THE CABINET: Italy's Debt

Joseph Caillaux thought he could settle the French debt to the U. S. in seven days. And he failed. Giuseppe Volpi spent twelve days with Mr. Mellon and his associates trying to settle Italy's debt to the U. S. And he succeeded.

There is small doubt that the time element worked in Count Volpi's favor, but there must have been other factors as well which enabled the Italian negotiator to convince Secretaries Mellon, Kellogg and Hoover and Senator Smoot as well that Italy deserved the terms she got—the most lenient which the...

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