Further Light on M. Caillaux's uncial Schemes: Too.
Drastic for Most From Ove Ows Conseseoxosxt Although this letter has been delayed! gros fi he evens aetries ae long passed on to another stage, tt fills ix'many blanks tu our information with good dear of interest.
Paris, July 2, 'MIN. Caillaux has opened his new] term of office by clearing out the principal officials of the Bank of France. He began with the Governor, Mi. Robineau, who had no option but to resign, it made abundantly clear to him that his views were not those of M. Caillaux. As the Governor of the Bank of France is a State official and, unlike the Regents, or directors, is not chosen by the shareholders, M. Robineau could nat resist. "He was followed into retirement by M. Picard, the Sub-Covernor, and 'HI, Aupetit, the General "Secretary, The" last-named, when asked for his, resignation by BIN. Moreau, the new Governor, replied that he was: entitled to quote the regulations Which protect the personnel the Bank against outside ference, but as he ta time, and saw there divergence of views concerning] the general secretary's duties, id_perhaps concerning the monetary policy ho had been associated for six years, considered it more in accord an with his dignity to hand resignation to the new Governor.
A Question of New Policy 'The circumstances under whi these officials have been removed gest that the Minister of mance wishes to alter tha policy' hitherto followed the Bank of France a policy which based first and foremost on the tenance "of the gold reserve. Two facts account for this belief. One is that a campaign, in newspapers believed to be inspired by BL Caillaux and his friends, has been carried on for some time against M, Robineau, He was accused of refusing loans the. various.
Cabinats. whick aught have helAofice during the past few years, of asking the Treasury carry' out ite undertaking off Frs. 2,000,000,000 a year of indebtedness t" the Bank, and of thus causing the downfall of] six Finance Minister BE. Robineau's adversarica ace! cured him of making the Bank a \del of financial "and _politieal cetionaries and a State within a cause of uneasiness of at least one of the:
officials. M. Moreau, MIN. Robinenu's successor, who was at the head of the Bank of Algeri is undoubtedly an able banker, and, as ho has also been chief secretary to M. Rouvier and lanx, he knows about the management of the public funds, but his views on inflation and the maintenance of ad reserve! have not been disclosed.
Squabble Over Gold On the other hand, the ideas of] M. Rist, the new Sub-Governor, are no doubt at all. As a_member of the famous committee of experts (which has not yet produced its first report) he was constantly! in opposition to B. Picard, whose place he has now taken, He proposed that the Bank should use its gold reserve, of need, to stop the deprecia the frane, while—-M. threatened to resign rather than Tend himself to such a course, The Regents—among whom are de Rothschild "and M. de Wendel, the head of the extremely representative the "heavy" influential Comits des Forges, the industries country—are of believed the view that of the to hold pledging any part of the gold Feserve would be useless, as it would automatically reduce the guarantees for the vast amount of Paper money now in circulation. We have yet to see how M. Caillaux proposes to handle the Regents.
The War Debt to America Another feature of thg situation] is the growing opposition to the!
Text read from the printed page and cleaned; old type leaves the occasional error.