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in France during two years. It has accomplished that marvellous and extraordinary feat that, although Great Britain has obtained proportionately higher payments for her debt than America, although she has not included the settlement of the commercial debt in the total of the political debt, although she has found the means of retaining the 53,500,000 pounds sterling of French gold, which had been sent over as a guarantee during the war, in the safes of the Bank of England, nobody in France discusses the agreement of London, whereas everybody discusses the agreement of Washington; and no one bears a grudge against England, while everyone bears ill will towards America. If you point out to the average Frenchman that Great Britain with a smaller bill is going to get more money than America, and that Great Britain is going to keep forever one-third of the gold reserve of the Bank of France, he will answer: "Yes, but it is not the fault of the British. They have been pressed hard by the Americans and they have always stated that, if America had not claimed their money, they would not have claimed ours." A masterpiece of British propaganda, indeed!

Several Americans are also, I am sorry to say, responsible for the present French frame of mind. There is the American of Paris, who is generally more pro-French than the French. He began by assuring his French friends that never, never would America collect her debt. He went on to say that "he would be ashamed of his country if it were to collect the debt". He went even so far as to advise the French to refuse to pay and, the day following the agreement of Washington, when the ink of the signatures of Secretary Mellon and of Ambassador Bérenger was not yet dry, Mr. Walter Berry, ex-president of the American Chamber of Commerce, was heard publicly to state that “France, having signed such an agreement, was on her knees." Then, there is the American of New York or of Philadelphia, who spends his summer vacations in France and who, this summer, has come over especially to give his good advices to the French debtor. The advice was generally "Let the time pass. Wait until after the November election. Make such and such a reservation on such and such a point. We shall help you. Mr. Somebody will make a speech at his club to explain the French point of view, and

Mr. Nobody will deliver a series of lectures to press the cancellation of all foreign debts."

Then, there is the American lawyer, who is desirous of having a rank or a promotion in the Legion of Honor, who writes to President Poincaré, or to a French colleague, to offer his legal advice on the settlement and indicate the best points on which the French Parliament could fight the ratification. Then, there is the American Democrat, who whispers in the ear of his French guests: "The Republicans did it. Wilson would never have done it. If we come back to power, we shall wipe off the slate."

How, in face of such assertions and of many others, would the average Frenchman be able to see the truth? And how can the exceptional Frenchman, who knows and understands America, make himself heard by his fellow citizens when he urges them to ratify the agreement of Washington and to have confidence in American fairness? He is confronted not only by national ignorance, but also by outside intrigue. He sees thrown in his face such declaration of such an ex-American Minister, or of such an American banker, or of such an American opposition newspaper. And naturally he is told that he is more American than the real Americans.

There will be an end to all this muddle and this game. The cloud will pass, as do all clouds. The sun of friendship will shine again, because the sun always shines after the clouds have passed away. Those who in France love America, because they know her, because they understand her, have no fear of the future. They remain unshaken, unmoved in their love of Washington's and Lincoln's fatherland. They know that France, their own country, may be fooled for a certain time, but not all the time. They know that in Voltaire's and Lafayette's fatherland the spirit of wisdom and acuteness always prevails at the end.

Meanwhile, if they could address a prayer to their American friends of America, they would say: "For God's sake! Leave foreign matters outside of your party disputes. Do not let Europe believe that your national policy will change if your political administration changes. Do not let Europe believe that your adhesion to the League of Geneva, or your coöperation with the Court of the Hague, or your decision regarding the foreign debt,

depends on the victory of such or such party. Do not invite Europe to play on the American electoral chess-board. It is a bad service that you render her and that you render to yourselves. Foreign questions are delicate enough already without their being thrown into domestic electoral battles. If you want to understand Europe well, make yourselves at the same time well understood."

To make oneself well understood was, as Foch said a few days ago, the secret of the life of nations just as it is that of individuals. But to make oneself well understood by others, one must first understand oneself perfectly.

Paris, November, 1926.

SHOULD WE RESTRICT THE COTTON

CROP?

BY THEODORE H. PRICE

"SHALL we restrict the cotton crop?" To reply to this question by an unprovisional yes or no would be unintelligent. As an economic generalization, production should be encouraged upon the theory that it will lower costs and thereby bring about a corresponding increase in consumption. But when the increase in production is so rapid or so unexpected that it disturbs the economic balance, then a resort to radical methods may be justified.

The present cotton season is a case in point. The latest Government estimate indicates an American crop of 17,918,000 bales. Such a crop, if it is harvested, will follow last year's generous yield of 16,104,000 bales and will come upon the market concurrently with East Indian, Egyptian and Russian crops that also promise to be large. As a result the supply for the twelve months or season ending July 31, 1927, plus the carry-over from the previous season, will probably be equal to the world's consumption for the eighteen months ending January 31, 1928, by which date another world's crop will have been produced. The consequence is that cotton has already fallen to twelve and one-half cents a pound.

No one knows what the cost of production is. It depends upon the weather, the fertility of the soil, and so many other variable factors that even a generalization or average is impossible. But the best opinion or, perhaps it would be more accurate to say, the most intelligent guesses, put the probable cost of this year's American crop at fifteen cents a pound. These guesses are based upon the following tables published by the United States Department of Agriculture:

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Yield groups (lbs. of
of lint per acre) reports

per acre (lbs. farm of lint)

and Cul- and Miscel. zer and

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.79 4.25 1.25

plant tivate market labor manure Seed Ginning rent costs Total
$3.69 $5.25 $2.11 $0.70 $2.94 $1.14 $0.22 $3.52 $1.52 $21.09
3.84 5.24 3.98

1923 COST OF PRODUCING COTTON IN THE UNITED STATES, BY YIELD GROUPS.

Acres in Yield cotton per

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Land Misc.

$0.74

$20.85 $1.45

.59

4.33 2.69 26.96

2.10

24.86

.56

61 to 100 lbs..

451

55

89

8.91 5.73 5.57

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.79 3.97 1.16 1.03 3.39 1.24 1.11 8.55 1.22 1.36 4.48 1.18 2.23 6.59 9.85 1.56 5.04 1.40 2.77 7.08 11.13 1.64 6.27 1.54 3.08 8.51 13.39 2.46 9.03 1.64 2.83 8.75 1.48 8.90 2.37 10.41

1.33

4.88 2.57 29.91

3.60

26.31

.30

1.76

4.98 3.06 32.52

5.13

27.39

.22

1.99

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8.32

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1.51 8.71

8.91 4.87 59.35

14.98

44.37

.11

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1925 COST OF PRODUCING COTTON IN THE UNITED STATES, BY YIELD GROUPS.

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plant tivate market labor manure Seed Ginning rent costs Total
$3.94 $5.46 $4.06 $0.53 $2.96 $1.24 $0.56
4.00 5.74 5.34 1.05 4.52 1.21
.58 2.79 1.11

acre

of cotton Net cost of lint seed per

Per acre Per lb.

$5.43 $2.12 $26.80

$2.04

$24.26 $0.71

1.19

4.71 2.82 80.58

2.75

27.83

.81

1.68

4.53 2.53 29.72

8.30

26.42

.21

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