Presidential Speech

Economy is the new watchword of France.

Before the Paris Chamber of Commerce, Alexandre Millerand, President of the Republic, declared that the Government would not borrow any more money, would undertake no further expenditure without corresponding receipts. He called upon all French citizens to aid the Government by accepting the new temporary tax burdens (TIME, Feb. 18 et seq.).

Referring to the German "economic offensive," which the President said had succeeded the military offensive, he continued :

"To put ourselves in the position to overcome this offensive, it is necessary that we strike our balance in all sincerity. For our great asset we have the daily increasing production of French industry in all its branches. Our industrialists, our merchants and our farmers have returned with ardor to their tasks. Work has been resumed throughout the country with a spirit of order and calm which agitators have been unable to disturb.

"It is not only private fortunes which have benefited by this renaissance. For the first time in many years the ordinary budget, which before the War had a deficit, has now a surplus. The devastated regions have been largely restored and with wonderful quickness. . . .

"The needs of the Treasury have brought about the creation of a floating debt which it will be our sole purpose to reduce, first by the regular repayment of advances to the Bank of France and as soon as possible by consolidation of part of the floating debt.

"In order to fulfill this program you must accept courageously the provisional burdens which will permit us to defeat the attack against us and maintain the confidence our laborious country deserves. I repeat that these burdens are temporary.

"If France has no idea of imperialism, if she demands only her due, she nevertheless is determined to have her due. . . ."