It is also proposed to carry out a forced consolidation of the greater part of the short-term debt. This amounts to nothing more or less than default, and is the most damaging admission that has yet been made in regard to French credit. As more than one speaker inthe Chamber has pointed out, investors in future will have confidence in the State and will no longer consent to lend it money, except on such terms as are granted rowers of only moderate It is a sad commentary on the assertions of successive French'
Premiers and Ministers of Finance, who have told the public time after [time that France would never fail to honour her signature. The supporters of the Government admit that default is contemplated, but.
argue that there. is no other out of the difficulty and that better to save a patient, even the cost of a painful operation, than to physic him. They also say te their critics: "You say that our plan is no good. Very well, then. Produce one of your own, and-let us see how you would deal with such a situation. lenge the Opposition has given no reply except criticisms, and hortations to follow the -cecepted
Text read from the printed page and cleaned; old type leaves the occasional error.