Foreign Bondholders and the Repudiated Debts of the Southern States

Since the close of the World War, there has been a continuous and often acrimonious discussion of the issues involved in the war debts of the Allied Powers to the Government of the United States. In estimating the mutual obligations of debtor and creditor governments, the issues involved in the “ repudiated debts” of the Southern States have been revived anew. In the British Parliament the matter has flared up again. On April 1,1925, Austen Chamberlain stated that His Majesty's Government had never made representations on the subject to Washington. “ I hope,” he said, “ that my noble friend (Lady Astor) will apply her persuasive eloquence to the legislatures and governments of those states.” On March 15, 1923, Stanley Baldwin, and on April 14, 1924, Ramsay MacDonald, had answered questions to the same effect. During the London Naval Conference of 1930, a debate on these debts took place in the House of Lords. On both sides of the ocean it has been suggested that the amount of the unpaid bonds be deducted from the amounts due to our government from those European Powers whose nationals now hold these state bonds

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• Our Repudiated State Debts

  Charles P Howland•Foreign Affairs•1928

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