Evening star., 1924-01-20
FRANCE SHOULD PAY u. S.
HER DEBT In MANLY WAY
Gen. TauffIieb, Senator, So Declares. i'm
Citing Advantages to Be
Gained TherefrOm.

I which, in our opinion, does not de-
serve Mr.. Lloyd Georges criticisms.
For ten years Great Britain will pay
interest at the rate Of per cent:
this will subsequently be raised to
312 per cent. The agreement also
provides for sinking fund of II per
cent, allowing the whole Of the debt
to be paid off in sixty-two years.
Frances debt to the United States,
which is considerably smaller than
/ the British debt, amounts to s2,950.
$4,000, exclusive of interest. But by
reason of the present depreciation of
the franc, it represents a far heavier
burden for our country.
1t is my firm belief that our
American friends would make due
allowance for this unfavorable situa-
tion OF ours and charge US a lower
rate Of interest than she does Eng
land, say per cent
Much More Reconstruction.
For the next three years France
will have to advance further large
sums to complete the reconstruction
of her devastated villages. The
American government will not wish
to show itself less generous toward
us than was the old French mon
archy to the young American re-
public. 1t will remember that the
agreement signed at Versailles on
July Is, 1882 between Franklin and
Eergennes, RENTED until after the
signature of peace payment, by the
United States, of interest on the loan
of eighteen million "livrcS" France
had extended to her. The benevolent
measure taken by Louis XVI involved
period of five or six years. Under
the present circumstances, the Ameri-
cans would consider ii only fair to
give France at least ten years or so,
as from the armiSriCe, wherein TO
repair her ruins and restore her
financial situation.
Lastly. as regards the various sums
that go to make up our debt, Ameri-
can common sense would not fail TO
draw a distinction between those
that were used for the purchase of
foodstuffs etc, and such as were
applied to the purchase of war ma
terial with a view to the common
victory. In this way the figure of
14,750, 100000 francs might be sub
stantially reduced.
Advantages 10 BE Derived.
And now. what are the advantages
we should derive from an arrange
ment that would cast upon the
French budget. for period of about
sixty years, an annual charge which,
together with the sinking fund.
might easily approximate 300,0O0.000
gold francs?
First and foremost. the moral salts
faction of setting our debtors an
example OF honesty.
And how is the spiritual profit to
be estimated, which would accrue to
us from our upright dealing in bust
ness matters on the part of AmeTi-
can opinion. alive as II ever is TO
all that is really simple and great:
On the eve of the presidential cam
paign the Importance attained by
such a movement might well prove
considerable one.
In financial circles our straight
forward attitud~ would he particu-
nothing but consideration for
debtor who, in presence of his
creditor. does not attempt to equivo-
cate. but plays fair and lays his
of view it is therefore vital TO hold
conversations with the United States
and reach some agreement, wipinS
out of our debt in about sixty years;
rate of interest, > per cent, with
sinking fund of y per cent; payment
ten years.
And how might not our foreign
policy be affected by this necessary
action? Backed by the might of
America. we won the war; backed by
the confidence of America, we shall
win the peace Who knows whether
they who have hitherto refused to
collaborate in the restoration of
order in Europe would not avail
themselves Of this opportunity and
fill once more their now vacant place
in our councils? Nay. who knows
but what the United States, as NJ.
Filene recently foreshadowed, would
not eventually be willing to discuss
the problem Of inteerallied debts as
| a whole? Let us take the first step.
Let us take it boldly, with smile
on our lips. Let US trust the United
States; they have never forsaken US.