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This was one more move on the part of England and France to lay responsibility for Germany's 58 years of payments squarely upon the U. S.
"Cancel our war debts," the Allies said in effect, "and we will immediately cancel Germany's reparations, forget about the War and go back to work."
Washington took little notice of this secret agreement; stayed firm in its oft-repeated position that there is no connection between Germany's debts to England and France, and those countries' debts to the U. S.