The daily worker., 1924-05-22
new CABINET
GETS ORDERS
FROM u. P"
Socialist" Herriot Is
Told What's What
lspecIaI to The paIIy Workerl

Especial to The Daily Worker)
PARIS, May 21.-J. Pierpont
Morgan, head of the inter-
national banking house of Nor
gan, will dictate the policies of
the new French government.
The first step towards forma-
ton of a cabinet to succeed that
of Premier Poincare was taken
at the Elysee palace today.
Herriott Gets the Dope.
President Millerand informed Edou-
ard Herriot concerning engagements
France made to ]. P. Morgan in ex.
change for the loan that saved the
franc from collapse few months
ago.
Before Herriot, leader of the radical
socialists, is formally invited to form
a cabinet, Millerand wants to know
the attitude of his party towards the
agreement with Morgan 1t is also
necessary for the next premier of
France to understand what France
has promised the American banker.
The socialist statesman who prob
ably will succeed Poincare, went on
foot to the presidents palace. Pre-
mier Pair are drove up and mo-
ment later ex-Premier Painleve, peace
maker of the left arrived.
The three were closeted with the
president, who had spent the morn
ing consulting with his financial adj
visors regarding the exchange situa-
tion and with NJ Doumergue, presi-
dent of the senate.
Chief interest centered in the ar
rival of NJ. Herriot for his conference.
My line of conduct is clear" the
socialist leader said upon reaching
Paris, the first time he has come to
the capital since the elections. Il
wish to follow out the logical conclu-
sions of the elections and constitute
cabinet from the bloc of the left
"My policy win be open. There will
be no secret communications. | will
examine the situation tonight with my
party's committee France has clear
ly indicated her political leanings and
will respect them"
When Money Talks.
After the conference at the Elysee,
it was officially announced that Her
riot and ex-Premier Painleve had CIV
en- their pledge that rigorous equili-
brium of the budget would be consi-
dered an absolute necessity, no mat
ter what government succeeded that
of M. Poincare.
Leaving the palace, Herriot said:
I'VE spoke only of France"
This was taken to mean that
the composition of the new cabinet
was not discussed at this time and
that the convention had been confined
to Millerand's expose of the financial
situation.
The Franc Is Skidding.
The condition of her exchange is
the most vital thing to France right
now and already the franc has shown
signs of skidding. The financial de-
crees and the increased taxes-plus
very important loan of some $40,-
O00,O 900 from Morgan arrested re-
cent downward plunge OF the franc
With new government, socialist in
character, coming into office, the fl
nancial stability achieved temporarily
by Premier Poincare, may be lost
According to the Matin, J. p Nor
gan and the financial syndicates
which aided France during the recent
crisis of the franc, wish to know just
what the policy OF the next govern
ment will be. These bankers. says
the Matin, had counted upon France
pursuing policy Of strict equilibrium
of the budget and now want to know
If the new regime will renew assur-
ances on this point
President Millerand was requested
to inform Herriot and Painleve, in the
presence of Poincare, how matters
stood.
The premier called cabinet coun-
Gil for today and the president sum-
moned a ministerial council for to-
morrow, all part Of the elaborate ma
chinery of change of regime in
France.
EN.ru r.,.. .,sk.~ntk.. t-~.- A.