Show FRENCH ARE RE I PLEASED OVER GREAT LOANI LOAN I But Battle to- to to Stabilize Franc Still Goes GoesOn GoesOn I On OnBy By ANDRE TARDIEU French CommIssioner loner to the United Special to The Tho 0 StandArd Examiner Copyright 1924 by the th Consolidated Consoli- Consoli I dated Press Preas Pre Aa Association The are In high spirits over the apparent stabilization Of I the tho franc despite warnings s that battle Is not yet et won Andre ADdre Tar Tar- Tar Tar-dieu In hi his dispatch today congratulates congratulates congratulates I the fh he Poincare ent for lor taking the tho right track nt at lat last and ca the tho hope thai that It lt 1 will stay there a aPARIS I PARIS March 15 li The The franc has won on some som skirmishes In the weeks week's exchange battle btttle The I dol-I dol- dol dollar dol dollar lar which had reached 28 25 90 0 francs declined to 22 70 while the tho pound fell from to 97 7 This was wa-s as due du to the th fact tact that the gO finally decided to togo togo togo go on the battlefield chosen by the th bears In January It as TV as assert assert- asserted asserted assert asserted ed that the tho fiscal measures pro pro- proposed proposed pro posed d would Suffice to stabilize the franc Both In the chamber of deputies and In iii these thee dispatches the writer showed d why hy he lie consid consid- considered considered ered this impossible Events Event have pro e-d e that this was as the correct view since between January and I March the tho franc lost one fifth or of orIts Its value d despite the fact that the tho cham bel voted the government I proposals So the tho government on March 9 decided to adopt two measures which the th writer had been urging tor lor months but which for lor Inexplicable the SO I go- go eov refused to adopt IniST n J nE As The first e WAS as resistance on foreign monies monica That Is I the simple ABC A B 53 C of dealings en Een during the war when tie tie- defenso de defense tense of 4 lench exchange was rOle rOle- rela relatively th ely easy because of the close clo e solidarity amons the allied and as- as as associated governments Franco France nev- nev neer nev never Ci er omitted this precaution The i I various occa- occa occasIons occa occasions Ions when he Inter coed enod as a French hIgh commissioner on the Newl New NewYork NewYork York e change nce especially tho the day when hen Paris Purls Il was first bombarded b by 1 BIg Bertha and when hen ex- ex experts ex experts ports precipitated a panic by In- In Insisting Insisting In Insisting that was to a a cannon with audi suel uch a along long lange from which e concluded that the th enemy was as much nearer Falls Palls than admitted the tho experiences In the the writer expressed pressed as- as astonishment as astonishment that at the present 1110 mo l ment mont singularly mord mor difficult from the viewpoint of or defending I the tho fr franc nc than In war ar time noth- noth nothIng noth nothing ing lug had Been done along sImilar lines I LOIN LOo APPROVED APT I But better late than thon never neer and andall andall andall all must mot approve e the loan of or negotiated with Ith J P Mor- Mor Morgin MorBin gin gln 8 8 Co But this operation which produced an immediate rise In in the franc would have hav been fir fio It if It had been cc- cc accomplished ac accomplished earlier If I this loan oan had been made mad In tho autumn of 1925 1923 when hen passive resistance in the tho Ruhr ceased the th consequences s would ha hae have e been incalculable not enl only financially hut politically minister of France said laughingly the th other day Great Groat doctors do elo not Intervene until le- le lever fever fe fever ver reaches lOt That may be so o but the th is prefers lesser Jesser doctors doctor who come earlier and pre prevent cot ent the fever roach reach reaching roach ing InA that point The Th other taken this week eek consist in from income tax short hort term stated bonds bond This measure will help the Iho th but It must be b confessed that It Is I In contradiction contradiction contradiction tion of or the th policy of or fiscal fIcal Inquisition lion tion contained In the th go go v eminent's recent T proposals One of ol these pro pro- proposals pro proposal requires require Illing filling out a tax declaration each time security cou- cou coupons cou coupons pot pons are aro ra presented for tor payment VAST U BURC NEEDED This means tilling about declarations annually and Ir if effective e would mean establish establish- establishIng est Ing log Ing a vast sast ast bureaucracy tar far r f costlier than the th alleged ed frauds It would uld The Th writer protested against this added InquIsition b because causo e h he thought It II would be b Ineffective but butmore bulmore moro more because in a crisis ct like tho present Franco France must choose be- be between between between tween a a policy of ot taxation and anti a policy of ot Inquisition Indeed a II year ear ago aco the government took the same stand It Is I ha hard d to understand why it 11 adopts n a contrary plan lan now In Irany any else c IC by exempting t term bonds bond not only from Inquisition but from Income tax It takes tak a step atop t to toward ard savings and an 1 deserves deserve congratulations At tho the same sarno amo time Ihno It must mut guard against repercussions such as a the th relatively situation thus created for other obligations such ouch as a rentes which are stilt ta- ta tax tax-abl tu-I tu able Government bondholders sInce 1919 J have hav lost about 20 I bIl- bIl bIllion bil billion lion francs franc as a result of or Ine Ing values value It Is scarcely the th prop proper er or time timo to impose further nandi- nandi cap proP proP-I caps on them Moreover or l Frances rances Franc fiscal aim alm should hould be bo In the tho th direction of con con- con conI In other word words trans iran transformation I formation Into rentes of th the approximately ap- ap approximately ap proximately francs of shor hor term paper which weighs BO so heavily lly on Frances France's credit and anc I I With those these the e exceptions France Franci has been on the th rIght track durIng this thu wee week I and anti it Is la to bo be b hoped It will stay tay there ther |