Show FRANCE BEGINS TO BELIEVE B WE YE INFLATION IS BEST WAY YAY TO I GET OUT OF FINANCiAL By Br WILLI WILU M 1 Vt BIRD Copyright 1925 b h the Consoli onsol dated Press Association PARIS PAllIS Jan 24 ft hUe the minor question o of with Ith the tho Vatican engages the Ule of parliament and the th public Frances France's real crisis today is The Th Herriot government go is i threading rf s cautious way ay along the tho budgetary path with the wl w II of o Inflation o 0 none liand and the ab abs ss of ot bankruptcy on c the tho other How low long this path can bo be fol- fol followed lowed bowed without It hout stra Into Inlo one oror or the tho oth other r Is I a 11 question ovi 0 oer er which the best financial minds mindi ale alO dou doubtful bl fu I ITile Tile The Th writer mentioned a few k iso ago the existence o of a 0 sll mo movement IH This he-This e Thi movement mo meanwhile h bass gro grown gron n rapidly as os the propaganda bass haa spread and various arlous classes 0 of the tho population have hate begun to con con- Bider aider the advantages ad they might reap from Inflation SITUATION SUMMED A IA 11 A financial authority who doe does doe's donot not fat fa favor faor or inflation himself sum aunt eun marl cd today the In favor in favor o of It as Coli follows ow Germani Germana example I Is often cit elt- cited ed as IlS a 11 warning against but the contrary Is true Germany has emerged from tho the period with no Internal debt and rno no external debt except the Dawes Daw loan and today tody apparently can gall get all the credit she he needs need for industrial purposes es franco France aso al- al also also so needs credit During the th period fur fur- furthermore furthermore the Germans d va vast t stores o of wealth In foreign priceless countries which today are a 1 price price- pric less le i antage ad In developing de for for- lo sign commerce Franco France regards is Germany s a in this re- re respect r with envy y Much has bas been boen said sald ald about the sufferings of the German people during the inflation period but at tills was wax largely confined to certain limited dares classes such rs s bondholders government and Intellectuals Intellectual These TheRe cla classes would old o also suffer from front n In Franco but hut they are rr few rew corn com compared cor pared with those thoe who would gain yal Furthermore Frances would he ho less legs than thin o of o Ger Gc m many ny because e France produces l all the tue food the she re- re e- e while Germany was as forced d to Import vast quantities lies at gold go 1 prices DS r-o r S 'S It In Is Ii true that Internal bonds bondi would become worthless and ai It la is I also air Lrus that U eV- eV c pry cry French family holds som tome II cov-II gov- gov cov I bonds But France Franco Is 1 predominantly agricultural d Germans German's 5 experience sho show hons s farm farm- I ers era gun ln fabulously dusing tin lion The Tho French farmer would 1 gladly sacrifIce his hl Jo I bonds bond if Ir thanks to inflation the th I o of his farm Carm cattle and crops crop I was thereby enhanced many fold I as would bo le tho the case I The workman also benefits tn n rn der a lm les-lm of ot n as his hl salary goes goci up proportionately And An I finalli the tho capitalist clas cias cla s whose holdings are In stock stocks rather than thai I bonds would profit many times time 0 over Oter er through the tho wiping out o of In- In Internal internal in internal 1 bondholders and through I the o of fixation abolishment of the heavy I budget toi foi 10 government de debt t ser ser- serIce ncr I vice Ice Do not forget that Princes s sI I Internal debt y tod Is 0 over oter er three thre I hundred billion the paper I on which Is neatly nealy twenty billions annually W pro ro this thi I out taxes could be cut In li I two 10 1 0 I INFLATION IrL I Other authorities consulted by bys b I Ithe the writer expressed the belle belief that the present policy o of the gov- gov government government must inevitably brin br bring a certain amount of ot Inflation fairl soon oon The reason stated Mated Is that prices are constantly rising n n a a larger volume of ot cur cur- rene rency being in circulations circulation s money becomes become tight light holders holder of outstanding national defense de ens redeemable on sight light will 1 be forced force to present them for n and the thi th only way ay vv y to accomplish k this thin Is by printing snore moro The lecent l loan which It l a was waa hoped would bring briny enough fresh money to meet m ct such an met 1 is now stated to have pro pro- produced dOled nothing I what would have been obtained In Inthe the normal cour course o through the sale alo o of national defense notes note In In short hort this authority con con- concluded cor eluded our treasury Is 1 not at t 1 present resent able Ahle to face its obligations In private ate cases ca cs of ot this sort the tho th l law lw w requires a 11 declaration ot of o It If we 0 hope to pity pay pa our foreign creditors creditor It must muss be beat e ent at nt the expense o of our home credi cr toes tor There Is no other wy 00 00 |