Courtesy Reuters

THE debts of other governments to the United States have been the subject of much discussion since the end of the World War. The effect which their payment would have upon us and upon the countries indebted to us has been the subject of articles written by economists here and in Europe. Suggestions have been made both at home and abroad that these debts should be cancelled or readjusted. Some progress has been made toward their refunding, that is, the conversion of the promissory notes of the respective foreign governments which we held, which by their terms were payable on

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