s' 
rw*' 
6 
settled by the creditor States, for us they are closely bound together and we 
cannot examine their effect on our financial consolidation unless it be together. 
It is all the more indispensable to throw o general glance at this moment, 
not only because we proceeded by our latest monetary law on an important step- 
tor our internal financial consolidation but also because there is on the one 
hand a tendency since a few years, in the application of the treaties and 
the reparation policy, to create for us a dangerous situation which would com 
promise completely the sacrifices and the efforts made by us to this day. (See 
the protest of the Roumanian delegation in Spa. Anex 48; the Memoirs men 
tioned above of lune 1923 at the London conference 1924, at the conference in 
Paris in 1925, Anex. 55 and, 60-and the Memoirs drawn up tor the L. D. N. 
of Dec 1924). And on the otlier hand because the question of the Interallied 
debts is to day discussed directly by our two principal creditors the United 
States of America and England. 
Comparing the situation created by the treaties with the one established 
by their application we will be able to explain more clearly, on one part our 
rights and our obligations, and on the other part our possibility of fulfilling 
them, and consequently to determine the attitude of the Roumanian State in 
this serious, and I may say, decisive phase of our financial consolidation Therefore 
by mutual agreement with the Minister of Foreign Affaiis I thougt it well to 
set the stage of these questions at the right point of view, both by publishing 
the documents on which our rights and obligations should by founded and by 
examining the conclusions that we can draw from all these documents and to 
see in what limit we are in the possibility of fulfilling them. The clearer this 
question will be, the better "the Roumanian State will know how far it can go 
with the concessions which are demanded, without endangering its consoli 
dation and I should say its evolution--. And the creditors and other States inte 
rested in the reparation policy will bo the better able to judge our attitude and 
our demands, and at last the Roumanian public opinion will know all the 
better our rights, and will give us its assistance for obtaining them. 
In the memoirs which are attached to this report, one on the reparation 
policy and the other on the Interallied debts we gave the necessary explana 
tions for you to know how these matters have evolved until this day. But we 
think that it is well to make a short study of investigation on the general and 
special situation of Roumania in this double matter of reparations and Interal 
lied debts, in order to be able to interpret this study as completely as possible. 
In the first of these two questions the reparations, whatever may be the 
manner in which the treaties were drawn up, Roumania, once she had signed 
them, had nothing else to do than submit to them. They were treaties of a ge 
neral character and they were based on »equality and equity--, which were 
to continue the solidarity of the Allies of the great war. But immediately, after 
they were drawn up and ratified, the procedure which followed caused a con 
tinual infringement of this treatment of equality and equity which was provid 
ed and which ought to have been respected in the application of the rights 
* 
* k 
* * 
* 4,