Evening star., 1933-01-08
BY EDOUARD HERRIOT.

LYONS, France, January Z N.A.N,A) Z.
i have been asked my opinion con-
cerning the debate which has just taken
place in the United States Senate. My
desire is to reply with certain reserve,
first because 1 have seen only extracts
from the speeches delivered by the
honorable Senators, and also because I
wish to avoid anything that might ap-
pear like an indiscreet mixing into the
internal discussions OF the United
States.
Having made such reservations, note
that Senator johnson of California has
delivered a severe requisitory against
France. I should like to tell him that
he seems to misunderstood the real
sentiments of the immense majority Of
my compatriots.
Senator johnson recalls that the
United States accepted no war rewards
at Versailles, and he is right. He speaks
about the sufferings in his own country,
and again he is right. If Senator Johnson
would refer to the memorandum sent to
Washington by the French government
December he would note that we ad-
mitted the merits, first, of the debt set
tlement agreed TO by the United States
in 1928. There we expressly said: THE
EIeHCil kOfcIIlIleIJ lIlclbbS CiIdI II NEVER
entered its mind to contest the juridicial
validity Of the various undertakings
which are at the origin of the war
debts
Lausanne Is Citeds
I told the French Chamber of Depu-
ties myself what was the character of
the liberty loans. In granting us long
term annuities with interest at per
cent the American Government has
been able to gay 1t reduced the total
amount SO per cent. I recalled to my
compatriotS that in adopting this sum
mary formula it could be considered
that the United States claimed only
.000,000,000 lent after the armistice
and gave discharge for the S2,000,000,-
600 lent during the war. 1t is at least
the formula adopted by Prof. Charles
Glide of the law faculty of Paris.
But I should like the honorable SEN
ator to note that Frances request for
reparation for disaster and losses
caused on its soil by four years of in
vasion was no less legitimate. When
we granted Germany a moratorium.
We voluntarily deprived ourselves of
revenue Of which We have the greatest
need. When we Europeans at Lausanne
conditionany forgave Germany nine
tenths of her debt. we consented-and
small countries like Yugoslavia with us
to an immense sacrifice.
Why did we make this sacrifice? Be-
cause after all we believe that the pay
ments abroad over period of 60 years
without an equivalent in goods are
causes of ruin for the world, and be-
cause We feel that all the nations must
freely acknowledge this elementary
truth, proclaimed by the worlds econ
omists.
While I still persist in thinking that
our payment on December Is was le-
gally due-and I have proved my con-
viction-I ask the honorable Senator
to be so kind as to ask himself if
general readjustment of all debts is not
necessary, in equity as we'll as in the
interest of all, and If France is not en-
titled to the same treatment as Ger
many.
Interest Payments Grow.
On the other hand, I am being In
formed that Senator johnson referred
to the question of American war stocks
over here. I should like Senator john
son to refer to the volume written by
Prof. GiGe and William Oualid upon
the Inventory Of War for France"
published by the Carnegie Foundation
1t is somewhat true that the American
Army left with us enormous quantities
of stocks which it ceded to us for s407,-
100000 The dollar was then 7.25 francs.
thus not very much below pre-war par.
and we wrongly hoped for its rise as a
consequence of victory.
The interest on the debt growing out
OF this purchase was regularly paid,
despite depreciation of the franc, which
at first made the yearly payments OF
interest 145,000,000 francs, later 500,-
100000 francs, and even at one time
900,00000 francs.
But the amicable sale of these stocks
was carried out under deplorable con-
ditions. Prof. Glide supplies the startling
figures. The sale continued during 10
years, totaled, in 1929, 3,224000. 900
francs, while the amount due the United
states at maturity amounted to more
than 10000 900, 600 francs. Fortunately
the United States Government included
that debt in the total of political debts.
But really, the operation in itself has
been fruitful neither to the United
States nor to France.
What struck the French public more
forcefully in the debate in the Ameri-
can Senate was Senator Borah's dec
laration concerning the Hoover-L Laval
communique. The honorable chairman
of the Senate Foreign Affairs Commit
tee recalls that on the eve of the open
ing session of Congress, December, 1881,
President Hoover is reported to have
asked certain Senators 'if they were
prepared to approve such an agreement
as had been concluded with M. Laval
concerning revision of the war debts" !"
Certainly Senator BoTah does not
contend that President Hoover and NJ.
Laval had reached upon that point