The French Debts In the small hours of last Sunday,
the French Chamber decided upon ratification of the French Debt Agreement with the United States by the narrow margin of eight votes. The Churchill-Caillaux Agreement was then sanctioned by a show of hands. In a speech which will be remembered as one of his most persuasive parliamen- tary utterances, M. Briand described the transaction as an international affair which must be divorced from narrow internal politics. Incidentally, he demolished once and for all the specious argument that money borrowed "under duress of war " came under some category distinct from " more fortunate transactions in time of peace." Thus both Agreements were ratified without reservations as M. Poincare had demanded. The same result may be expected in the Senate.
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