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This work has been selected by scholars as being culturally important and is part of the knowledge base of civilization as we know it. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. To ensure a quality reading experience, this work has been proofread and republished using a format that seamlessly blends the original graphical elements with text in an easy-to-read typeface. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.

Excerpt from Proposed Plan for the Collection of the Foreign Debt of the United States, Settlement of German Reparations, and Establishment of an Internal Gold Currency It is stated in the public press that President Harding has requested the submission of plans for the collection of the foreign debt due the United States. In all discussions of this subject economists and international bankers insist that the collection of the foreign debt due to the United States is inextricably and inevitably interwoven with the settlement of German reparations and the re-adjustment of foreign exchange on a gold basis. It is simpler to accept the inter-relation of these three things and propose a plan to cover them all rather than controvert the arguments in support of their inter-dependence. In this revised form the topics entitled The Position of the United States; Treaty of Versailles and Treaty of Berlin and Cancellation of Allied Debts to the United States have been added and other topics slightly changed. The plan proposed may present difficulties but it is con crete, practical and constructive and the history of the repara tions controversy shows that it will be acceptable to the Allies and to Germany if the various propositions which they have made in regard to the subject from time to time have been made in good faith. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.