Evening star., 1932-12-14
France to Default.

WITH lIle 1OICe Ol d P4OAoAAAA oAAoS-
comes news that the French Chamber
of Deputies has overth-own Premier
Herriot's government and that in con-
sequence France will default on her
$40 900 900 interest inst4-iment due IN
Washington tomorrow. Let 1t be said
at once that American emotions with
regard to this unexpected development
are merely emotions Of surprise and
regret No one In France can imagine
that her action fails to awaken dis
pleasure in the United States, but that
rrenchman would be equally wide OF
the mark who thinks that American
reprisals will now be the order Of the
day. The American Navy will not be
sent to the Southern Atlantic to seize
Guadeloupe, French Guiana, Mar
Unique, ST. Pierre and Miquelon. The
French Parliament, presumably ref1ec-
tive Of public sentiment, has made its
bed. It will be the disposition Of the
United States Government and the
American people to let France lie In
it and to let her accept whatever con-
sequences logically follow the choice she
has made.
Meantime, there will be nothing but
admiration for the gallant, though
futile, fight waged by Premier Herrio:
to save what he rightly termed 'the
honor Of Frances signature" by tender
ing the December is payment and a.
lowing the future to take care OF itself.
The Chamber Of Deputies voted down
the governments proposal by 4o2 to
1a7. Thereupon, In accordance with
French parliamentary practice. M. Her
riot and his cabinet resigned, toppled
from power by more than two-to-one
vote Of no confidence. The prenaier's
appeal to the Chamber to respect the
sanctity Of Frances plighted word; not
to "break the Franco-B British 'front.';
not to believe that the French treasury
In reality is incapable Of accounting to
the United States for q sum, which. rel
atively speaking, Is but . budget fea-
bite-all these arguments fell on ears
deaf to any plea which neglected to
provide that, In paying tomorrow,
France should do so only on condition
that the United States agreed before
hand to an intergovernmental war debts
conference. This country firmly de-
clined to enter into any such commit
ment.
Belgium will follow the lead Of her
French ally and protector, and also
default on this weeks obligation. Great
Britain and Italy will pay. The British
will attach an understanding" on their
part that their sos 10000 payment is
q contribution Of capital sum" on
account Of q readjusted total debt.
There Is no occasion for the United
States to refuse the British money just
because 1t Is rendered with that string
to 1t, rs long as there Is lacking any
explicit American acceptance Of the
proviso. In his final note to Great
Britain, Secretary Stimson indicated
the entire willingness Of the Wash
ington Government to join with Britain
In q fresh survey OF the whole subject
OF war debts, with special reference to
the British debt. This survey would be
made In connection with preparation
for the International Economic Con-
ference" It involves no binding ad-
vance pledges on Americas part. but
1t registers certain progression in the
United States position, which hitherto
had specifically excluded debts from the
scope Of the forthcoming economic con-
ference.
As to certain points the French must
henceforward be assured. When the
time comes, as come it must. sooner
or later. in that form or this, for a re-
view, II not revision, Of the whole debt
structure. events OF the hour make 1t
obvious to the point OF certainty that
debtors who paid face q far better pros
pect Of leniency at American hands
than debtors who defauited. The Brit
ish have submitted an immeasurably
more convincing case for their inability
to pay $95, ,o0o, 900 than have the French
for their incapacity to turn over $2O.-
100000. The possessor Of the second
largest gold reserve in the world can
account for s2o,0oo,o00 without peril
to its financial safety. The French
Chamber knows that as well as anybody
else.