The moratorium proposed by M. Clemente' would, apparently; be for
ten years. M. Clemente' further suggests that the French payments should be spread over eighty years and that the interest paid should be only one-half of one per cent. It cannot be said that his 'memorandum has been received favourably at Washington. The Times correspondent points out that the memorandum was superscribed "Private and Personal" and it is regarded by the State Department not so much as a proposal to fund the Debt as a plea of avoidance. The State Department may continue to behave courteously and patiently, but American newspapers are showing increasing irritation, and Congress, when it begins to discuss the subject, may easily take the bit between its teeth. American officials do not at all like M. Clementel's "private and personal" method. They regard it as a method of irresponsibility, which in fact it is. We greatly hope that France will produce some better proposal to be exposed to the characteristic plain speaking of Congress. Congress would be quite capable of declaring France bankrupt and passing a resolution.withholding from her further loans.
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