Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1926-07-22

its presence caused considerable anx-
iety inside the chamber building. 1t
began to dispense when news came
that the government had been over
thrown, but many remained. and po-
lice reserves were summoned, IN the
fear that some of the deputies might
meet with harsh treatment on leav-
ing the chamber.
The Herriot ministry was defeated
on the question of its declaration of
policy. This dealt entirely with the
salvation of the franc and the gener-
al financial situation. Immediately
after the vote M. Herriot went to
Elysee Palace and presented the res
ignation of his ministry to President
Doumergue.
The general opinion this evening
is that M. Doumergue will have to
call on M. Poincare to form a cab
met. Poincare unquestionably the
choice of the moderate elements of
parliament and a considerable num-
Der of deputies of the old coalition
of the Left.
NJ. Poincare is thought to be
ready to accept the task and is dis
posed to make collaboration of all
the former premiers the basis OF his
combination. If he undertakes the
task 1t Is believed that M. BRAND will
return to the foreign office while NJ.
Poincare or M. Caillaux will take the
ministry of finance.
There is a general demand for
such cabinet this evening and the
temper of the chamber indicates a
large majority will be found for such
ministry.
There seemed to be little doubt
when the lower house met this aft
ernoon that the time for political
manoeuvering around the financial
question was ended. M. Herriot, who
for two years has been a command
ing figure in parliament, came to the
government bench for the first time
without single greeting from the
assembly.
After stating the government
policy, Premier Herriot begged the
house to take quick action. The
finance minister, NJ. De Monte, who
had worked throughout the night on
his financial program. then made his
statement. He alluded to the small
balance in the Bank of France and
introduced a bill seeking authority
for the government to turn over to
the Bank of France the available
balance of the $100.000,000 Morgan
loan, amounting to little over $25.-
100000 or 1,500.000,000 francs.
Should the chamber refuse to
pass this BILL" he said, Il myself
will instruct the Bank Of France to
realize on the Morgan loan dollars
in the open exchange market, to
meet the pressing needs Of the treas
nry. have a right to do this. Even
| If T ha1n RI
| the high court"
NJ de Monte went on to say:
| "The government will not make the
| bill a question of confidence, because
| if authority is refused the minister
would just the same exercise the
right conferred by the agreement OF
| 1924 concerning the Morgan loan in
order to avoid closing the cash win
dows."
| This statement created much ex-
element and was interpreted as
meaning the cash windows" where
! redemption Of national defense bonds
| is made by the bank as the govern
ment's agent.
! NJ. de Monte temporarily retains
his post as head of the finance min
istry for the purpose of appearing al
a special session of parliament tC
force through his bill, which was
referred to the finance committee OF
| the chamber
! The reception of NJ. Herriot's sec
| ond cabinet in both chamber and
senate was far from comforting. The
| ministerial declaration was listened
| to i'll icy silence in the chamber and
greeted with jeers in the senate.
! No sooner had NJ. De Monte an.
! nounced he would take the risk OF
| the high court in order to get money
IN francs out of the balance of do.
lars left of the Morgan loan, than
the senate was plunged into such an
uproar that it was necessary to sus-
| pend the session. The house was
calm when it was reconvened, and
NJ DE Monte was able to finish his
! statement.