At the end of the fiscal year 1919, two days after the signing on June 28 of the Treaty of Versailles, the debts of foreign nations to the Government of the United States totaled a little more than nine billion dollars. The public debt of the United States stood on the same day at $25,482,034,419,
By the end of the fiscal year 1929, ten years after the signing of the Treaty of Versailles, the public debt of the United States had been reduced to $16, 931, 088, 484. In the meantime, the indebtedness of foreign nations, as carried on the books of the Treasury, had increased to more than $11, 825, 000.000. The increase in foreign indebtedness during this period was due in part to ...