Even when the idea of reparations was enlarged to cover pensions, the United States did not lay claim to a share. This was in itself a generous contribution to our European associates. Nor did we ask for a sphere of influence in Turkey or a share in the German colonies. Our attitude was one of complete disinterestedness and of an unselfishness unparalleled in the history of peace-making by victorious coalitions. If we are now asked to make an additional contribution, should we not insist first of all upon a _quid pro quo_ for our money in the form of definite understanding about the open door in Africa and Asia, especially in the mandated territories? Ought we not also to insist upon the military and naval neutralization of European possessions on the American continent and reciprocity in trade agreements between all these possessions and the countries of North, Central, and South America? The second point is one on which we need light badly. Just what are the holdings of citizens of debtor nations and of debtor governments in the United States and other parts of America? Our debtors are pleading poverty and the impossibility of paying reasonable interest, much less of amortizing, what they borrowed from us. Just what truth is there in this plea, which has the tacit indorsement of some of our largest banks? Speaking at Toledo on October 16, 1922, Secretary Hoover declared: The settlement of international balances between America and Europe contains factors that are in their volume unique in international commerce. For instance, the annual expenditure of American tourists abroad, the remittances of emigrants in the United States to their relatives, the growing volume of investment made by our people in foreign countries, interest upon investments in the United States of private citizens of our debtor countries, and other items of so-called invisible exchange combine to furnish a large supply of our money to Europe with which they in turn can make payments of interest on debts or for the purchase of goods from us. In total to the world these sums amounted to about $1,500,000,000 in the last fiscal year, which was, indeed, a year of depression, and these are sums which with peace in the world will grow constantly in the future. These sums are largely expended directly or indirectly in our debtor countries.... During that fiscal year the world had a paying power to us in excess of goods bought from us of about $750,000,000.