Our whole history shows us as a peo
ple anxious not only to live in amity
with our neighbors, but to assist
other nations in ironing out their dlf
ferenefes. Over a long period this
country has taken a forward part in
urging the development of interna
tional arbitration. Recently the United
States Senate agreed that it was the
part of wisdom for this country to
become a member of the Permanent
Court of International Justice. A
certain amount of opposition to this
step came from those who contended
that the AA’orld Court was the crea
cepted as fate is devising, but what
remains of the franc must be sta
bilized at a new par. Without such
stabilization budgetary equilibrium is
illusory.
But how to achieve stabilization in
the government will base action to this
end on the plan of the commission of
experts (not yet published) with which
the government is in substantial
agreement, which plan presents ap
propriate formulas for liquidation of
the short-term engagements and re
establishment of the treasury in a safe
position. In this connection the gov
ernment (certain changes having been
made In the bank’s management) max
now count on the. hearty collaboration
of the Bank of France, though its in
dependence will continue to be scrupu
lously respected, and its credit must
remain distinct from that of the state.
So far, so good; but not enough. So
here is something more; decidedly so.
The government recognizes that (to
stabilize the franc) international help
will not be unessential. In no case
will it permit even the slightest in
fringement of the country’s sov
ereignty, but it recognizes that the
settlement of the debts to Britain and
the United States is one of the nec
essary supports of solid and wise
stabilization.
