133:. The agreement greatly reduced the amount owing by France, with relatively easy payment terms. However, it was deeply unpopular in France, whose people felt that the United States should waive the debt in light of the huge losses of life and material damage that France had suffered, or at least link payments to reparations from Germany. Ratification by the French parliament was delayed until July 1929. The Great Depression began soon after. In the end, little of the debt was repaid.
153:
142:
239:
Poincaré appears to have used secret funds to bribe the press to support the agreement. All of the major newspapers, which had until then opposed ratification, swung round to give their support by mid-July. Poincaré, who was in poor health, gave the case for ratification to the
Chamber of Deputies on
167:
of 1924 defined a realistic schedule for German reparations to the victorious Allies in World War I. By establishing confidence, it made it possible for
Germany to borrow from the United States at reasonable rates and to use the money to pay Britain and France. They, in turn, used the reparations to
252:
The French
Chamber of Deputies narrowly ratified the 1926 agreement on 21 July 1929 after an all-night session, voting 300 to 292 in favor. The chamber than ratified the Caillaux-Churchill agreement on French war debts to Great Britain. Poincaré was unable to attend the debate because of his health
190:
President
Coolidge, in his message to Congress, said, "I believe that the settlement... is fair and just to both Governments and recommend its approval." The reaction was less positive in France, where 20,000 war veterans demonstrated in Paris against the agreement. The British were also critical.
179:
In the agreement with
Britain, payments were linked to payments of reparations to France by Germany. The French wanted a similar clause linking the payments to the United States to reparations, but the United States would not accept the linkage. The agreement was the most favorable that could be
256:
In a statement on 28 July 1929, Hoover outlined the terms of the agreement. France would make payments of $ 35 million in the 1930 fiscal year, with the amount payable rising over the next eleven years to a maximum of $ 125 million annually. The value of the payments was then $ 1,680 million.
235:
Another motive for ratification was that the French debt to the United States of $ 400 million for munitions acquired after the armistice was due for payment on 1 August 1929. Although France could pay by withdrawing gold deposits from London, such a massive transfer would be disruptive.
175:
The United States began quietly preventing private or public loans to France as long as the question of debt repayment remained unsettled, creating pressure on the franc. Financiers and government experts on finance in France came to accept that a clear agreement was needed.
207:
was pressing France to ratify the agreement. At the same time, there was rising nationalist pressure in
Germany to negotiate changes to the Dawes Plan and to obtain evacuation of French troops occupying the Rhineland. On 16 September 1928,
260:
The payments would be taken as eliminating the total debt, which was about $ 4,230 million on 15 June 1925. The United States had refused to accept any connection between the payments and France's receipt of reparation payments.
231:
at the planned conference at the Hague in August 1929. His position would be much stronger if the Mellon-Berenger
Agreement was ratified, and he threw all his effort into getting the bill passed by parliament.
220:, an American banker, chaired the group. Under pressure from the Americans, a revised settlement was defined in which the German debts were reduced, and the terms of payment were made easier.
216:
of
Germany agreed to link negotiations on reparation payments and withdrawal of troops. A committee met in Paris on 9 February 1929 to pin down the German payment amounts and schedule.
818:
271:. By 1932, the French were in serious financial difficulties and were forced to consider missing the payment due on 15 December 1932. In the end, most of the debt was never repaid.
264:
The House of
Representatives approved the agreement on 12 December 1929, and the Senate passed it on 16 December 1929. Hoover signed the agreement on 18 December 1929.
793:
125:) (29 April 1926) was an agreement on the amount and rate of repayment of France's debt to the United States arising from loans and payments in kind made during
823:
828:
808:
191:
Most French people felt the United States should waive its claims to war debts, and successive governments delayed ratification. Related issues were
195:, which had hurt French exports, and punitive tariffs on other French goods, which had created a serious imbalance of trade between both countries.
798:
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The
American Debt Commission said that it "believes that this settlement represents substantially France's capacity to pay."
833:
843:
507:
British Capitalism at the Crossroads: 1919 - 1932 ; a Study in Politics, Economics and International Relations
501:
838:
240:
16 July 1926. The next day, he was confined to bed on doctor's orders to could recover his strength for a
130:
659:
Recasting Bourgeois Europe: Stabilization in France, Germany and Italy in the Decade After World War I
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Statement on France's Ratification of the Mellon-Berenger Agreement for Settling Its War Debt
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French Foreign and Defence Policy, 1918-1940: The Decline and Fall of a Great Power
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signed the agreement, subject to ratification by the French Parliament.
564:, Gerhard Peters and John T. Woolley, The American Presidency Project
92:
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problems. The French Senate concurred on 26 July 1929.
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By 1931, France was starting to feel the impact of the
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The Great Depression, 1929-1938: Lessons for the 1980s
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47:
39:
24:
16:
1926 agreement between the United States and France
578:Gold, France and the Great Depression: 1919-1932
172:described as a great "circular flow of money".
686:The Foreign Policy of France from 1914 to 1945
168:repay their debt to the United States in what
819:Aftermath of World War I in the United States
716:. University of Oklahoma Press. p. 119.
460:
8:
19:
510:. Cambridge University Press. p. 131.
18:
159:, French ambassador to the United States
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140:
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129:(1914–1918), both before and after the
632:Andrew W. Mellon: The Man and His Work
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794:Treaties of the French Third Republic
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7:
472:
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356:
344:
332:
824:Treaties entered into force in 1929
809:Aftermath of World War I in France
14:
737:Saint-Étienne, Christian (1984).
558:Hoover, Herbert (28 July 1929),
227:, hoped to be able to fight the
193:Prohibition in the United States
602:Keiger, J. F. V. (2002-04-04).
829:France–United States relations
662:. Princeton University Press.
629:Love, Philip H. (2003-06-01).
608:. Cambridge University Press.
180:negotiated. French Ambassador
148:, US Secretary of the Treasury
1:
799:Treaties of the United States
765:"War Debt Plan by Close Vote"
531:Boyce, Robert W. D. (1998).
710:Rogers, Will (2006-10-31).
420:War Debt Plan by Close Vote
223:The French prime minister,
860:
804:Treaties concluded in 1926
656:Maier, Charles S. (1975).
575:Johnson, H. Clark (1997).
51:18 December 1929
713:The Papers of Will Rogers
581:. Yale University Press.
119:Mellon-Berenger Agreement
20:Mellon-Berenger Agreement
635:. Kessinger Publishing.
683:Néré, J. (2001-09-13).
203:In mid-1928, President
43:Washington, D.C., Paris
28:29 April 1926
160:
149:
131:armistice with Germany
123:Accord Mellon-Bérenger
155:
144:
834:1926 in American law
502:Boyce, Robert W. D.
170:John Maynard Keynes
21:
844:Eponymous treaties
461:Saint-Étienne 1984
161:
150:
750:978-0-8179-7983-6
723:978-0-8061-3768-1
696:978-0-415-27371-8
669:978-0-691-10025-8
642:978-0-7661-6111-5
615:978-0-521-89216-2
588:978-0-300-06986-0
544:978-0-415-15039-2
537:. LSE/Routledge.
517:978-0-521-32535-6
214:Gustav Stresemann
137:Initial agreement
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146:Andrew W. Mellon
69:Andrew W. Mellon
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771:. 21 July 1929
769:The Miami News
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487:, p. 119.
477:
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400:
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386:, p. 337.
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349:
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323:, p. 124.
313:
311:, p. 502.
296:
294:, p. 102.
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212:of France and
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182:Henry Bérenger
157:Henry Bérenger
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814:Reparations
485:Rogers 2006
437:Hoover 1929
396:Keiger 2002
384:Keiger 2002
244:operation.
127:World War I
63:Negotiators
788:Categories
775:2013-07-12
756:2013-07-12
729:2013-07-12
702:2013-07-12
675:2013-07-12
648:2013-07-12
621:2013-07-12
594:2013-07-12
568:2013-07-12
550:2013-07-12
523:2013-07-12
408:Boyce 1998
369:Boyce 1987
309:Maier 1975
292:Boyce 1998
275:References
229:Young Plan
165:Dawes Plan
55:1929-12-18
32:1926-04-29
473:Néré 2001
449:Néré 2001
357:Love 2003
345:Love 2003
333:Love 2003
280:Citations
101:Languages
48:Effective
504:(1987).
242:prostate
40:Location
494:Sources
109:English
82:Parties
53: (
30: (
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106:French
93:France
25:Signed
745:ISBN
718:ISBN
691:ISBN
664:ISBN
637:ISBN
610:ISBN
583:ISBN
539:ISBN
512:ISBN
163:The
121:(or
117:The
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