nian  State  not  only  in  the  painful  situation  of  not  fulfilling  its  engagements
but  also  of  compromising  completely  the  fruits  obtained  till  to  day  with  so  many
sacrifices.
As  you  know  very  well  by  the  late  convention  with  the  National  Bank
and  the  law  passed  by  Parliament  in  June  last  year  we  endeavoured  to  begin  our
monetary  consolidation  and  to  assure  the  stability  which  we  have  obtained.
But  this  operation,  in  order  to  be  complete  demands  a  long  period  (15-20  years)
during  which  we  must  be  very  careful  especially  as  regards  the  balance  of  our
foreign  payments.
This  balance  will  be  more  especially  influenced  by  the  balance  of  our  external ­
  commerce.  The  results  obtained  already  and  the  development  of  the
riches  of  the  country,  make  us  feel  certain  that  the  future  trouble  would  not
come  from  our  economical  balance  sheet  but,  from  the  financial  policy  of  the
country  which  might  destroy  or  reduce  the  good  effects  of  economical  lile.
Therefore  in  the  negotiations  which  will  be  carried  on,  we  must  consider
more  especially  the  modes  of  payment  during  the  delicate  period  of  our  monetary
  consolidation  and  of  our  rate  of  exchange:  the  more  facilities  our  creditors ­
  will  make  for  us  to  keep  up  our  monetary  stability,  and  to  complete  as
soon  as  possible  our  monetary  consolidation,  the  more  the  debts  well  be  will
secured  and  the  payments  will  be  easier.
That  is  why  even  in  the  interest  of  our  engagement  to  pay  being  as  sure
as  possible,  we  must  obtain  not  only  easier  conditions  during  the  first  period
of  our  consolidation,  but  also  adjournments.  Bus  whatever  these  payments
may  be,  the  problem  for  us  as  it  has  been  for  all  sums  sent  abroad  will  be  :
nHow  are  these  payments  to  be  made  so,  as  not  to  cause  a  fall  in  our  rate  of
exchange  and  in  the  equilibrium  of  the  budget*.  (The  transfer  question  which
gave  rise  to  so  much  discussion  over  Dawe’s  plan).  In  a  normal  economical  situation ­
  with,  the  exchange  at  a  normal  rate,  and  a  just  payment  of  the  allied
debts,  and  of  the  reparations,  Roumania  by  the  annuities  which  she  would  have
to  pay  in  lei  gold,  would  have  nothing  to  fear  from  those  transfers,  unfortunately ­
  however  her  situation  for  some  time  will  be  such  that  the  transforming ­
  into  lei  of  the  annuities  gold  and  the  fact  that  only  when  we  are
arriving  at  the  equilibrium  of  her  eternal  economical  balance  max  imperil
her  monetary  stability  and  consolidation.
We  wish  to  add  that  for  the  same  reasons  we  must  be  equally  prudent  in
this  period  of  monetary  consolidation,  also  for  the  other  engagements  which
we  will  have  to  make,  as  for  instance  those  for  fresh  foreign  loans:  Their
conclusion  must  be  closely  bound  with  our  monetary  consolidation.
During  these  negotiations  we  must  not  forget  the  claim  which  Roumania
has  against  her  great  allies,  for  paying  the  debts  caused  by  the  destruction
of  the  oil  works.  At  the  same  time  as  these  negotiations  we  must  demand  the
settling  of  the  question  of  the  payments  to  be  made  for  the  Austro-Hungarian ­
  pre-war  debts,  as  the  agreement  of  Innsbruck  cannot  be  accepted  by
our  State  in  its  present  form.  We  must  hope  that  the  negotiations  going  on