This systematization, which can only be imposed by the free agreement
of the United States and Great Britain, would have the effect of
creating excellent relations. The United States, cancelling their, in
great part, impossible debt, would derive the advantage of developing
their trade and industry, and thus be able to guarantee credits for
private individuals in Europe. It would also be of advantage to Great
Britain, who would lose nothing. Great Britain has about an equal
number of debits and credits, with this difference, that the debits
are secured, while the credits are, in part, unsecured. France's
credits are proportionately the worst and her debits largest, almost
27 milliards. France, liberated from her debt, and in a position to
calculate on a coal situation comparable with that of before the War
and with her new territories, would be in a position to re-establish
herself. The cancellation of 27 milliards of debt, a proportionate
share in 20 milliards, together with all that she has had, represent
on the whole a sum that perhaps exceeds 50 milliards.
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