San Antonio light. [volume] (San Antonio, Tex.) 1911-1993, 1925-11-29

nancial conundrum and although his
successors in the ministry of finance
did not repeat his formula, they all
acted on his assumption.
But here came the difficulty: As
Germany was not actually paying,
what was to be done with the deficit?
The answer was very simple. The diff
ficulty was not financial but merely
bookkeeping one. Why not treat the
amounts due from Germany and ul-
timately to be paid by Germany as
temporary loan to Germany by
France, on account of the German
liability in respect of reparations?
FRANC is UNDECEIVED.
How delightfully."- simple it looked |!
There was no difficulty in commencing
1t to a public opinion fed with the
most fantastic figures of the value of
the Germany coal fields, railways and
forests, without any rudimentary ex-
PLANTATION as to how these could be
converted into reparations gold.
Ihere was only one parsonage that
was never quite taken in, but it was a
most important and decisive factor in
the situation-it was the franc. 1t
had early doubts as to this policy and
they grew as the policy continued and
developed. 1t began to show that it
was worried.
Its worry at last affected its health
ana II became nervous and jumpy and
mad TITS OF depression which steadily
grew worse until today its condition is
serious.
How will the trouble be solved and
who will solve it? Clemenceau was
driven into retirement so long ago. 1t
was in the molten period of this globe.
Poincare was dismissed by the French
electorate when the earth's crust was
cooling down. Herriot was defeated.
Millerand fell with a bump. CaiIlaux
has been put back into the lumber
room and Painleve has Just vanished.
BRANDS PROBLEM
The unsuitable BRAND still floats on
the restless waters. But what can he
do! If the French taxpayers will not
put up with any more taxes and the
French bondholders will not stand a
moratorium and French radical So.
clallsts insist on putting an end to in
flation. what can even the resource.
full and persuasive BRAND do? He
has a wonderful tongue, but his elo-
quence will not reach the pocket of
the French peasant, let alone his hid.
den stocking.
Inc French peasantry constitute
half of the population of France, but
they only contribute a one-hundredth
part of its taxation.
IL recent figures are to be credited.
the contribution of the French agri-
culturists to the yield of revenue in
income tax was only 9j,0O0,OOO francs
IN 1923-that would be less than 81.
100000. They pay less in indirect tax
alton than other citizens because thew
are mainly self-supporting as far as
necessaries are concerned and they
have very few Injuries. Nevertheless.
there is method by which they are
paying-by the depreciation of the
value of their savings.
PAYS BY NOT PAYING.
The peasant who invested a hun
dred francs in the fund Of 1914 has
not a security which he can sell today
at much more than 20 francs. At least
four-fifths. therefore, of the enormous
national debt of France has already
been wiped out by the process of in
flation, which reduces the real value
and therefore the real burden of the
nations bonds. The paradox is a
double one. France is paying her debts
by not paying it. Can she 60 on doing
so?
One thing is clear-no system of
group government can straighten out
the muddle. No single group can af-
ford to quarrel with the powerful cleo
toral interest that would be affected
by heavy increased taxation. The Left
must keep in with the peasantry of
the south and the north are dependent
for support on the farmers of the