Evening star. [volume] (Washington, D.C.) 1854-1972, 1925-12-19

ter of finance, Loucheur, and the
persistence of the successor, NJ.
Doumer, as minister of finance in
, the BRAND cabinet in the same lines
as those of NJ. Loucheur, is exciting
street protests and threatening an
! overturn, not only of the present
government, but of the constitution
and parliamentary government in its
entirety.
Initiation of the currency is the next
| step proposed by the cabinet, since
there appears no other way to meet
present obligations. The franc has
already fallen to a value of only about
cents where par is 20 cents, and
the threatened imitation is feared by
sound financiers as the death blow to
It's exchange value. Panic on the
Bourse and in commerce has seized
the nerves of the French. All the
reparations payment to France by
Germany not only fails to reimburse
her for her rebuilding investments,
but appears only to feed further costly
campaigns in her two current wars
x X x x
1t is not lack of ability of French
statesmen that today jeopardizes the
nation, but an excess of partisan
politics which overshadows the gen.
eral good. 1t is the same French
the quick recovery from the Prussian
war of 1870, and the admirers of the
resll1ency then demonstrated express
| hope that today's crisis will yet be
met successfully.
The correspondent who wrote from
Berlin so pessimistically regarding
France now writes from Paris more
hopefully, as he has learned of vari-
| Gus expedients which French finan.
ciers are considering.
Among the plans proposed for
raising funds for the government is
one to capitalize the government
monopoly of tobacco and sell it's bonds
to both domestic and foreign investors.
Bonds to the amount of Is ,000, 900 900
francs may be f1oated.
NJ. Caillaux proposes that the Co.,
600 900, 900 national defense bonds
which are outstanding and drawing 5
per cent interest should be bought
with paper francs not drawing inter-
est. The general currency, them
would not be inflated-for the bonds
today are serving as money-and the
interest burden would be lessened.
Under the Dawes plan in settling
reparations with Germany, France is
to receive railroad bonds from Ger
many to the amount of 5000, 200, 900
gold marks. bearing per cent inter-
est. One plan is to sell these bonds to
foreign capitalists for approximately
10000, 900 900 francs.
X X * *
In the midst of the despair Of the
politicians of France over the impend-
ing national bankruptcy, there now
| comes, most unexpectedly and glo-
| rtously, a voluntary offer of splendid
patriotism from a group of manufac-
turers centering in Lille. This con-
sists in a plan to raise 10000, 900 900
francs to be advanced to the govern
ment as loan to constitute a sinking
fund to take care of the national debt
The offer was preached to Finance
Minister Doumer and Premier BRAND
within the last As hours. 1t was kept
secret at first, but it was too good to
hide, and is now announced. France
| is thrilled with the news. The whole
world will rejoice at the proof that
| self-interest does give way before pa
triotism in time to save a nation. The
| leading statesmen of France forestall
the possibility that cynics will point to
the fact that there may be some ele-
ment of self-preservation also in the
industrialists' offer, since the Dawes
reparation plan provides that some of
the payments to be made by Germany
are to be in goods and that all such
deliveries will compete with French
industry. Nevertheless, it is conceded
that the Lille proposal of 10000 ,000,-
900 francs comes from a limited area
and few men, while the result saves
the nation from bankruptcy and gen.
eral distress, if not from anarchy and
revolution.
Copyright. 1925. By Paul v. coliins)