Victor Henry Berenger did what he was sent to do—make a debt funding agreement between his country and the U.S. He did what Caillaux failed to do last year. But it remains to be seen during the next few weeks whether he has pleased in performance.

The French debt agreement was in many ways the most difficult problem ever faced by the American Debt Funding Commission: 1) It was the second largest debt, amounting to $4,025,000,000; 2) The amount to be paid was not simply a matter of financial capacity...

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