World War Foreign Debts Commission Act

{{Infobox U.S. legislation

| shorttitle = World War Foreign Debts Commission Act

| othershorttitles =

| longtitle = An Act to create a commission authorized under certain conditions to refund or convert obligations of foreign Governments held by the United States of America, and for other purposes.

| colloquialacronym =

| nickname = World War Foreign Debts Commission Act of 1922

| enacted by = 67th

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| cite public law = {{uspl|67|139}}

| cite statutes at large = {{usstat|42|363}}, Chap. 47

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| introducedin = House

| introducedbill = {{USBill|67|HR|8762}}

| introducedby = Joseph W. Fordney (R–MI)

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| passedbody1 = House

| passeddate1 = October 24, 1921

| passedvote1 = [https://www.govtrack.us/congress/votes/67-1/h116 200-117]

| passedbody2 = Senate

| passedas2 =

| passeddate2 = January 31, 1922

| passedvote2 = [https://www.govtrack.us/congress/votes/67-2/s226 39-26]

| conferencedate =

| passedbody3 = House

| passeddate3 = February 3, 1922

| passedvote3 = [https://www.govtrack.us/congress/votes/67-2/h173 299-27]

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| signedpresident = Warren G. Harding

| signeddate = February 9, 1922

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| amendments = {{unbulleted list|{{uspl|67|455}}, {{usstat|42|1325}}, February 28, 1923|{{uspl|68|327}}, {{usstat|43|763}}, January 21, 1925}}

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World War Foreign Debts Commission Act is a United States statute authorized February 9, 1922 endorsing a commission, working under Secretary of the Treasury Andrew Mellon, to negotiate repayment agreements with Great Britain and France in the aftermath of World War I.{{cite book|last1=Wood|first1=Robert|title=From Marshall Plan to Debt Crisis: Foreign Aid and Development Choices in the World Economy|date=1986|publisher=University of California Press}}File:World War Foreign Debt Commission, 4-18-22 LCCN2016846324.jpg

The Commission placed the Allied debt principal to the United States at $11 billion; payments were to be made in graduated 62 annual installments; however, the accrued interest on these payments over a period of 62 years would have increased the debt to approximately $22 billion, although the U.S. did agree to lowered interest rates. Great Britain's debt was reduced 19.7% to $4.6 billion with the interest rate reduced from 5% to 3% for the first ten years of payment to be raised to 3½% thereafter. France's debt was reduced by 52.8% to $4 billion, without any interest for the first five years of payment. It was then to be increased gradually to 3½%.

References

Bibliography

{{cite web |url=https://archive.org/details/cu31924010635187/ |title=The World's War Debt; A Record and Analysis of the Financial Obligations Left by the War, In their Relation to the World at Large |date=January 1919 |website=Internet Archive |publisher=Mechanics and Metals National Bank |oclc=801036657}}
{{cite web |url=https://www.finance.senate.gov/imo/media/doc/68PrtSDOC23.pdf |title=Secretary of the Treasury Submitting a Copy of the Report of the World War Foreign Debt Commission |date=May 2, 1923 |trans-title=Settlement of the Indebtedness of the Republic of Finland to the United States of America |series=U.S. 68th Congress, First Session ~ Senate Document No. 23 |website=United States Senate Committee on Finance |publisher=United States Printing Office |oclc=1329013582}}
[https://history.state.gov/historicaldocuments/frus1922v01/ch3 Negotiations on behalf of the World War Foreign Debt Commission for the settlement or refunding of debts owed the United States by foreign governments (Documents 116–143)]
{{cite journal |url=http://www.jstor.org/stable/1015112 |title=Views on Questions of Reparations and War Debt Settlements: The Need for a Fact-Finding Commission |last=Hoffman |first=Frederick L. |date=July 1923 |journal=American Academy of Political and Social Science |volume=108 |publisher=Sage Publications, Inc. |jstor=1015112 |pages=60-73}}
{{cite web |url=https://babel.hathitrust.org/cgi/pt?id=mdp.39015035394892 |title=The Inter-Ally Debts: An Analysis of War and Post-War Public Finance, 1914-1923 |last=Fisk |first=Harvey Edward |date=April 1924 |website=HathiTrust Digital Library |publisher=Bankers Trust |oclc=29079218}}
{{cite book |author=U.S. World War Foreign Debt Commission |year=1927 |title=Combined Annual Reports of the World War Foreign Debt Commission with Additional Information Regarding Foreign Debts Due the United States, Fiscal years 1922, 1923, 1924, 1925, and 1926 |publisher=U.S. Government Printing Office |oclc=1049061910 |url={{google books|6ovPAAAAMAAJ|plainurl=y}}}}
{{cite journal |url=http://www.jstor.org/stable/26434217 |title=The War Debt Settlements |last=Davis |first=Joseph Stancliffe |year=1928 |journal=Virginia Quarterly Review |volume=4 |issue=1 |publisher=University of Virginia |jstor=26434217 |pages=13-39}}
{{cite web |url=https://archive.org/details/InterAllied/ |title=The Inter-Allied Debt: An Analysis |last=Stewart |first=Maxwell Slutz |date=September 28, 1932 |website=Internet Archive |publisher=Foreign Policy Association |oclc=26341508}}
{{cite magazine |url=https://cdn.theatlantic.com/media/archives/1938/02/161-2/132444832.pdf |title=War Debts ― Not Dead, But Sleeping |last=Elliston |first=Herbert B. |date=February 1938 |magazine=The Atlantic |publisher=The Atlantic Monthly Group |pages=223-227}}
{{cite web |url=https://www.finance.senate.gov/imo/media/doc/foreign1.pdf |title=Foreign Indebtedness to the United States |date=October 29, 1973 |series=U.S. 93rd Congress, First Session ~ Senate Document No. 22-892 |website=United States Senate Committee on Finance |publisher=United States Printing Office |oclc=805724}}

[http://www.tomsargent.com/research/IMF_final.pdf Complications for the United States from International Credits: 1913 -1940, George J. Hall Thomas J. Sargent, June 18, 2019]

U.S. Presidential Statements Concerning Foreign War Debt

{{cite web |url=https://www.presidency.ucsb.edu/node/329327 |title=Warren G. Harding: "Address to Congress on the Funding of Debt Owed by Great Britain and Aid to the Merchant Marine" February 7, 1923 |author1=Peters,Gerhard |author2=Woolley, John T |work=The American Presidency Project |publisher=University of California - Santa Barbara}}
{{cite web |url=https://www.presidency.ucsb.edu/node/329292 |title=Warren G. Harding: "Address on Foreign Policy and the International Court of Justice Intended for Delivery in San Francisco, California" July 31, 1923 |author1=Peters,Gerhard |author2=Woolley, John T |work=The American Presidency Project |publisher=University of California - Santa Barbara}}
{{cite web |url=https://www.presidency.ucsb.edu/node/211441 |title=Herbert Hoover: "Statement on France's Ratification of the Mellon-Berenger Agreement for Settling Its War Debt" July 28, 1929 |author1=Peters,Gerhard |author2=Woolley, John T |work=The American Presidency Project |publisher=University of California - Santa Barbara}}
{{cite web |url=https://www.presidency.ucsb.edu/node/207639 |title=Herbert Hoover: "Statement on Intergovernmental Debts" November 23, 1932 |author1=Peters,Gerhard |author2=Woolley, John T |work=The American Presidency Project |publisher=University of California - Santa Barbara}}
{{cite web |url=https://www.presidency.ucsb.edu/node/208339 |title=Franklin D. Roosevelt: "Message to Congress on the Payment of War Debts" June 1, 1934 |author1=Peters,Gerhard |author2=Woolley, John T |work=The American Presidency Project |publisher=University of California - Santa Barbara}}
{{cite web |url=http://www.fdrlibrary.marist.edu/_resources/images/msf/msf01308 |title=Finland's War Debt |last=Roosevelt |first=Franklin D. |date=January 16, 1940 |website=Franklin D. Roosevelt Library and Museum |publisher=United States Printing Office}}

Category:1922 in American law

Category:67th United States Congress

Category:Aftermath of World War I in the United States

Category:United States federal legislation

World War Foreign Debts Commission Act

References

See also

Bibliography

U.S. Presidential Statements Concerning Foreign War Debt