The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1923-02-16
FRANCE MAKES
HUGE LOAN
TOPPLES
Action Creates Bitter Com
ment in Washington-<Sums
Owing U. S. Ignored.
CONTINUED from First Page.)

British settlement, the Paris an
nouncement created a buzz Of sar-
castle comment, and both Demo
cratic and Republican members were
frank in their criticism of France
loaning money to Poland while In
forming the American debt commits
sion of inability to make any ar
rangement for liquidating indebted
ness to the United States.
Senator Medill Mccormick (Rep.)
of Illinois, who recently returned
from an extensive European tour, in
which he studied the economic situa.
ton, characterized the loan as "a
block to the economic recovery Of
Europe"
eft is tragic said Senator Nc
Cormick, that the Government of
France. which suffered so terribly
in the war, should continue to pur-
sue q course which subordinates. the
economic reconstruction of Europe
to the political purposes of the
French Cabinet.
Blocking EurOpe'S Recovery.
1.-THE very effort to achieve these
political purposes blocks the econ
onic recovery of Europe, which is
essential alike to the payment Of
reparations to France. and the
payment to America of debts due
her from the governments of con-
tinental Europe"
Senator Hitchcock CD OF Me-
braska, who led the League OF Ma
tons fight for President Wilson,
said:
"Can anything be more unreason-
able than for France to refuse to
swNk l@p~A
United States and then to loan
land? eft is bad enough for
France to refuse to tax her citizens
for our interest payment, out to
tax her people to permit another
nation to carry on war is certainly
unreasonable. It is not the first
time France has offended in this
respect.
Helped Turks Whip Greece.
While putting up a poor facemto
America, she has furnished Turkey
with the means Of carrying on war
against Greece. It is q part of
her militaristic policy
ut is. an outrageous situation
when nation which won't pay her
debt to us viii lend money to an
other nation for war;" said Senator
Norris Rep.) OF Nebraska. IF
France can lend money to Poland
she certainly can pay us. A gov
eminent able to lend money to an
other nation certainly should have
enough national pride to pay her
own debts first
This comment was echoed by
many other Senators on both sides
OF the chamber, and so unpleasant
was the reaction caused that 1t
may lead to some pointed speeches
on the floor about the French gov
ernmental policy in general, both
as to loans and to the Ruhr in
vasion, others said.
Senator Heflin Dem.) of Alabama:
"If France can lend money to other
nations, she should be able to pay
us. 1t is an unusual act"
Senator Smoot (Rep) Of Utah,
member of the American Debt Com
mission, would not comment on the
loan but declared he Certainly had
noticed it in the newspapers.
Senator Jones (RepD OF Wash.
ington:\ 81 think France ought to
be paying her own debts before
lending money to other nations"
Members of the American Debt
Funding Commission declared they
were enjoined by reason of their
position as negotiators from making
but it was manifest that the Paris
announcement was somewhat of a
shock.
Total Of the Debt.
The French debt to the United
States now totals $3.50, 746,215.16
principal, and more than $500, OOO,-
600 interest, running the total close
to $4,000. 000,0 900.
Since NJ. Jean Parmentier, the
French treasury representative, re-
turned to France last fall, the
French government has steadfastly
refused to indicate when or Nnder
what arrangements it will enter into
negotiations for funding the debt,
This attitude has persisted in
spite Of repeated intimations con-
veyed to the French government
through official channels that the
American debt commission is ready
to discuss settlement terms.
The British debt settlement.
which will be ratified late today by
the Senate, will be followed, it was
indicated today, by renewed pres
sure upon Paris for some sort of
a statement concerning French
policy.
Terms of Polish Loan.
The terms under which France
has voted the Polish loan call for
per cent interest, the same rate
France is supposed to pay to the
United States under the demand
notes now held by this Government.
At the time Of his visit here, the
French treasury representative in.
formed members of the American
Debt Commission that France
would never be able to discharge
her obligation upon so high an
| interest rate.
The settlement with Great
Britain is at rate of and 3!S
per cent, and M. Parmentier indi
| Gated that his government con.
sidered this too high.
Expect British Debt
Ri1l tn Rn poccn1.