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The consequences of this embargo were irksome, and for a time threatened to become dangerous. Little by little, however, these restrictions were removed, partly by the French Government and partly by the spontaneous efforts of the banks. France, too, suffered in a like way from the paralysing effect of the moratorium.
Some rely entirely on a 'moratorium' and the pressure of public opinion: others would compel the submission of all issues, but not the acceptance of awards: others, again, would apply force, diplomatic, economic, or military, to both processes. Internationalism, to be effective, would require a machinery for dealing with new issues before they ripened into disputes.
The State has advanced to the commercial community a huge sum of money, risking the total loss of some part of it, in order to set in motion the machinery of international exchange. Further steps, however, were taken. The general moratorium expired on November 4.
In a social and economic system that has grown just anyhow.... Never been planned.... In a world full of Mrs. Fabers...." "Moratorium?" said Hugh over his Daily News. "In relation to debts and so on? Modern side you sent me to, Daddy. I live at hand to mouth in etymology. Mors and crematorium do we burn our bills instead of paying them?" "Moratorium," reflected Mr. Britling; "Moratorium.
He had never felt quite so sure as most people about the stability of the modern financial system. He did not, he felt, understand the working of this moratorium, or the peculiar advantage of prolonging the bank holidays. It meant, he supposed, a stoppage of payment all round, and a cutting off of the supply of ready money. And Hickson the grocer, according to Mrs.
The home is centred in his study, full of books, engravings, a large safe, telephone, theatrophone, newspapers, cigarettes, easy-chairs. When I go in, an old friend, a stockbroker, is there, and "thees" and "thous" abound in the conversation, which runs on investments, the new English loan, banking accounts in London, the rent moratorium in Paris, and the war.
One of the biggest acceptance houses in London told me that the post-moratorium bills, or the new acceptances made after the moratorium, could not amount to more than 80,000,000 pounds, or $400,000,000.
On the other hand, extravagance was systematically encouraged everywhere by the shortsighted measures which the authorities adopted and maintained as well as by the wanton waste promoted or tolerated by the incapacity of their representatives. In France the moratorium and immunity from taxation gave a fillip to recklessness.
But the insensate policy pursued by the Allies for the last four years has so completely ruined her finances, that for the time being she can pay nothing at all; and for a shorter or longer period it is certain that there is now no alternative to a moratorium. What, in these circumstances, does M. Poincaré propose?
Let us content ourselves, therefore, with a moratorium for the moment, and put off till next year the discussion of a final settlement, when, with proper preparations beforehand, there ought to be a grand Conference on the whole connected problem of inter-Governmental debt, with representatives of the United States present, and possibly at Washington.
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