Evening star., 1923-01-24
j. S..:NOT Pressing
] FOR FRENCH DEBT
Treasury Officials Are Dis
:
!. posed to Await Effect OF
Ruhr Invasion.
SEEK BRITISH AGREEMENT
Settlement With London Must
Come First, Say Government
Experts.
SEEK BRITISH AGREEMENT
BY DAVID LAWRENCE.

The United States government COLI
trary to published rumors, is making
mo- effort to compel France to pay her
war debt or interest to America 1hei
has been an impression circulated thal
with France showing no leniency To-
ward her debtor. Germany. the ohiteo
states would feel justified in request
ing France to begin payment OF her
three-and- -billion-dollar debt to
the United States.
officials are loath to anticipate the
effect which Frances invasion OF the
Ruhr will have on American pubic
opinion when the time comes TO con-
slider the funding of the French oeo'
TO America. The status OF the matter
as explained to this correspondent pE
Secretary Mellon. is one OF waiting OH
the French for the next move. 'Ihe
French mission, which left here uast
October. acknowledged the French debt
and show ed every desire to see II paid
ultimately. but explained that clrcum-
stances made it difficult at this time
10 say when payments could be made
and that after conferences In Paris
further word would be sent 10 the
American SoNclAAicht'
Wait on British Settlement.
No request has been made by the
Treasury Department for further
word. as it has been felt that the
negotiations with Great Britain
should be concluded first, and for
mula could be worked out which
might be applied in handling the
other war debts. The British mis-
sion was delayed in getting to Amer
ica, so the whole matter has dragged
along without action on the French
debt,
For a time the French referred to
their war debt as political debt
and members of the American Senate
pointed publicly to that phrase as a
hint of eventual Reputation. but the
attitude of the French mission In It's
discussion with Treasury onhctals en-
tirely erased such an impression, Tor
the debt has been formally acknowl-
edged. The French were at the time
absorbed in the intricacies OF the rep
aration dispute and fef tnat they
must wait until they could recover
funds from Germany before estimat-
ing what their own capacity to pay
would be. While the United states
government insists that, so far as 1t
is concerned. the capacity OF Germany
10 pay France is one thing and the
capacity of France to pay America is
quite another, there is no doubt tnat
a sympathetic attitude was manifest
ed toward the French because OF their
troubles in collecting from Germany.
Now that France has sought to exact
payment from Germany by seizins
economic resources. 1t will be even
more difdcult to estimate Frances
ability to pay her external debts. 1t
is a source Of much disappointment
here that France has made no pro-
vision in her budgets thus far for pay
rnent Of interest or sinking fund on
the principal of the French war debt
to America. and that instead large
sums are paid out for land armament,
but it does not behooye one sovereign
power to dictate TO another how It
shall spend its money. so nothing can
be said by way of criticism officially
of the French financial policy. The
hope has prevailed. however, that
political stability might come to Eu-
rope and make France herself see the
futility Of spending any more sums
on armament.
Ruhr Invasion a Factor.
The need for troops in invading the
Ruhr has changed the whole face Of
things, and lent color to the French
argument that her armies were need
ed to handle q recalcitrant debtor. 1t
even put lOi tiIhS
being on talk of four and five power
pscts to guarantee the peace of Eu-
rope.
No policy will be adopted toward
the French debt until after the effects
Of the Ruhr invasion have been care
fully examined. 1t may be that
France will reach a satisfactory un-
derstanding with Germany ultimately
and allay such feeling as has arisen
against her in this country. Under
such circumstances Congress would
probably ratify without much dis
pute any proposal recommended by
the President and the American
Funding Commission. With the state
nf opinion in Congress today, how
ever. any agreement which proposed
leniency to France in the matter Of
interest or principal on the war debt
would have hard sledding in Con-
gress- This may or may not be
realized in France today. but when
the final reckoning comes scars of
the Ruhr policy will pat in an ap-
pearance unless the whole reparation
controversy has been amioably ad-
jubted by that time.
(Copyrixht 1925