Word: debts
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Dates: during 1920-1929
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Finance Minister Caillaux returned to Paris, from London last week a fiscal conqueror. The Franco -British debt settlement (TIME, July 19), which he had negotiated with Chancellor Churchill was supplemented by attached correspondence providing that should France ever fail* to receive less than 50% of the contemplated German reparations payments, Britain will consent to a renegotiation of the entire Franco-British debt...
Newton (Mass.) Club members today relate to skeptical listeners how their President Weeks canceled the club's $30,000 bonded debt by persuading the members to burn their bonds. They do not tell how later the anecdote was offered to Uncle Joe Cannon as recommendation for Congressman Weeks' candidacy for the Naval Affairs Committee. "My God," said Uncle Joe, "We'll put him on the Banking and Currency. That man with those methods will soon wipe out the national debt." Mr. Weeks alone possessed the honor of having one of his big appropriation bills...
Deux. Simultaneous ratification of the Franco-U. S. and Franco-British debt agreements...
...Caillaux, leaving hastily after the meagre vote of confidence rushed to London. There he bargained for lenient Franco-British debt terms got them. France will pay in the current financial year about $20,000,000, with gradually increasing payments until the 60th year, when the full previously arranged $62,500,000 will be reached. M. Caillaux's cold financial heart pulsated with gratitude at Chancellor Churchill's concession of a "safeguard clause" (protection of French interests in the event Germany should default in her reparations payments...
...finish two matters which were not of the Administration's making nor very much to the Administration's liking. They were matters which the Administration had not had in mind when, last month, it postponed the adjournment to wait for France to ratify the latest debt agreement. The delay appeared to constitute the Administration's first serious political error, for it also made possible the dragging to Washington of the embarrassing Pennsylvania primary investigations...