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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  steptor
  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  compromise ­
  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  mentioned ­
  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  consolidation ­
  and  I  should  say  its  evolution--.  And  the  creditors  and  other  States  interested ­
  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  explanations ­
  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  Interallied ­
  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  general ­
  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  continual ­
  infringement  of  this  treatment  of  equality  and  equity  which  was  provided ­
  and  which  ought  to  have  been  respected  in  the  application  of  the  rights

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