CHAPTER VII
THE ALLIES’ DEBT
After the entry of the United States into the War the American Government made advances to the allied governments to the aggregate amount of $10,141,267,585. No interest on this has yet been paid. The accrual up to the middle of 1921 was about $945,000,000. At that time, therefore, the allied governments were in debt to the government of the United States to the amount of about 11 billion dollars. This was contracted mainly in the purchase of supplies in this country. In the inventory of the external wealth of the United States in Chapter III, this indebtedness was entered as an asset, but doubt was expressed as to its realization, and it was intimated, moreover, that perhaps we ought not to expect it. John Maynard Keynes has been quoted as holding the opinion that Europe could not pay it. The suggestion that it ought to be cancelled has been made in numerous quarters. The funding of this indebtedness is one of the measures immediately before Congress.
The obligations of foreign governments to the United States are divided as follows:
| Country | Total obligations |
| Armenia | $ 11,959,917 |
| Austria | 24,055,708 |
| Belgium | 375,280,147 |
| Cuba | 9,025,500 |
| Czechoslovakia | 91,179,528 |
| Esthonia | 13,999,145 |
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