The Courage of M. Poincare:
Fearless Expose of the Country's Finance Faom Oun Own Conxesroxpent Paris, Oct. 8.
Poincaré has never been an admire: of the practice, only too common among French politicians, of ignoring disagreeable facts, and he has just made another attempt to bring the public to realize the gravity of the financial situation. In a letter to the presidents of the Fingnee Committees of the Senate and Chamber of Deputies, he describes the desperate straits to which the Treasury was reduced to avoid 8 suspension of payments.
He says that when the present Ministry was formed on July 24, the amount which the Treasury could legally, draw from the Bank of France was down to a million francs, As an emergency sure, it was decided to realize the balance efwhat was known as the Morgan credit obtained from the" well-known American banking firm for the purpose operating in the exchange market to-protect the franc against excess sive depreciation. This balance amounted to Frs. 771,000, and the Treasury was credited with this sum on July 27, but still there was enough money to meet the bilities at the end of the month 'The Government, however, felt con-vineed that its proposals' for _increasing taxation and cutting down expenditure would restore confid~ fence, so that the vast number people who have invested sums in National Defence bonds fand other short-term loans, which have kept the Treasury going for several years, would not be tampted to take back their money when their bonds expired,
Text read from the printed page and cleaned; old type leaves the occasional error.