San Antonio light. [volume] (San Antonio, Tex.) 1911-1993, 1924-03-16
Clears the Way for Dawes
Report to Solve Repara-
tions Problem.
UP TO FRENCH NOW
Nation Still Has Troubles
Ahead But May Over
come Obstacles.
BY WILLIAM BIRD.

Copyright. 1924. by Consol. Press Assn.
Paris, March 15.-The concierge
bringing up the morning papers, said :
IL est bien gentil, &c Monsieur
Morgan" (He is a nice man, that
Mr.. Morgan.)
That is probably the sentiment OF
most Frenchmen, including Premier
Poincare.
Mister Morgan is q nice man."
For this is what he has done:
Mr.. Morgan's timely loan has saved
France from scary slide of initiation
upon which she ventured last week.
1t has saved millions of French in
vestors from utter ruin. 1t has saved
French middle and professional classes
from misery and starvation.
And, in larger way, it has given
all Europe breathing space in which
outstanding problems may be put on
the way to solution if those in places
Of power seize the opportunity.
\ week ago the labors of the Dawes
Young committee. for example, seemed
to be utterly vain, for. before their
report. which it is hoped will rehabili-
tate Germany. could be rendered, it
looked as if Frances finances would
be in ruins. Today, thanks to Mr..
Morgan, the experts can complete their
work TRANQUILITY.
Only Temporary Help.
This does not mean that Frances
problems are settled. All that the
Morgan loan means is that France
will have a few months respite in
which to put her finances in order.
Indeed, the terms of the loan stipu-
late that France must cease borrow
ing except to consolidate her floating
debt, and may not even issue bonds
to complete restoration of the devas-
tated regions without providing for
them out of the budgetary receipts.
Furthermore, within ten. months
France must be prepared to repay
Morgan in dollars.
Simple arithmetic will sow what
a hard uphill road France must ira
vel within that time if repayment of
the loan is not to undo all the good
that has been accomplished by it.
As for the experts report, of which
the public is led to expect SO much,
it can be definitely stated that hopes
of torrents of German gold will not
be realized. The correspondent has
talked with an American private citi-
zen who was privileged to read the
draft upon which the experts were, III
substance. unanimously agreed and
which will be adopted with only YER
bal changes. This individual described
it as a bitter pill for the French to
swallow.
Indeed the official who showed the
draft TO the writer's informant, ex-
pressed the view that it would necessi-
tate sterilization of the franc at
cents. This prediction, however, is
invalidated by the Morgan loan, but
it may be realized if France does not
take advantage of the next few months
TO put her finances in order.
May Postpone Elections.
The largest element of doubt, in the
opinion of Frances banking and bust
ness leaders, comes from the elections
which are due in May. Although NJ.
Poincare. with his juristic mind, is
fatty opposed to suspending the con-
stitutional provision and postponing
elections, it is we'll understood that
President Millerand and some men,
bers of the Poincare cabinet, chief
among whom is War Minister Maei-
not, are in favor of proroguing the
lAN'lNhb Oue year at
least, as was done during the war.
As there is scarcely any likelihood
that the Senate, which is imbued with
democratic traditions, should pass a
law to this effect, it is proposed to
accomplish it by executive decree. 1t
would be tantamount to establishment
Of limited dictatorship. but that, in
the opinion Of conservative elements,
is the only chance of saving the coun-
try from slipping to the Left and into
perllous fiscal paths.
If, however, the elections are called
of, Enforcement forces threaten
to resign in body from the chamber.
thus nccessitating partial elections all
over France in the hope of demon
strating the cOuntry's attachment TO
| democratic principles.
The Senate, Of course, is not affect
ed, as it is elected by indirect vote.
somewhat as the American Senate
used TO be.
At all events, it is probable that
the next few weeks will show in what
direction France in turning and al
the present moment "as goes France,
so goes Europe"