Debt Wrangle

The sizzling Paris heat at last proved too much for even grizzly-bearded M. Raymond Poin-care. He, "Lion of Lorraine," President of France during the War and for 35 months past her indomitable Prime Minister, will be on the 20th of next month 69 years old. In the course of the present debt debate (TIME, July 22), he had addressed the Chamber for a total of more than 37 hours (three or four hours daily) reading every word from sheets covered with his neat, almost microscopic handwriting. Result: the strain gave him a high "gastric fever," his physician last week imperatively tucked him into bed.

Nothing could have been more fortunate for the Government, for the cause of ratification, for the Prime Minister himself. The Deputies, overawed by M. Poin-care's gargantuan logic, had given him a vote of confidence 304 to 239 on a minor issue, but they had also grown sick and tired of the sound and sight of him. Sighs of relief stirred the sultry air as the Government's defense was taken over by pouchy-eyed Foreign Minister Aristide Briand, wise and wily as an old tomcat, nine times Prime Minister of France, incomparably her most winning, sonorous orator. Whereas M. Poin-care had piled the Chamber's rostrum mountains high with notes and documents, shrewd B'rer Briand with a droll little gesture laid one of his visiting cards on the stand before him and commenced his spellbinding quite extempore.

Bouillion v. Briand. Stout, excitable Deputy Franklin-Bouillion, who was Minister of Propaganda during the War and now leads the obstreperous Left Unionist Bloc, was last week the first anti-ratifica-tionist to cross a potent sword with M. Briand as the Foreign Minister assumed the Government's defense. With fire and slash M. Franklin-Bouillion sought to destroy by an emotional onslaught the Government's chief logical reason why France must ratify her debt agreement not later than Aug. 1 next. On that date, as M. Poin-care had incessantly reminded the Chamber, there would fall due the debt of $400,000,000 owed by France for War stocks purchased from the U. S. after the Armistice. The only way to escape paying this huge sum now and in cash would be to ratify the general debt settlement, one clause of which virtually grants France a moratorium on what she owes for War stocks. Logically the Government's position was unassailable--either ratify or pay at once "through the nose." But to Propagandist Franklin-Bouillion logic is something which can always be worsted by appeals to passion. Working himself by degrees up to a whirlwind climax, he pointed an accusing pudgy forefinger at M. Briand, shouted defiantly: "You cannot and you shall not force France to debate the debt settlement with a knife at her throat!"

As the Foreign Minister began to reply --softly at first--the excited Deputies seemed less than usually responsive to the persuasive cadence of his cello voice. If M. Briand was to turn the tide he must indeed surpass himself, and presently, magnificently he did.

"Dig back into your memories!" doomed the cello. "Have you forgotten that it was at the moment of Verdun that America joined us in the War? ... I had then the formidable honor of being the head of the Government of France. I know whereof I speak. The enemy was in the suburbs of Verdun. Those were hours of anguish! No one then believed that victory would perch upon our flags."

Pausing a long moment; M. Briand let his words sink in, then cried with redoubled fervor:

"Verdun! In that desperate moment we called upon the men of the United States for our just cause. However bitter may be our internal debates in this painful discussion, I can hear the heart of France beating in gratitude to America! I am saying these words so that the people across the seas will know that there are some moments Frenchmen will never forget."

Amid the typical, frantic French cheering which followed. M. Franklin-Bouillion conceded himself routed. "I withdraw!" he shouted, enthusiastic even in repentance, "Cher M. Briand, I withdraw my motion!"

Sweltering Showdown. Though the potent attack of M. Franklin-Bouillion and his Bloc had thus been safely weathered, long hours of sultry word-fencing by M. Briand with at least a dozen orators ensued before the question reached a vote. Fearful that the Deputies would never commit themselves to explicit ratification, the government did not put the issue squarely, as the final showdown came. Instead the Chamber was asked to pass a weasel-Jaw authorizing popular President Gaston ("Gastounet"') Domergue to perform the act of ratification by executive decree. Prior to seeking action on even this weasel-law the government allowed the deputies to vote a resolution expressing their conviction that no matter what engagements France may undertake she simply cannot pay the U. S. more than she receives from Germany.

On the eleventh day of debate, at 1:20 A.M., with M. Briand in command, with M. Poin-care in bed, and with the thermometer at 90DEG the government put through their law with a vote of 300 ouis to 292 nons. Thus by the narrow squeak of 8 votes--the smallest majority thus far received by the present government--M. Domergue was authorized to pledge that France will pay the U. S. a total of $6,847,-674,104.17 (of which $2,822,674,104.17 is interest) over 62 years. The French Senate must confirm the Chamber's action, but confirmation was last week considered certain.

So jubilant were the members of the Chamber of Deputies at their final disposal of the U. S. debt bugaboo that a short time afterward when the government asked for ratification of the Franco-British debt settlement (TIME, May 10. 1926), it was voted through in a few seconds by a mere show of hands. Comparatively small, as such gargantuan matters go, the British Settlement pledges France to pay -L-653,727,900 over 67 years.