Morgan on France

J. P. Morgan is not given to granting interviews. Nor is he particularly thrilled by getting his name or opinions in the newspapers. Yet he made an exception last week. He stated his views on France for publication in that country.

Expressing "absolute confidence" in the resources of France and the intelligence and industry of its people, Mr. Morgan declared: "If the ruling classes only make a similar effort, France soon will be invincible in the economic domain. In any case, we shall always be at her side, and sustain her when necessary." Mr. Morgan evidently understands the French psychology very well; said he: "It is quite understood that Germany must pay you." He went on to state that nothing in the French situation prior to the fall of the franc justified a panic; that in fact France's national wealth had increased greatly during the past two years. The attack on the franc by France's enemies was only an attempt to take advantage of the temporarily critical situation of her internal debt. The attack was definitely defeated.

"Let France continue in this course," he concluded, "and before two years have elapsed she will have reconquered, from the economic viewpoint, the preponderating situation she enjoyed before the War."