Evening star., 1926-10-03
PO|NCARE'S POLICY
BECOMING CLEARER
America Has TacitIy Accept
ed His VieW-Debt Plan
Must Be Altered.
BY GERVILLE REACHE.

BY Radio to The Star.
PARIS, October 2.-The results of
the visit of Secretary of the Treas
ury Mellon to Premier Poincare last
month are just beginning to appear.
To avoid parliamentary debate and
troublesome press campaign in both
countries concerning inter allied
debts during the American election,
the French government has decided
to postpone ratification until after
the United States senatorial cleo
tions. This will probably occur to-
ward the end of November
To balance this concession to the
American internal situation, NJ Poin-
care took advantage of an opportu-
nifty in his recent Bar le Due speech
10 make certain reservations, at
which American opinion does not ap-
pear to have taken umbrage.
BY declaring officially for the first
time that France will pay only to the
extent of her ability. and within the
limit of transfer possibilities, NJ. Poin-
care clearly showed that he realized
he could not get the Berenger agree
ment ratified without safety and trans.
fer clauses. Even then ratification
seems problematical. Against him will
be the Socialists, some of the radicals,
including Franklin Bouillen, who re-
fused to vote for ratification of the
Versailles treaty, and most of the ex-
treme right. But at least he has OBJ
tained the American administrations
consent to his reservations, even
though in SO doing he has gone back
on the preceding French governments
signature.
Meets L. S. Everywhere.
The striking fact in Frances pres
ent situation is that at every turn of
the road toward reconstruction she
meets America.
The policy of confidence has ac-
complished nothing but to bring
things back to where they were before
the July panic; nothing beyond that
has been accomplished toward none
tary restoration.
Premier Poincare's icy speech has
halted the policy Of approachment
with Germany, as the mobilizing of
German railway bonds would require
American help, which is not obtain
able without ratification of the debts.
The consent of the agent general for
reparations, S. Parker Gilbert, also is
necessary.
The ministry has desired to effect
economies but instead of encouraging
production, thereby increasing it's
taxable capacity, it has tended to
paralyZe industry by unJustif1ed credit
restrictions and policy Of high
money. 1t has aroused the deputies
animosity by judiciary and admins
trative reforms. cessation Of railway
construction and suppression of port
subsidies without any great advantage
TO the budget. Furthermore, the
Bank Of Frances gold purchases from
citizens are producing ridiculously
small amounts, barely a few hundred
thousand dollars.
Ignored StabiIizing Plan.
Finally. in his latest speech, NJ.
Poincare did not even mention the
monetary stabilization as proposed by
the experts committee; namely, by the
ratification Of debts and the contract
ing of foreign credits. He seems also
to have rejected the Belgian finance
minister's proposals to stabilize the
French currency on a parallel with
Belgian money.
With his refusal to accept any mod
ification of administrative reforms. it
looks as If NJ. Poincare would be hap
ny If Parliament overthrow him on
the economy program. Thus he might
reorganiZe the cabinet, relinquishing
his veXatious finance portfolio for NJ.
Brands S place. Fe does not realize
what formidable opposition his foreign
policy would arouse in the Chamber,
which was elected as a reaction
against his Ruhr policy and which
overwhelmingly approves NJ. Brands
course at Geneva.
AS France readily agreed to immo-
late her national prestige at Geneva,
she certainly will not allow it to be
reborn in new form at Paris, in either
internal or external affairs.
tCOpyrlght 1926)