June 1.
Flandin's defeat in the Chamber of Deputies on Thursday night was a foregone conclusion after the reverse he had sustained at the hands of the Finance Committee in connection with his at~ tempt to secure dictatorial powers for the purpose of saving the franc. It is not to be assumed, however, [that the large vote against him in /the Chamber arose from any failure lon the part of its members to realize the gravity of the financial position. Rather may it be inferred that it was brought about by a strong dislike of the proposal to adopt extra-constitutional methods which would have the effect of depriving the legislature of its customary control of the Government. It was the same rock on which the Doumergue Cabinet was wrecked last Novem~ ber. It will be remembered that 'M. Doumergue having certain reforms in mind sought to secure a free hand for himself by proposing that the French Parliament should vote credits for the first three months of this year, thereby debarring itself from frustrating any plan he might have had in his mind by withholding supplies. The Jscheme was an adroit one, for he jeould then have arranged for the dissolution of parliament and the convention of the National Assembly for the purpose of putting his re~ forms through. But the Legislature would have none of it, and M. Flandin was called in to form the Cabinet which has just resigned. Unlike his immediate predecessor Flandin left the question of con~ stitutional reform in the background and devoted his attention to the more pressing needs of the nation amongst which the problem of supporting the franc was one of the most imperative.
Though his government was not Jas popular as the one before it, M. /Flandin undoubtedly had consider-fable support, and his parliament ary position improved so much that. by February 14 of this year he was jumble to secure a majority of 320 in the Chamber when the "President clu Conseil" justified his financial feconomie and social programme On January 25 the Chamber adopted a Bill increasing short-term Treasury Bonds from ten milliards of francs to fifteen milliards. The Government denied that there was any inflation danger, and claimed that they were doing precisely what Great Britain had done in enabling holders of bonds to have them dis counted with the ce-operation of, the Bank of France and the credit banks. It was hoped to thaw out!
good deal of capital which was: then frozen or hoarded, estimated. to be somewhere in the nelghbourhood of forty milliards, and in general to promote industrial revival. The need for this had be~ come steadily acute during the previous year in spite of France's political stability. She had sunk deeper into the slough of depression, her foreign trade was being. hampered by protectionist measures and by the over-valuation of the: frane, while her unemployment. figures were showing a substantial rise. It was the over-valuation of the frane which attracted the attention of speculators and a bearing movement was commenced which has now attained proportions calculated to create in the minds. jot observers the keenest anxiety, as to its ultimate result.
Tt was in the face of one of the gravest emergencies which France has had to encounter since 1914 that M, Flandin sought those dictatorial powers which were so. emphatically denied him by the! Chamber. It is not to be doubted that there was much in the situa~ tion to justify his demand, Obviously. remedial action will have to be taken quickly to have the best] curative effect. It is equally clear' [that the slow processes of parlia~ mentary procedure will not permit. of that rapid action which the oc~ jeasion will increasingly demand. But it is not every people which will readily consent to the delega-{tion of unfettered government to a Cabinet even though the suspension Jof constitutional guarantees goes no further than is necessary to deal with the monetary crisis. It is, therefore, not because the Chamber failed to realize the gravity of the, situation that it followed the course it did, but rather because it was, opposed to M. Flandin doing just what it had turned Doumergue out of office for proposing to do. The events of the next few days will be watched with anxiety both in France and abroad.
should be possible for whatever government is formed to defeat this very strong attack on the franc, though it is apparent that the longer action is deferred by con~ stitutional procedure the more drastic will whatever action is to be taken become. It may be that,
Text read from the printed page and cleaned; old type leaves the occasional error.