An economic conference met at Brussels on September 24, at the suggestion of the League Council, to take steps to prevent financial and economic chaos in Europe. Although invited, the United States refused to participate in the Brussels Conference, declaring that it was useless to do anything for European rehabilitation until old scores were marked off and a spirit of solidarity was developed. The Dutch expert, M. ter Meulen, proposed to establish in the countries on the verge of collapse a reservoir of collateral to be drawn upon if necessary to cover credits for imports, under the supervision of financial experts appointed by the League of Nations. At the end of the year French and British financiers met at Paris to discuss the organization of a corporation to finance the restoration of Europe, in which the United States and Germany would have a part. Because political conditions and not economic theories dominated in Europe, the conferences attended by economists and bankers had no result. These non-political gatherings looked at the reparations question on its merits, and therefore made recommendations in regard to Germany, Poland, Austria, and other smaller countries which, if adopted, would have infringed upon the treaties of the Paris settlement. The experts and bankers were accused of trying to upset the treaties. They could not free themselves from this accusation; for they were practical men, living in a world of realities, and not politicians, gambling on futures. On January 6, 1922, the Entente premiers met with the Reparations Commission at Cannes. The Germans were asked to come to Paris and to hold themselves in readiness to be summoned to Cannes if needed. Lloyd George offered France a defensive alliance in return for modifying the French attitude toward Germany, which he said would keep Europe indefinitely in turmoil. Premier Briand was inclined to accept the British offer, which would have replaced in substance the defunct Anglo-American understanding to come to the defense of France in case of a new German aggression. But bitter opposition developed in the Chamber of Deputies. Briand hurried back to Paris to explain the Cannes negotiations and defend his decision to meet Great Britain half-way. He called for a vote of confidence, which was refused. Former President Poincaré, leader of the opposition to concessions to Germany, succeeded Briand.