war debts will be examined Roumania shall have the right of discussing the 
norms for liquidating war debts so that they may be applied also to relief 
bonds. On another hand it was admitted in a final manner that arrangements 
in respect of relief bonds shall not constitute a precedent for war debts. 
Our insists nee before the meeting of the international Committee tor 
relief bonds at the London conference in December 1924; the settlement of this 
question was put off at the same time as the question of the interallied debts was, 
justified and founded on the note which America sent us ulteriorly In fact 
immediately this matter formed the object of an arrangement being a debt of 
international assistance, inasmuch as also the neutral States had taken part, the 
Americain goverment notified to us that as we had begun to pay our debts to 
other States, it did not see why we delay our debts for relief bonds having 
already begun to extinguish another relief bond debt which the American 
Govt rnment had considered as a war debt. 
In the first place the debt in relief bonds is small, whereas our inter allied 
debt amounts to a much larger sum not only towards America but even to En 
gland and France as we said above. We answered them that the Roumanian 
Government not only had no hostile intention but on the contrary as it had 
profited by the assistance of the United States before and after the svar, it would 
have been madness on our part to displease by our attitude a friendly State and 
not to consider the assistance which the great Republic could offer for restoring 
and consolidating great Roumania. 
In truth Roumania isolated, laid waste by the hostile occupation abando 
ned by its greatest and nearest ally obliged to organize in the midst of all these 
difficulties nearly a new State to unify four existing regimes all so diffrent one 
from another could only just with great sacrifices balance her budget, stop 
the monetary inflation and bring production almost to a normal state and pul 
nor finances on a solid basis. 
All, these efforts of ours were made exactly by us in order to assure the 
claims of our Allies rather than give them verbal or even written assurances 
Roumania in fact has always declared that she is far from denying her 
debt to the United States, and in order to prove this she sent a mission in 1922 
which was to determine the amount. 
These war debts have a character created by the circumstances in which 
Roumania found herself when they were granted to her and not only till 
the general Armistice but even after, on account ot the circumstances. 
Conclusion 
The interallied debts a rose, as we said above, from credits and war mate 
rial granted between the Allied States during the war and in view of carrying 
it on to common victory. 
The way the war was led represents the cooperation and the solidari-