59 
after five years of suppress ing or reducing certain advantages granted at pre 
sent under thai Protocol. 
The provisions of the Innsbruck Protocol and the organisation of the»Com 
mon Cash-- reminds us of the treatment to which was submitted the Ottoman 
debt before the war. Roumania always was a good debitor, whose public debt 
before the war, was always regularly paid, and will not suffer to be submitted 
to such a treatment. That is why the Roumanian Government refused to sign 
the Innsbruck Protocol, because it intends to settle the whole Austro-Hungarian 
debt in a manner which may be compatible with its sovereign rights. Rou 
mania on these terms is ready to settle her portion of the Austro-Hungarian 
public debt which accrues to her. 
On the other hand Roumania’s obligation to take upon herself a part of the 
public debt of the former monarchy, can only be looked upon in connection with 
the reparations which are due to her. Otherwise we would be placed in such a 
situation that the Roumanian ratepayer, not receiving anything for the dama 
ges he has sufferedwould be called on to contribute again, in favor of the citizens 
of former hostile countries, whose debts have been reduced or ajourned. And 
what is still more abnormal, they would receive a great part of these payments 
in gold, when it is well known that these States have almost completely anulled 
their internal public debt after the mon- tary depreciation. If the secured debt 
can be justified more or less, by the value of the railroads, or other investments 
existing in the transferred territory, really the unsecured debt has no justifi 
cation, especially for Roumania, unless it be to throw a valueless claim to be 
paid by a more solvent debitor. We must hope that the negociations in course, 
and relating to the interallied debts, will settle this matter in a normal way 
before the meeting fixed for next November at Prague, and that Roumania will 
be able in consequence to leave her attitude of reserve. 
To the chapter of public debt, we must further add the socalled adminis 
tration debts, which were contracted before the war, by the different admi 
nistrations whose present seat is in the freed teritories. 
The situation of such debts, as regards Hungary will have to be arranged 
between the Roumanian and the Hungarian Governments, in accordance to the 
Convention concluded on April 16 11 1924. 
Probably that the same solution will be adopted for arranging the admi 
nistration debts, in Bukovina, as such a solution was favorably accepted by the 
Gommision of Reparations. 
CHAPTER V 
Roumania’s obligations deriving not from the Ireaiies, but 
BY CAUSE OF THE WAR, OR OF SITUATIONS CREATED BY THE DISMEMBERMENT 
of the Austro-Hungarian Monarchy 
1) The pensions and the allowances to invalides, orphans and widows in 
the freed territories, charges taken up for considerations of humanity and ol 
generosity by Roumania, without there being any grant, on the pait of the 
former monarchy for keeping them up.