RESPONSIBILITY FOR THE FRENCH DEBT TO AMERICA [To the Editor
of the SPECTATOR.]
S1R,—With reference to recent correspondence, surely the facts are quite clear. When the U.S.A. entered the War, she agreed to finance the purchases from her of each of the Allies
by loan. Thus our debt was incurred entirely for our own pur- chases, and similarly with the other Allies. It is a coincidence that our Loans to the Allies during the same period amounted to approximately the same sum as our borrowings from America. It is no doubt true that, if we had not had to lend to the Allies, we should not have had to borrow from U.S.A..
but that is beside the point. Surely, this matter should be cleared up once for all by a question in Parliament (after it reassembles) or otherwise, as the constant suggestion that we guaranteed the French and Italian loans from U.S.A., unless it can be proved to be true, will bring us into contempt amongst right-thinking people in America and elsewhere.- Leicester.
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