Home Search The American Presidency Project
John Woolley and Gerhard Peters Home Data Documents Elections Media Links
 
• Public Papers of the Presidents
• State of the Union
Addresses & Messages
• Inaugural Addresses
• Weekly Addresses
• Fireside Chats
• News Conferences
• Executive Orders
• Proclamations
• Signing Statements
• Press Briefings
• Statements of
 Administration Policy
• Economic Report of the President
• Debates
• Convention Speeches
• Party Platforms
• 2012 Election Documents
• 2008 Election Documents
• 2004 Election Documents
• 1960 Election Documents
• 2009 Transition
• 2001 Transition
Data Index
Audio/Video Index
Election Index
Florida 2000
Presidential Libraries
View Public Papers by Month and Year

INCLUDE documents from the Office of the Press Secretary
INCLUDE election campaign documents
Search the Entire Document Archive
Enter keyword: 


AND OR NOT
Limit by Year

From:
To    :

Limit results per page

INCLUDE documents from the Office of the Press Secretary

INCLUDE election campaign documents

Instructions
You can search the Public Papers in two ways:

1. Search by Keyword and Year
You can search by keyword and choose the range of years within your search by filling out the boxes under Search the Public Papers.

2. View by Month and/or Year
Select the month and/or year you would like information about and press View Public Papers. Then choose a Public Paper and the page will load for you.

Search Engine provided by the Harry S. Truman Library. Our thanks to
Jim Borwick and Dr. Rafee Che Kassim at Project Whistlestop for critical assistance in the implementation of the search function, and to Scott Roley at the Truman Library for facilitating this collaboration.
 
Herbert Hoover: Statement on France's Ratification of the Mellon-Berenger Agreement for Settling Its War Debt.
Herbert
Herbert Hoover
163 - Statement on France's Ratification of the Mellon-Berenger Agreement for Settling Its War Debt.
July 28, 1929
Public Papers of the Presidents
Herbert Hoover<br>1929
Herbert Hoover
1929
Font Size:
Print
 Report Typo
The American Presidency Project

Promote Your Page Too

THE PRESIDENT said:

"I am very much gratified to learn that France has ratified the agreement providing for the settlement of the debt of the French Republic to the United States, thus disposing, in so far as lies within her power, of one more of the great financial problems left over by the World War. With the high sense of honor and financial responsibility that have always characterized the actions of the French people, it was always certain that to the full extent of their ability they would meet their obligations. The definite settlement of the amounts to be paid in complete discharge of this debt is a cause for mutual satisfaction, removing as it does a question that has occasioned much controversy and debate.

The settlement calls for payments of $35 million in the fiscal year 1930, gradually rising over a period of 11 years until they reach a maximum of $125 million annually.

"I think in fairness to the American people I am justified in mentioning the liberality of the settlement. The total debt of the French Republic to the United States as of June 15, 1925, was approximately $4,230 million. On a 5 percent basis, which is the rate of interest borne by the [p.238] obligations given by the French Government, the present value of the payments provided for by the Mellon-Berenger agreement is $1,680 million, or, in other words, a reduction of approximately 61 percent of the total indebtedness. This settlement in effect wipes out the entire indebtedness of France which arose during the war period and simply provides for the payment of advances to France after the armistice, which aggregate, including accrued interest, $1,655 million. While some of the after-armistice advances were made for the liquidation of obligations incurred in this country by the French Government during the war, considerable advances during the war period itself were for permanent improvements; for shipping; for the meeting of obligations to private creditors incurred prior to the entrance of the United States into the war, and advances to the Bank of France for credit and exchange purposes.

"I am giving these facts so that in recognition of the honorable way in which France has to meet its obligations, they will understand that our people too feel that this settlement involves a measure of sacrifice on their part. There is every reason to hope and believe that such an agreement, based as it is on mutual sacrifice and consideration, cannot but promote a better understanding between these two great nations and serve further to cement a friendship that has lasted for a century and a half."


Note: The French Chamber of Deputies ratified the 1926 agreement on July 21, with the Senate concurring on July 26. It was approved by the United States House of Representatives on December 12 and passed by the Senate on December 16. President Hoover signed the agreement on December 18, 1929.
Citation: Herbert Hoover: "Statement on France's Ratification of the Mellon-Berenger Agreement for Settling Its War Debt.," July 28, 1929. Online by Gerhard Peters and John T. Woolley, The American Presidency Project. http://www.presidency.ucsb.edu/ws/?pid=21875.
Home         
© 1999-2014 - Gerhard Peters - The American Presidency Project
Locations of visitors to this page