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United States Department of State / Papers relating to the foreign relations of the United States, The Paris Peace Conference, 1919

The Council of Ten: minutes of meetings February 15 to June 17, 1919,   pp. [unnumbered]-512 PDF (183.8 MB)

Page 175

the Naval clauses would then also be ready for consideration by the
(It was agreed that the Naval, Military and Air preliminary condi-
tions of Peace should be discussed on Monday afternoon next, and
Marshal Foch was requested to invite the Naval and Military Experts
to attend.)
2. M. CREspi, who had acted as Chairman of the Financial Draft-
ing Committee in the absence of M. Salandra, read the following
Report of the  report, dated February 26th, 1919-
Financial DraftingFiacl
Committee:     "Several questions which the Financial Drafting
(a) Report of  Committee might have included in the programme of
Committee    financial questions to be considered by the Financial
Commission fall within the competence of other Com-
missions already appointed by the Conference and are being considered
by them.
The Financial Drafting Committee has therefore excluded them
from the list which they now submit.
They recommend that when another Commission or the Supreme
Conference itself is dealing with a question which has a financial
aspect it should seek the advice of the Financial Commission.
A. Financial Questions.
1. In cases where an Enemy State cannot meet all its obligations
the question must be considered whether the State should be allowed
to choose for itself the order in which they shall be met or whether the
Allies should insist on settling the order. The matter must be con-
sidered in connection with, inter alia.-
(1) Reparation demands.
(2) Public debts and other obligations incurred prior to the War.
(3) Public debts and other obligations incurred during the War;
(4) Debts and obligations internally held.
(5) Debts and obligations externally held.
(6) Liabilities incurred during the Armistice.
2. The question must also be considered whether in any circum-
stances the debtor State shall be allowed or obliged to modify the
rights of creditors holding security for the payments of their debt.
3. Question of the liability of Allied nationals to contribute to
special war taxes levied or imposed in the enemy countries.
4. In cases of territorial re-adjustment, the following questions
(a) The re-apportionment of any part of the public debt.
(b) The re-apportionment of any part of the other debts or obli-
gations of the State.
(c) The assumption of any liability or obligation in connection
with the currency organisation. (See also Monetary Questions).
(d) Terms of transfer of State or other public property in the
ceded area, and re-apportionment of debts or obligations of public
bodies other than the State.

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