Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1923-01-27
PRESSURE BY j. S.
ON FRENCH TOPAy
WAR DEBT WAITS
BY DAVID LAWRENCE
Geased Wire Service to The Journal.)
Cnnvrinht- 1903


WASHINGTON, Jan. 25.-The
United States government, contrary
to published rumors, is making no
effort to compel France to pay her
war debt or interest to America.
There has beea an impression cir
cu1ated that with France showing
no leniency toward her debtor, Ger
many, the United States would feel
justifiable in requesting France to
begin payment of her three and
half billion dollar debt to the Unit
ed States.
Officials are loath to anticipate,
the effect which Frances invasion
of the Ruhr will have on American
public opinion when the time comes
to consider the funding of the
French debt to America. The status
of the matter as explained to this
correspondent by Secretary Mellon
is one of waiting on the French for
the next move. The French mis-
sion which left here last October
acknowledged the French debt and
showed every desire to see it paid
ultimately, but explained that cir
cumstances made it difficult at this
time to say when payments could
be made and that after conferences
in Paris further word would be
sent to the American government.
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.
Whole Matter Drags
The British mission was delayed
in getting to America so the whole
matter has dragged along without
action on the French debt.
For a time the French referred to
their war debt as a political debit
and members of the American sem
ate pointed publicly to that phrase
as hint Of eventual reputation,
but the attitude of the French mis-.
sion in it's discussions with treas
ury officials entirely erased such an
impression for the debt has been
formally acknowledged.
The French at the time were alb
| sorbed in the intricacies of the rep
arations dispute and seemed to feel
| they must wait until they could re-
| cover funds from Germany before
estimating what their own capacity
to pay would be. While the United
| States government insists that so
far as it is concerned, the capacity
of Germany to pay France is one
| thing, and the capacity of France to
pay America is quite another, there
is no doubt that sympathetic at
titude was manifested toward the
French because of their troubles in
collecting from Germany.
Now that France has sought to
exact her pound of flesh from Ger
many by Selling economic resources,
it will be even more difficult to, esti-
mate Frances ability to pay her ex.
ternal debts. 1t is source of much
disappointment that France has
made no provision in her budgets
this far for payment of interest or
sinking funds or the principal of
the French war debt to America, and
that instead large sums are paid
out for land armament, but it does
not behoove one sovereign power
to dictate to another how 1t shall
spend it's money, so nothing can be
said by way of criticism officially
of the French financial policy.
Proof in New Move
The hope has prevailed, however,
that political stability might come
to Europe and make France herself
see the futility of spending any more
sums on armament. 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 needed to han
die a recalcitrant debtor 1t has
even put a damper for the time be.
| ing on talk of four and five power
pacts to guarantee the peace Of Eu.
rope.
No policy will be adopted toward
(, the French debt until after the eff.
fects of the Ruhr invasion have
been examined carefully. : 1t may be
| that France will reach satisfac-
tory understanding with Germany
| ultimately, and allay such feeling as
has arisen against her in this coun-
| try. Under such circumstances con-
gress probably would ratify without
much dispute any proposal recon-.
mended by the president and the
American funding commission. With
the state of opinion in congress to-
day. however, any agreement which
proposed leniency to France in the
matter of interest or principal on
the war debt would have hard sled
ding. This mayor may not be real
lied in France today, but when the
final reckoning comes, scars Of the
Ruhr policy will put in an appear
ance unless the whole reparations
controversy has been adjusted ami
| cahlY by that time.