Show f Hoover Expresses Express s. s Grat Gratification fi t on S on fl French Okeh of Debt Accord M v Explains Settlement in Reco Recognition i on of o Fran Frances France's e I S Honor Honorable bl Action S lV WASHINGTON JuI July 27 7 AP AP- AP S Pl President Hoo cr Hoover Hoover- In hi gr gratification tod today y that Franca Yanco had ratified the Mellon Meion t agreement nt told the thc Am American people cOlI that hat this settlement In effect rr ct wIpes wIpe's out t 1 cn entire indebtedness s. s of f France Yanco which nrose during t th war var period and simply provides provide forthe the pay payment nent of ot advances advances' to lYance Irane e. e atte at Q- te tel ef the armistice Mr Hoover er said ll i he lie Was Vas as gIving these facts so that In 11 recognition ot of f the lie honorable way In which France rance hajt acted to tO meet met It is the they will wu nd that our our ur p people ople too feel that this settlement settle settle- ment Involves a i measure of ot ea ri- ri Ice fice on their leir par S y Mellon Mellon- who h headed the c commission which concluded the fh in statement nt Issued agreement a a m dy with that of ot the president said irald the French lon lion w would ud prove a a powerful factor fact face tor tor- or In Iii general s I progress S The rhe presidents president's statement Issued at t the tho WhiteHouse Upon pon lila his auth- auth th from from I 1 hl his camp l in 1 Virginia follows I an ant am vcr very much gratified to 0 o learn earn that l Franco hIs has ratified t the tue rc ment 1 providing forth settle mettle ip nt of ot the tho debt of the French h re rep republic republic re re- p public to tho the United States thus disposing Insofar as 8 lies within her power for of oC one ne more of of tho this great problems left heft by the this war Avar With tb the high sense pf pt honor nn and 1 financial responsibility that thal have always characterized the actions a of ot the he Fren French h people It w was s nl 3 always 5 certain ertain that to the full fun ext extent nt of I their heir they would m meet t their 1 Tho The of the amounts to be pt paid In complete com corn piete discharge of this debt is a a caU ause e for mutual satisfaction removing re re- moving mo as s' s it d docs is a n. qU question that t has las occasioned lonc 1 much Controversy and nd debate RISING ISING P PAYMENTS S The settlement calls caUs for tor payments pay pay- ments ane ts of oC 35 In the fiscal t teat year eat 1930 sr gradually d rising over o a J. J period of eleven years until they reach each a. a a maximum uni of S annually 1 In ness fad to the Ath ri call p people I am ani Justified In Jn men mono tl ti the tho liberality of ot the of-the the settlement settle ment The total debt of the French republic to tp 19 the United States States' s' s ne as ng of fune Jun 15 15 1925 1023 was as approximately 00 On Oh a n 5 par cent h Is ls that that rate rate of Interest rno bytho by jy the tho obligations ns given by th the government the tle present value of or tho the payments p provided vJ d forb for forby forby b by tho the Mellon Mellon-Beren-er agreement i fa i o. o or or In I words a L LS reduction of 61 per S cent cent ot of- the the- total Ind Indebtedness ss This l ment In effect wIpes out the he entire Indebtedness of France r which Wilch rose arose rosed d during th the war wal period and arid simply Dimply provides for the tho pay lay payment ment went ment of advances f t to France alter ler the tho armistice which a aggregate arr In Including In- In accrued interest Inter the after advances were were made for or the liquidation of or obligations obligation incurred Inthis country by bythe the government gov gov- durin the the war var considerable considerable consider consider- able Advances I du during the war period per 5 locI led I itself were were for permanent hit liri- for shipping for tor the me meeting of Un ot obligations to private t creditors Incurred d prior t to 0 tho en entrance entrance en- en n. n trance of the United States Into Inlo the war and advances dunces to Bank Dank of France for cr credit and exchange purpose S 'S S Sam SS I am giving the tats ts so that S In In recognition ot of the hon w way In which France lyance has Jias ho acted to meet neet its Hs obligations th they y will understand that our people too fed that this this' settlement nL involves a s t nc measure of ot sacrifice on n their part Based n as ns itis It H HIs ItIs Is ol ni lush tua t and nd consider consider- atlon atlen it cannot a a. a b better I und understanding bet between e n two great nations and nd serve eroc further to n a friend fp that has has' lasted lasted last last- ed J for a 3 century and a tl halt half INVOLVES SACRIFICE 1 B Secretary rte Mellon 11 0 n said that the the agreement Involved In soma somo eom sacrifice on Wi the part or of both France and the United States The amount agreed reed said eald was os without with with- upon he e determined out taking Into consideration ln an any payments from reparations or 01 other otherS such puch outside sources and the re remarkable re- re financial and economic re recovery coY covery ry of or France Is is convincing evidence 01 that at gr great tt hardship will wil not iol be Imposed upon France In meeting ine the payments to America In Insofar ar a as this country Is conc concerned con con con- C Md Mr Mellon l continued It brings brins to a successful l. l conclusion tho to the world war warl foreign l r debt debt to to negotiate settlements with the various nations for tor tho the debts Incurred dur dur- ing In and nd aft after r. r the war Agreements have ha with Great Brit Brit- ain am unhand Finland Hungary Lithuania Poland B Belgium Czechoslovakia Latvia Estonia Italy Rumania Greece and France ce bringing bring brine ing th the total l. amounts amount which has been funded to date to lo All se nations are punctually sn meeting tl theIr engagements ments and the pa payments n as th they y ore are received ar are areS S being applied d on oh tho debt owed bythia b by thin thia government to It Its bondholders |