would  fall  on  the  Roumanian  State,  tried  under  the  semblance  of  a  real  purchase,
to  carry  away,  as  many  products  and  goods  as  possible.trom  the  occupied
territory.
Itoumania  in  the  interest  of  the  unification  of  her  currency  was  obliged
to  withdraw  from  circulation  the  German  issue,  reimbursing  the  bearers  with
notes  of  the  National  Bank.
The  obligation  of  Germany  to  reimburse  these  notes  is  beyond  discussion,
as  in  fact  the  Roumanian  Government  proved  in  the  special  memoir  published
in  February  1925  (Annex  43).
In  fact  this  issue  2.173  millions  went  for  buying  goods  and  products  in
the  territories  gratuitously,
The  obligation  of  reimbursing  this  issue  was  expressly  stipulated  in  article
19  of  the  armistice  which  obliged  Germany  to  remit  at  once  all  documents,
moneys,  securities  and  paper  money,  with  the  issue  material,  and  everything
of  public  interest  in  the  invaded  countries  And  by  article  259,  paragraph  6  of
the  Treaty  of  Versailles  (financial  clauses)  in  the  last  paragraph.  Germany  undertakes ­
 11  to  transfer  respectively  either  to  Roumania  and  to  the  principal
allied  and  associated  Powers,  all  monetary  instruments,  specie,  securities  and
negotiable  instruments,  and  all  products  received  by  her  in  virtue  of  these
treaties  «.
This  obligation  of  Germany's  has  a  totally  special  character,  and  the  very
presence  of  this  reimbursement  clause,  in  a  special  article  in  the  armistice  convention, ­
  and  in  the  Chapter  :  ^Financial  Clauses*  of  the  Treaty  of  Versailles,  is
a  proof  of  the  distinction  which  must  be  made  between  Germany's  obligation
of  reimbursing  the  notes  issued,  and  her  obligation  for  reparations.
Germany  seeking  to  take  advantage  of  the  interpretation  which  it  would
have  liked  to  give  to  the  application  of  Dawe  s  plan,  applied  to  the  Commission
of  reparations,  to  decide  on  the  existence  of  Roumania’s  right,  and  if  they  say
it  does  exist,  to  impute  this  right  on  the  product  of  Dawe’s  plan.
The  Commission  of  reparations  by  the  decision  it  gave  declared  that  it
could  give  no  hearing  to  this  application  presented  by  the  German  Government.
After  this  decision  Roumania’s  right  remained  whole,  as  it  exists  under
the  provisions  of  article  259,  paragraph  6  of  the  Treaty  of  Versailles,  of  the
different  protocols  drawn  up  at  the  Interallied  Conferences  of  Genoa,  London,
and  at  the  last  Conference  in  Paris  on  January  14 a  1925.
Germany  being  obliged  to  repair  these  damages,  will  necessarily  have  to
find  a  favourable  solution  for  Roumania,  without  which  no  friendly  normal
relations  can  be  expected  between  these  two  countries.
The  solution  must  be  looked  for  rather  outside  Dawe’s  plan,  for  Roumania’s
right  of  recuperation  in  this  instance  constitutes  a  claim  of  a  quite  special  nature, ­
  and  outside  the  scope  of  the  reparations,  but  if  necessary,  inside  the  scope
of  Dawe’s  plan  (annex  59).
2.  The  anticipated  enforcement  of  the  Treaty  of  B nearest  of  1918,  in