Evening star., 1932-04-17


whole of Central Europe rescued. but
the difficulty lies in the ract that for
the German and even FOR the Danubian
situations the French people find causes
different from those familiar in New
/ York, London and Berlin. The French
feel that the bankruptcy OF Germany
was mainly deliberate and that a re-
newal Of foreign loans would only pro-
duce new boom like tnae OF 1928 fol-
lowed eventually by another collapse
ike that of last Summer.
Risks No Capital.
France therefore is not risking anv of
her capital in Germany in its present
state of mind and continues to believe
that Anglo-Saxon countries would have
been well advised to follow her previous
caution in this respect again Ameri-
cans and Britons have concluded that
the financial difficulties would force a
reduction Of the French military bud
get ana thus measure of disarma-
| ment. The necessity for budget reduc-
I tlon is seen on all sides but the risk
/ incident to reducing military expendi-
/ lures at this momert of Hitler upheayal
/ IN Germany Is one no government dares
/ to run
France is apprenensive over the
hnanclal situation both at home and
abroad; 1t IS becoming more and more
/ peSslmlstic as to the prospects of any
early relief. Such comfort as it can get
I comes from the fact that by compari-
f son 1t has so far suffered less than the
other great powers. 1t clings to the
/ view that the insistence OF the United
/ states upon debt payments explains
1 mucn OF he contemporary mess But
/ It's opinion is a little embarrassed be-
cause in many respects French and
American policies have been identical
IN debt and reparations matters.
/ AS l have said before, the debt oues-
ton is dead for the great mass of the
French people. They believe that Pres
ident Hoover settled that matter with
his moratorium. Nor do they expect
any considerable further payments
from Germany. They resent the fact
! that when they were in acute hnan-
cial difficulties six years ago the world
did not come to their rescue and they
feel no dominating impulse to save
Germany while she refuses to accept
the peace treaties.
Look for Long Siege.
In sum, despite all the signs of
activity on the part of Tardieu and
discussion of such projects as Danubian
salvage and Lausanne Conference pro-
grams, the impression one has is that
/ the French people are settling down
to endure long siege of economic
depression with no idea of modifying
their political conceptions and every
intention OF relying upon the double
| advantage OF a frugal population and
an almost completely self-contained
country. Those who know the resig-
nation with which these people during
| the war said in the face of every mis-
! fortune, "C'est la Guerre," will under
stand the mood.
There are, after all, two Frances.
one is occupied with providing the
rich OF the world with all forms of
luxury. This France has long been
the Winter playground of the wealthy
and the excursion land of the less
wealthy in the Summer Out of this
business. which is very big business in
the aggregate, France has acquired a
considerable part of her prosperity,
offset her unfavorable trade balance
and built up a tidy body of foreign
investments. This France is at least
as badly hit as any other part of the
world and another year of depression
will have exceedingly bad effects.
But aside from this, France and.
similarly, apart from the relatively
small districts of great industrial activ-
lty, France remains a country of small
farmers and little businesses. And this
France is capable Of almost incredible
economies and endurance. Neither
Great Britain nor Germany has any
similar framework of solidity since they
can neither feed themselves nor live
save as they export largely. In the
end the success of the present British
recovery will depend upon the realiza-
ton of some measure of imperial
preference with the dominions.
Despite all the changes of recent
decades France, however, still remains
great power of small capitalists with
a social solidity unparalleled elsewhere
in Europe. The population is today
uncomfortable, irritated, and even
measurably apprehensive, but neither
Fascism nor Communism is on the
gain, nor do either or both constitute
any real peril. Again. hard times is
not the political issue it constitutes at
home. Big business ard high finance
are uneasy here as elsewhere and the
condition in certain banks is reported
none too attractive.
Paris Appears Calm.
Contrasted with the state of mind
of Berlin or Washington, of New York
or Hamburg, or of London or Man
chester. before the still recent burst
of optimism following the change in
British government, even Paris seems
calm. The outward evidences of actual
want and misery are slight
The French went through a real
crisis and readjustments in 1926. dur
ing the franc crisis, unparalleled else
where and are therefore relatively
much better off. Railways, shipping,
manufacture and tourist trade-these
are the bad spots and all are very
bad. But there is as yet no sign of
the panic one noted in New York last
Winter or of the hysteria which has
been common in Germany for a least
two years. That is why even now
there is little prospect Of any far
reaching change in French foreign pol
icy, or, for that matter, any landslide
in domestic politics
All in all, it is hard to escape the
conclusion that, as the French felt the
economic depression latest and, on the
whole, as yet least among the great
peoples, they will be last to be driven
to far-reaching changes either of
foreign policy or economic methods. If
French money is to be enlisted for the
reconstruction of Central Europe or
the rescue of Germany, it will be on
French terms and physical security will
count at least as much as financial
safety. Meantime, in the stockings Of
the vast bulk of the peasants the saw
ings of recent good years are an in
surance for considerable time to
come.
(Copyright, 1922