Note 108 — Chapter V · Reparation

In his speech of September 5, 1919, addressed to the French Chamber, M. Klotz estimated the total Allied claims against Germany under the Treaty at $75,000,000,000, which would accumulate at interest until 1921, and be paid off thereafter by 34 annual installments of about $5,000,000,000 each, of which France would receive about $2,750,000,000 annually. "The general effect of the statement (that France would receive from Germany this annual payment) proved," it is reported, "appreciably encouraging to the country as a whole, and was immediately reflected in the improved tone on the Bourse and throughout the business world in France." So long as such statements can be accepted in Paris without protest, there can be no financial or economic future for France, and a catastrophe of disillusion is not far distant.