPO|NCARE
Former President Is Sharp
Critic of Negotiations
With Great Britain.
u. S. AS BACKER OF LOAN
is HELD INDISPENSABLE
Situation May Force Resumption
by France of Independent
Treaty Enforcement.
by PERTINAx.

tBy Cable to The Star. Copyright 1907
PARIS. May 22-America's absence
from the international meetings very
seriously handicaps decisive action.
no matter how blithely this may be
disavowed by those who in the minds
of many are held responsible therefor.
Two great difficulties remain to be
worked out, and with regard to one
of these the American position is the
crux of the whole thing. The per-
sistence of American abstinence from
participation in all plans makes IL
difficult and conceivably might make
many. and especially France, to meet
the costs Of restoration. for this will
be a task as doubtful as immense il
Germany is not able to pay.
The solution of the difficulty seems
impossible as long as America holds
utterly aloof. for while she continues
in this attitude it must be hard to In
duce the neutrals to participate IN the
great necessary loans.
Fear U. 8. Will Not Co-Onerate.
Little hope is entertained hero that
America will Cooperate in accordance
with the plan considered absolutely
essential or that the comparatively
small European nations. such as Hol-
land. Norway. Sweden. Denmark and
Switzerland. will be likely to lend
their money for purposes and upon
terms which the vast and incalculably
rich United States will not accept
What Is 1t that will be asked Of the
United States as essential to the quick
upbuilding OF the devastated areas
| and credits which must be restored
| before Europe can resume her normal
functioning?
1t is believed in France that an
International loan sufficiently large to
assure all necessary reconstruction
and rehabilitation could be arranged
if-and only 1.-THE American govern
ment consented to take most Of the
securities. promoting their sale among
the American people by making 1t 4
federal loan and exempting its bonds
from all taxation.
Franco-British Arrangement.
Will Washington do this? Few
Americans in France think it a pos
sibility. Yet it is clear that the
Franco-British understanding with
regard to the enforcement of tho
financial clauses OF the peace treaty
with Germany cannot be crystaliized
into fact so long as France is unable
to feel absolutely certain of the sue
cess of this or some similar interna-
tional loan.
The Franco British understanding
implies the abridgment OF certain
French rights as outlined in the orig
inal treaty. France finds herself un-
able to perceive justification of such
abridgment unless the international
loan gave her the certainty that she
would be able to recover within rea-
sonable measure her war losses and
within a reasonable time proceed to
a renewed and prosperous existenco
under the Franco British understand
ing Of the enforcement OF the nnan-
cial clauses of the peace treaty.
Poincare's Resignation Important.
The most important current event
of the week has been the resignation
of ex-President Poincare from the
chairmanship of the commission on
reparations. This had been expected.
since Poincare is not a man who will
ton, and the commission on repara-
tions had been able to achieve very
little in the way OF effective work.
because it had been Handicapped from
the start by internal disagreement.
soon becoming chronic
Furthermore. he sternly disap-
proved the concessions made to Great
Britain at San Reno by Milierand. in
exchange for British assistance In the
enforcement of the Versailles treaty.
He did not think the French financial
and economic situation udGentiy
desperate to warrant such costly re-
Iinouishments. and briefly but frankly
now states his belief that the Mile
rand cabinet presently will be
wrecked upon the same rocks which
destroyed that of Clemenceau.
Lloyd Georges Comment.
AS the almost certain leader of the
eventual new ministry. 1t is obvious
that he has determined to keep clear
of all Millerand commitments to the
British. During the past two months
he has not hesitated to express over
his signature in the press his dis
content, and 1t is rumored that Lloyd
George at Hythe frankly pointed out
to Millerand what seemed to him the
clash between M. Poincare's official
position and this journalistic attitude.
even giving strong written express
sions on the subject.
Monsieur Poincare. unwilling to keep
silence when feeling speech essential.
and fully realizing the incongruity
of holding the semi-judicial position
Of chairman OF the committee on
while daily energeticaliy
and publicly participating in con-
with regard to other mat
ters which he felt must be fought to
a finish. unhesitantly made his choice.
It is an interesting situation.
It is believed that Monsieur Dubois,