New-York tribune., 1922-09-03
france to Keep
American Debts
nut Of Farley
po;ncare Agentia for am
arIy Session 10 Link In
,lensnity and Credits Are
| supported by Cabinet
y,Ioyd George May Oppose
rs,.,;uction Between u. >.
md European Loans in
Paris Note Irks London
By Wilbur Forrest

Enfct1l fdDif 10 SWt a'sNflfN
...,Isss, isss New York Tribune Inc.
sirIs. Sept. 2. The greatest OF all
s....san conferences is forecast for
s,,sber s. when Ii became known to-day
&, & Premier Poincare. with the solid
{ .s,,ovt - Of the French Cabinet. plans to
.s'.e 81, IN the whole interlocksd prob
Is Of separations and International
In. 81 Il the earliest possible moment,
,,efarabiy before the November cleo
lions in the United States. Poincare
,roooses to leave out the complications
Il the debts to America altogether at
this conference.
This was Arst indicated in the
french premier's answsr to the Earl Of
ga,four,s note, in which BE- maintained
ssss American and European debts
ysrs two different things. If Poin-
t.rs gains his point there is little
s..sl Of the main conference on the
- nroblerns being held in October.
.,,ksneh some opposition may be ex-
s.ssi from Lloyd George.
situation Is Unchanged
.I,ar understanding of the events
= IL hast forty-sight hours in Paris,
ss,ladIng the decision os the Repara-
.i.r Commission on the moratorium
srsst;on. the meeting of the French
fshinet and Poincare's reply to the
pslfa1r note, shows that the two ques-
sions 81 debts and reparations are So
siasslv iugerlocked that the situation
II Turope IS virtually the same as be-
fora the London conference and the
palfsur notes, although momentarily
las tense, Frances apparent concilia-
tory attitude in agreeing to the COM
missions respite for German payments
d now seen in the light of the coming
important conference.
Ii the frat place the Cabinet main
tsined it's liberty Of action while sur
veying the results Of Germany's prom
isss to satisfy Belgian priority with
bonds backed with gold. In the second
p!sce the commissions expressed hope
for reduction Of the German debt
was not only responsible for Poincare's
spontansous reply to Balfour's note
but for the Cabinets verdict to re-
ssrvs frances liberty of action toward
Germany.
IN French eyes Germany has not
been granted moratorium for 1922
payments, but merely an opportunity
to pay Belgian priority with bonds
backed by gold deposits, which will be
forfeited If the bonds are not made
Anr atnrr 81 \. Il
Brussels on Thursday Poincare averted
the necessity Of France taking isolated
action. Bat the text of the commits
sloas decision varied somewhat from
ths Premisr's expectations.
Caused Reply TO Balfour
! upcn the insistence Of Sir John
Bradbury, a clause was inserted at the
last inoniept expressing the hope for
the reduction Of Germany's debt. This
changed the French cabinets un-
reserved acceptance Of the decision
end caused Poincare Co draft hur-
riedly the answer to Balfour's note.
which the cabinet accepted without
change.
Both Poincare and his colleagues in
the cabinet have had in mind during
tue last week the threats of political
rsprisals. from royalists in parlia-
,nsntary circles unless the first oppor-
tunity was seized to break oy nego-
sistions with Lloyd George and take
individual action against Germany.
me apparent conciliation of the
kspasatlon Commissions final decision
would have been seized on to show
government weakness in view of Sir
'onas debt revision suggestion.
Reports from London indicate that
folncare's reply to the Balfour note
sn Indignantly received, especially
'as attempt to distinguish between the
neral character of inter European and
iinssf.A Allied problems, the latter involv-
ing American credits against European
hasols; That Poincare should have
sn1erIed that American aid was volun-
ssry without interest other than that
lsa sa. moria democracy, is especially re-
ssatsd = M N London, according to advices