Show I Problems i of 3 Nations Explained By Experts DIG IG PUZZLE FOR FRANCE FRANCEIS IS FINANCE Herriot Falls But Problem lem Iem Remains For Solution BV fly T corm er t tend CO l lI Jon Jon- cr Ir to the United States Special D patch itch to The o The Th Stand Stand- ard ard CoDd 1925 4 Ase by e The Th sell dated Press As A The cabinet has h fallen following denial of ot a vote vole ot of o con con- confidence con nce by the French senate without It h having baving had the opportunity opportunity ot or bringing before betor the chamber of deputies Its lis capItal levy cn Mere Iere Mer changes chances of do not lol e national problems however howe and with Franco frAno ll 11 I still confronted the h problem of o refunding Its In- In Internal Internal In Internal debts and sustaining the th value of ot the franc PARIS April When I-When 1 When parlia parlia- parliament parliament parliament ment Is la displeased It does docs not blame former ministers but pres Pr present ca- ca ent ones once Hence the defeat suf suf- suffered suffered suffered by She lh ministry In Intile inthe Inthe the tile the which senate senat preceded tendering or of o Us Its to Nevertheless e It is clear that the cabinet alone was WILS not responsible tor for the h Inflation revealed re- re re revealed alel Premier Poincare's finance minister In a document d dated ted April 19 H reckoned the h extraordinary ry andT and secret assistance nce given the th trena- trena ury T ury by the tho Bank of or France beI between be- be tween August 1923 1123 and the tho date dale I mentioned at more than two and anda anda a halt billion trance ancs But Dut the tho th ministry I Ine hav-Ine I bv-I lug Ing continued the same ame course was In the difficult position or of orone one who hides bides the tho truth Inflation In so eo man many different forms has been Jeen practiced for tor nearly 18 months without It il being being- generally known Naturally this tact fac which has just come corn out has created a bad Impression of oC the governments go which Imposed local legal legality locality ity lIy on tho ho Bank flank of France and also the tho ho bank council which per 11 permitted It I TELLS TRUTH Premier watt wast right In wishing the th whole truth to lo be- be become become com be-com come known although It has led to the th tall fall ot of the cabinet of or which ho he was a 0 member All this makes an ugly uly story and Frances France's Ea Easter ter eggs arc are bitter The opposition to the Herriot government go has ha at- at attempted attempted at attempted tempted to explain everything by byI byuse byuse use of tho the term terns lack of or confidence confidence confidence dence This Is a little too easy I first because previous ministers have as an much cause for Cor reproach as present ones one and the th problem I Is to wind up devices created by them It It Is tl easy also to see e that with billions of ot of francs franca to be he returned to French bond holders holder within next the next few months month tho the treASurY will be b hard up no matter who ho Is In control of ot the tho government Why Is It that the root ot of the question Is never approached that thatIs thatIs Is to say aay ay a reduction of or the tho Ine Ing debt of or which the th writer has orten of spoken soken In vain at the th trl- trl tri bun buno of or the people Limit the floating debt and make automatic reductions each year ear as Iceland England has ha done don to re- re reabsorb reabsorb r absorb absorb currency notes That Is the aim to be b reached rached In order I to diminish th the treasury treasury's debt debts HOLD HACK n v Unfortunately when new taxes are proposed whether In to the th Corm Lonn of M OC Poincare's two-tenths two or ort orM orM t M capital l levy those who make mako mak the proposal always forget to say what disposition Is Isto Isto Isto to be b made roade of ot the mone money Per Per- Perhaps Per haps therefore It woud d be b use use- useless us-IM less lesa to carry cury such proposals proposals- Into effect The proposal o of a a capital levy y created much alarm In the th eon eon- cone con ser athe party undoubtedly thIs was t the th Ie basi basis of or 0 the th bItter opposition opposition- of of many senators to the Herriot policy A capital levy has ha not been successful stul In coun- coun countries countries trie coun-trie tries where It has haa ha been Introduced and It is certain also that a tax on capital Is doubly hard hud In coun- coun countries trie coun-trie tries where property Is 10 so de depreciated In a value alue as It Is In France Fr ance toda today o ay Another objection made to the capital levy y Is that Its adoption would be bo the tho th source or of too loo much satisfaction to the Socialists who have sponsored It for tor so a time But such uch objections should hould have ha little weight In th the writers writer's opinion opinion ion lon In a period of or crisis such uch as the present one when whim money must bo raised railed at all costs costa The Important thing thine to know Is just how bow much money the capital levy would produce The gov gov- government gov estimated that It would make seventeen se billion franca available to the th treasur treasury Other calculations have placed the tit g- g gore ore ure at less than one on third of ot that amount It l the first proved pro to tobe tobe tobe be true the result would be b In- In interesting In Interesting It If the second turned out to be b correct It would be InsIgnificant J |