Excerpts of the President's News Conference
Another inquiry about the possibility of a loan to Germany by the War Finance Corporation for the purchase of food. I think I have commented on that two or three times. The last I knew there was a proposal being entertained by the Reparations Commission to permit a loan to be made to Germany, part of which I understood was to be expended in this country and part somewhere else, and part was to be taken up in this country, and part somewhere else. I never knew what decision was reached. It was necessary for them to give their approval of it, otherwise the loan would be on top of the German reparations, and payment would be very far in the future—very likely it wouldn't be much more than mere paper. So that an attempt was made to get in under that, and I don't know what decision has been made. Then after that I think there were some foreign banks that were proposing to make a loan, which looked more practicable and encouraging, and more immediately available. The last time I had any talk with Mr. [Eugene] Meyer he spoke about that and I never heard what decision had been made. It looked quite encouraging at that time.
As I have said before, Mr. Dawes and his associates you know, and the public I think knows, went over there at the invitation of the Reparations Commission, and the other members of the board are there by the representation of their respective governments.
PRESS: Mr. President, can you say whether the Reparations Commission pays their expenses?
PRESIDENT: I understand it does, or else they pay their own. I don't know about that. I should expect that they were paid by the Reparations Commission. Usually the party calling in an expert, I found, has to pay his expenses.
Source: "The Talkative President: The Off-the-Record Press Conferences of Calvin Coolidge". eds. Howard H. Quint & Robert H. Ferrell. The University Massachusetts Press. 1964.
Calvin Coolidge, Excerpts of the President's News Conference Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/349027