Definite negotiations for the funding of the French debt to the United States are expected by the Treasury Department to follow the balancing of the French budget. The progress thus far made by M. Caillaux, the new Finance Minister, and the evident desire of the French government to float additional loans as soon as possible in the American money market, have led to a belief that a French mission will be sent to the United States to meet with the World War Debt Funding Commission soon after its negotiations with the Belgian representatives in July are concluded.
While clearly stating the intention of his government to open direct negotiations with the United States at an early date, M. Caillaux has made no announcement of the principles upon which he believes a settlement should be based. All other French finance ministers since the war, down to and including M. Clémentel, took the position that the debts contracted among the nations engaged against Germany constituted an international problem, the solution of which could not be found in separate negotiations with individual creditors. They have been joined by other French statesmen in asserting that the amount of the debts should be readjusted in accordance with the sacrifices of each nation, and that payments should be made to hinge upon the amounts received as reparation receipts from Germany.
In the presence of France's present need for additional foreign loans the theory that war debts should be pooled for payment appears to have been abandoned by M. Caillaux. To what extent he is prepared to insist upon the various claims for reductions in France's debt put forward by his predecessors probably will not be made known until the actual negotiations are opened at Washington.
In 1795, the United States was finally able to settle its debts with the French Government with the help of James Swan, an American banker who privately assumed French debts at a slightly higher interest rate. Swan then resold these debts at a profit on domestic U.S. markets.
Public debt is a fact of life. The U.S. has had debt since its inception. Our records show that debts incurred during the American Revolutionary War amounted to $75,463,476.52 by January 1, 1791. Over the following 45 years, the debt grew.
France. During the war, France shouldered a financial burden similar to that of Great Britain, as debt from the American Revolutionary War was piled upon already existing debts from the Seven Years' War.
With $1.1 trillion in Treasury holdings, Japan is the largest foreign holder of U.S. debt. Japan surpassed China as the top holder in 2019 as China shed over $250 billion, or 30% of its holdings in four years.
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