THE CABINET: The French Debt

Two weeks ago M. Caillaux came, last week he went, and all he achieved by his coming and his going was to settle that the French War Debt to the U. S. should be left unsettled.

The Negotiations. The history of the attempts to reach a final debt accord is simple: a French proposal, an American counterproposal, a second French proposal—all rejected. Then as M. Caillaux was about to depart the Americans made an offer for a tentative arrangement, which M. Caillaux said he would take home and think over.

Proposal No. 1. M....

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