The current debt and interest due from foreign Governments, exclusive of
the British debt of $4,600,000,000, is about $7,200,000,000. I do not favor
the cancellation of this debt, but I see no objection to adjusting it in
accordance with the principle adopted for the British debt. Our country
would not wish to assume the role of an oppressive creditor, but would
maintain the principle that financial obligations between nations are
likewise moral obligations which international faith and honor require
should be discharged.
Our Government has a liquidated claim against Germany for the expense of
the army of occupation of over $255,000,000. Besides this, the Mixed Claims
Commission have before them about 12,500 claims of American citizens,
aggregating about $1,225,000,000. These claims have already been reduced by
a recent decision, but there are valid claims reaching well toward
$500,000,000. Our thousands of citizens with credits due them of hundreds
of millions of dollars have no redress save in the action of our
Government. These are very substantial interests, which it is the duty of
our Government to protect as best it can. That course I propose to pursue.
It is for these reasons that we have a direct interest in the economic
recovery of Europe. They are enlarged by our desire for the stability of
civilization and the welfare of humanity. That we are making sacrifices to
that end none can deny. Our deferred interest alone amounts to a million
dollars every day. But recently we offered to aid with our advice and
counsel. We have reiterated our desire to see France paid and Germany
revived. We have proposed disarmament. We have earnestly sought to compose
differences and restore peace. We shall persevere in well-doing, not by
force, but by reason.