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  England ­
  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  abandoned ­
  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  material ­
  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-