In creating this sinking fund, the Government consented to the Bank of France debiting them with the losses it might incur through the postponement of revenue from its investments as a consequence of the moratorium. The British Government did not hesitate to give the Bank of England direct guarantee, thus setting an example which the French Government is following to some extent. In France, where permanent conclusions are too apt to be drawn from exceptional circumstances arising in critical times, it would be rather dangerous to lay down the principle that the State can give direct guarantee for operations accomplished under the sole responsibility of the Bank and which it would be extremely risky to make the subject of a debate in Parliament. The French Government has nevertheless reached result somewhat similar to what the British Government had in view, by authorizing the Bank to debit the sinking fund with the amount of the losses it might experience as the outcome of the exceptional services it_ has rendered to commerce and other banks during the crisis.
If, as M. Ribot hopes, the financial problem is tackled in the serious spirit manifested by the country in relation to the wi in general. there can be no doubt of France's emerging from the ordeal with credit rather enhanced than diminished.
There is not the slightest sign of any weakening in the determination to "see the thing through." Perhaps there are people who would like to make peace, but they are wise enough to keep quiet.
Text read from the printed page and cleaned; old type leaves the occasional error.