FRANCE: 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...

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