Show WEEK m OF VITAL IMPORTANCE IN EUROPE ENDS IN MANNER ANNER AUGURING V Ll FOR WORLD England Clarifies Its Political Situation When Asquith Stands Firm and France Puts Its Finances on Sound Basis By ny ILLIAM BIRD Copyright ht 1924 by the Consoli doted dated Press Association PARIS pAnIS Jan 19 19 18 Europe Europe hu has haT Gathered two panics the past pt week and I Is on the way toward a 11 a antis satis satisfactory factory liquidation of the Impossible o ble financial and political situa situation tion Uon which resulted mom rom th tho carThe war car The tho with which these anica have been faced j jwell welt well toe for the stability ot of conditions condition justifies during tho coming comInS months month and jus- jus jus titles more moro optimism than h ha been warranted at any moment sinco the tho armistice England s a panic was an attempt to stampede the Liberal party Into a 0 coalition with the Baldwin government gO by use ue of o the bugaboo Dire Diro calamities were prophesied it If 1 labor were al- al al ai lowed allowed to corns como Into Inlo po er But former PremIer sagely re- re re fused refused to be threatened or stam stam- stam stampeded stampeded seeing clearly that labor does not come conic Into power but only Into conditions office and ond that under condi condI- tione will force the labor government to adopt a saner aner more mono Constructive course than any of ot Its predecessors As JJ a 0 a result of or Mr rr wise attitude the political atmos atmo atmosphere fid clarl phere In England h has been boen clan clarl tied anti and the next election proba probably bly will wilt see s e 0 the return of the An- An an ancient Ancient dent t party panty party o-party system which ex cx experience now proves Is the only one which WIll win work under the British constitution Th The Paris panic resulted from tho sudden udden collapse In the franc market This collapse co had been predicted by those beet bost acquainted with conditions and th government could not have havo beon taken doubt wholly unawares but doubt lese lellO 3 had hd hoped to stave stava oft off the until after the tile ry ary ary which will willa LO a hold Sunday May 4 although the tho dato data h has bee not yet been fixed Yet Vet Iy as a this panic we from an electoral point of View It h hag haj bo boon t roc ced d with the utmost Prance France France at nt last under tr f he has hall undErtaken to do what hat her friends hll havE hav been urging tot for four tour year y r namely to 10 her har finances finance In order without waiting for J problematical German payments This nl means mean placing an enormous burden on French taxpayers Ca e 1 tho the middle classes but the tho oL ha 0 1 l ni il put putto 0 us A goon goo government realize that It was a 0 choice between this and nd the still worse evil of Inflation The Tho ex- ex ex exchange change chango speculator undoubtedly hoped 1 to drive the tho government to the tho latter alternative but hope have been I disappointed pointed 1 1 hi his liquidation of Europe's Europe most serious financial problem provId problem provid provided ed parliament has hae the courage to carry out th tho governments government's molLS meas meas- meas measures cannot urea ures cannot help having far reaching far reaching effects on world trade It Tt means mean that France henceforth Is determined to meet all her ex- ex ex expenses pene pennies Including theoretic theoretic- theoretically theoretically ally payable by Germany out of her current Income Although hero thero Is Js yet no talk lalk of Ing Gel m any part of the thu German debt It places future French governments In a POI positIon lion to do so 0 without hesitation It If It seems expedient It further means that should Germany begin pay py Ing payIng pay Franco France would be bo In a position to apply such uch payments toward settlement of ot the French debts to AmerIca and instead of toward balancing the e rem bUdget And lastly It put puts an end to thai tho of Internal loins lo n In willbe France Fronce the tho re result of which will 1111 be reduction of Intel et rate rates rales and consequent progressive Improve Improve- Improvement Improvement ment mont of ot the budget budet situation Political clarification In England and nd fiscal clarification on In lanco arc two tremendous for tor a II single singia week They are ot of only achievements achievement In m em em doul m IS yet But Dut It took dou courage for Mr Asquith to resist the pressure brought to be bear upon hint him to agree to a patch ork coalition that could have havo resulted I only In worse confusion at 01 nie lie next elections And nobody outside of nt France can Imagine what hilt courage It took for tor the French government to erase eraso Germanys Germany's reparations debt from tho the list of Frances France's lIquid assets Another week we k may tell whOre where Ih the follow nations havo have tho courage to tol- tol fol 10 low this bold lea If It they It hase 0 It will ill make mako k a grant groat Sd Vance toward that normalcy which has been boen the foundAtion plink ot of AmerIcas AmerIca's reconstruction program |