Word: smooting
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There is small doubt that the time element worked in Count Volpi's favor, but there must have been other factors as well which enabled the Italian negotiator to convince Secretaries Mellon, Kellogg and Hoover and Senator Smoot as well that Italy deserved the terms she got-the most lenient which the U. S. has granted to any debtor nation, not excepting Belgium...
Reasons for Leniency. The reason that Senator Smoot and other members of the Debt Commission were willing to grant Italy such lenient terms was simple: They did not believe she could pay more. Her soil is not fertile enough to give Italy a big export surplus of agricultural products. She has very little in the way of natural resources. She has very high taxes and few wealthy people. All she has is cheap labor, and cheap laborers are very poor people from whom to raise taxes...
...President tendered a dinner to the Italian Debt Commission, which was attended by the entire Cabinet except the Postmaster General, the Attorney General and the Secretary of Labor, and likewise by Senators Smoot, Borah and Swanson, and Representative Theodore E. Burton...
...reply) of interest at 4V2% and repayment of less than half of the principal-only $1,750,000,000. This proposal was evidently that on which the French hoped to succeed. The American Debt Funding Commission was divided as to whether it should be accepted. Messrs. Mellon, Hoover, Smoot and Crisp (a subcommittee) discussed it with President Coolidge. At length it was decided that it too should be rejected...
...Senator Smoot, Chairman of the Congressional Public Buildings Commission (composed of two Senators, two Representatives, two architects and an engineer) which has charge of the housing of all Government services, declared he would gladly come to a compromise with the owner on a reasonable rental, since rents general have increased...