Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-08-25
FRANCE NOW HOLDS
IUN|QUE POSITION
Hopeless Conditions of Four
Years Ago Have Been Sue
ceeded by Prosperity.
BY LELAND STOWE.

BY Radio to The Star.
harris, August 25.-Financially and
economically. France today is in a
UNIQUE position among the world
powers, in that she alone is striving
to bold what she has. instead of trying
to regain what she has lost, as Britain,
Germany and the United States, nota-
blyE are doing. No European nation is in
as enviable a situation as France. yet
because of that fact her political and
economic leaders feel their greatest
problem is to keep French industry and
agriculture from slipping.
Even brief summary of where France
stands today seems almost unbelievable
in khe light of the almost utter hope
lessneSs of conditions in France four
years ago. There is in this perhaps
food for thought for those who are
tempted to be Jereniahs in America
today.
The situation in France in the Sum-
mer of 1926 was probably as bad, pos
Sib1y worse than 1t would be in the
United States today If last Autumn's
market crash had been worse than 1t
was The franc was worth 2 cents
one<tenth of its 1918 value. The French
treasury was reduced to a few million
dollars and faced with immediate obli-
cations for many times that amount.
where, Legislation at the moment that
Poincare assumed power was paralyzed
and France was on the verge of bank
ruptcy, with her gold supply drained,
confidence gone and panic on all sides.
France today has her currency stabil-
lied, with the franc worth cents. She
has the second largest stock in gold
In the world-46. 656 100000 francs, or,
roughly, 81 $3.50, 900, 900. Her currency
he 4l1a rar0rd -I,rno tyfYaU mild rnvpra
of 5i6e, compared with figure well
below the legal mark four years ago.
Unemployment here-virtually the only
place in Europe-iS virtually nil. Her
war debts are both ratified and being
paid promptly She is even now pre-
pairing to call in $3.50 100000 worth
of Foreign loans. Her tax receipts are
past two years.
In a word, France in four years has
been transformed from almost des-
titIlte nation to the worlds most pros
per0us nation of today. The most sig
nifieant thing about this is the fact
that it is largely attributable to the work
of one man, and 1t has been achieved
by splain conmon-Sense measures and
unIemitting hard work in the face of
terrific parliamentary obstacles. When
hear the talk Of some Americans, who
seem to be bears on America, this amaz-
ing economic fight and victory of
France, which today is so wildly being
demonstrated, comes to mind. There
Is tn France tremendous lesson for
American business men and workers of
Auaiist, 1880.
with a full appreciation given to the
great difficulties of readjustment in the
United States today, it can hardly be
said that our problems are as funda- |
mentally grave as those which France /
has faced and overcome in remark |
ablT short time. And whereas q large |
part of this is due to Poincare, who is /
perhaps Europe's greatest financier and |
statesman, it must be remembered that |
Poiiscares greatest asset was one equal |
ly applicable in the United States to-
dayTpublic confidence. France owes
the fact that today she is in a position
of defending her prosperity, rather than
battling to retrieve it, very greatly to
denee was thrown into the menacing |
breach four years ago when there was |
a crying need for it.
Taking full cognizance of Frances |
fortunate situation today, French lead |
ers realize the world economic crisis
cannot pass without some effect on
this country The Summer tourist re-
cesson alone is already showing some
results. Likewise the Lille textile
strike, with its approximately 100000
idle workmen, presents problem still
unsolved. But among Europe's esti-
mated 5000 900 unemployed, France as
yetsi said to account for only some
20, 900, not counting the strikers.
Crises all around France cannot pass
without some repercussions here. espe-
ciaIiy during the coming months.
one finds here less genu-
inc cause for economic anxiety than in
any large world power, and this in the
face of the rising cost of living, which
has crept upward steadily and newt
ably since 1926, and liz still rising.
Nevertheless, Tardieu and his gov
eminent are preparing legislation to
bolster employment in national indus
tryS to the utmost and behind this
there is still public confidence. 1t
would seem that study Of the French
record in the past four years provides
valuable and eloquent lessons for her
neighbors, of whom the United States
may be counted as one.
Copyright. 1907