Evening star., 1926-10-20
French Debt Settlement.


of the French political net in which
the Berenger.Mellon debt settlement
has SO long been entangled. Word
comes from across the Atlantic that
party has finally adjusted itself to
ratification, with such qualifications
as Premier Poincare may find neces-
sary to obtain favorable vote In the
Chamber.
Under the truce thus established
Poincare. in his dual capacity Of pre-
mier and finance minister. IS to be
given fair opportunity by the BRAND
supporters to work out Frances
financial salvation. BRAND is in turn
to be afforded a free hand in the con-
duct Of foreign affairs.
Such an arrangement offers n fairer
prospect for success than any hitherto
concluded. Whatever the justice OF
the charge, the belief undoubtedly ex-
lists that Poincare Is so completely
identified with French nationaliSm as
to render astigmatic his vision Of the
essential relationship Of France to
postwar Europe. Versailles is, in the
popular Judgment. Poincare. Locarno
is BRAND. And in an adjustment OF
the reins OF power which makes for
the dominance Of liberal opinion In
French foreign relations, the world
will rejoice.
Nor will its rejoicing be less in the
TACT that, by that same adjustment.
conservatism Is given a long push for.
ward toward dominance in the ma.
tional finance Of France. Joined loose.
ly with unified Socialists. the Radical
Socialists who have supported BRAND
have overlong delayed the solving OF
Frances difficult financial problem. in
the hope of forcing a capital levy on
their nation. This opposition. in so far
az the Radical Socialists are con-
cerned, is now to be withdrawn. And
with Poincare commanding as he does
the confidence and backing of the big
business interests Of France. there is
fair reason to anticipate success for
his efforts.
For Poincare. who at first did not
seem inclined to follow the recon-
rnendatiOnS Of the committee Of ex-
perts as made last July. has subse-
quently given every indication Of
change Of opinion. The new finance
bill, the sinking fund bill and the Bank
Of France bill passed by the French
Parliament before It's adjournment on
August IL adhere in general to the
advice Of the experts. Since adjourn
ment he has devoted his attention to
bringing about further defation by
various economic reforms.
The committee Of experts recognized,
as was inevitable. that an essential
factor in the solving Of their nations
financial problems was a refunding Of
the French external debt. They recog.
nized the inevitable relationship be-
foreign loans and debt settlements.
Poincare, seeking the answer to his
many-angled financial riddle, along
the general lines Of French expert
opinion, cannot fail himself so to rec
ngnize basic facts.
International relations, whether Of
a financial or other complexion. and
national politics are bad bed-fellows.
as America from it's own experience
should be ready to testify. 1t is
true and a significant fact that, with
national politics subtracted from the
equation. the French debt to the
United States would long since have
been satisfactorily adjusted. That no
stiff necked adherence to inconseQuen.
tial pretensions on either side OF the
Atlantic may be permitted to block
an early settlement, and that this re-
Gently concluded agreement between
two strong and hitherto opposed
groups in the French Chamber may
smooth the road to a mutually desired
goal, Is the sincere wish of the count
less friends Of France in America.