Very few people, I think, have appreciated how large a sum is due to the United States under the strict letter of the Agreement. Since France has already received almost two–thirds of her share as above, whilst Belgium has had about one–third, Great Britain less than one–third, and the United States nothing, it follows that, even on the most favorable hypothesis as to Germany’s impending payments, comparatively small sums are strictly due to France in the near future. The Financial Agreement of August 13, 1921, was aimed at modifying the harshness of these priority provisions towards France.[90] The details of this Agreement have not yet been published, but it is said to make a somewhat different provision from that contemplated at Spa for the repayment of Allied war advances to Belgium. The reception of this Agreement by the French public was a good illustration of the effect of keeping people in the dark. The effect of the Spa Agreement had never been understood in France, with the result that the August Financial Agreement, which much improved France’s position, was believed to interfere seriously with her existing rights. M. Doumer never had the pluck to tell his public the truth, although, if he had, it would have been clear that, in signing the Agreement provisionally, he was acting in the interests of his country. The mention of the United States invites attention to the anomalous position of that country under the Peace Treaty. Her failure to ratify the Treaty forfeits none of her rights under it, either in respect of her share of the costs of the Army of Occupation (which, however, is offset to a small extent by the German ships she has retained), or in respect of the repayment of her war advances to Belgium.[91] It follows that the United States is entitled, on the strict letter, to a considerable part of the cash receipts from Germany in the near future. There is, however, a possible offset to these claims which has been mentioned already (p. 78) but must not be overlooked here. Under the Treaty, private German property in an Allied country is, in the case of countries adopting the Clearing House Scheme, applied in the first instance to debts owing from German nationals to the nationals of the Allied country in question, and the balance, if any, is retained for Reparation. What is to happen in the case of similar German assets in the United States is still undetermined. The surplus assets, the value of which may be about $300,000,000,[92] will be retained, until Congress determines otherwise, by the Enemy Property Custodian. There have been negotiations from time to time for a loan in favor of Germany on the security of these assets, but the legal position has rendered progress impossible. At any rate this important German asset is still under American control. FOOTNOTES: