Finance, Locarno

Premier Aristide Briand carried on last week with the support of his unprecedented "majority of enemies." (TIME, June 7.) Though a member of the Republican Socialist party, M. Briand found himself supported by the Right (including even the ultra-reactionary Royalists) in his efforts to save the franc; while the Left majority which confirmed his Cabinet in office (TIME, March 29) deserted him, and its leaders charged that he was placing France at the mercy of bloodsucking international financiers.

The upshot was that the wily Aristide secured further postponement of debate on Government fiscal activities by a vote of 313 (Right and Centre) against 147 (Socialists and Communists). He proceeded at once with exchange manipulations to steady the franc, being guided by the advice of a committee of fiscal experts. The franc, perverse, declined slightly, rendering his position acutely delicate.

During the Chamber balloting, many of Briand's personal friends on the Left experienced such agonizing qualms at the thought of voting against him that they entrusted their negative ballots to hard-boiled party whips, who cast them amid the dropping of numerous tears.

From this stopgap victory in the Chamber, M. Briand hastened to defend the Locarno Pacts, then up for ratification before the Senate.

The booming voice of M. Miller and was already delivering the left-handed benediction of the Nationalists upon Locarno. "In rejecting this treaty we would have the appearance of seeking to isolate ourselves, not only from Germany but from our Allies, who have signed it. That is neither our wish nor to our interest . . .

"Let us, however, not risk too much of the fortunes of France on our illusions. Let us avoid at all costs the mortal error of making any premature reduction of the other forces of our national defense."

It was the Premier's task to transform such grodging admissions that the Pacts must be ratified into enthusiasm for the task. Mounting the tribune, M. Briand tuned his seductive voice by a preliminary cough. . . .

Ninety minutes later there was scarcely a dry eye in the Senate. The cheering had become continuous. When he could not longer be heard, M. Briand signaled for a vote. The Locarno Treaties were ratified 272 to 6.