I assert in my place that the intimation is now given to the world through speech of each premier addressed to his land that there was an understanding between this. our United States of America. through its representatives. and they who were envoys of other countries of the world. the principal debtors to this Republic. that before we. the United States. should be permitted to enter upon the specific schedules of any tariff truce. as it is termed. or the program of any economic adjustment touching trade between these lands. there must first be a concession on the part of the United States to take up the adjustment of the debts due the United States by these foreign lands. and that that question must be taken up in such manner as shall result in a conclusion of reduc. tion. postponement. or cancelation satisfactory to the debtors. Mr. President. it is very evident to my mindI am sure it cannot be otherwise to the minds of those about usthat these expressions are sent throughout the whole world. all nations. for the purpose of increasing in European and Asiatic spheres the credit of these lands who are debtors to the United States. The object of the play is to give the appearance that the visits of their delegates here to our land resulted in an agreement at the instance of the debtor or at the initiation of the creditor to take up these international debts and as a first move to concede the debt as now due as either of immediate effacement or. sirs. as necessarily calling in their behalf for a large reduction. if not complete cancelation. With this false premise being circulated to the world. it enables our competitor nations to start out with the other countries of the world with the presumption that they are now to be enriched in their treasuries by the amount that they will be able to force us to concede in the reduction or effacement of the debt.