The Southwestern Historical Quarterly, Volume 44, July 1940 - April, 1941

Book Reviews

the author's reliance almost exclusively on American sources.
Haitian records prior to 1883 are not available, due to the
destruction of the Haitian Foreign Office by fire, but no use
has been made of easily available French sources to give a
balanced view of early Haitian history.
CHARLES G. WHITWELL.
Hardin-Simmons University.
British Policy on War Debts and Reparations. By Carl M.
Frasure.
Philadelphia: Dorrance and Company, 1940. Pp. 182.
Professor Frasure in his book entitled British Policy on War
Debts and Reparations has at least accomplished one significant
thing. He has brought to the eyes of the American reading
public the fact that there might be another side to the war
debt question.
He treats the subject chronologically from the close of World
War I to the outbreak of the present conflict. He presents a
convincing, at times almost too convincing, argument for the
British side of the question. However, his basic premise that
England could have fulfilled her obligations to this country if
Britain's debtors had kept faith with her is sound.
Professor Frasure opens his narrative with an account of
British war debt and reparation policy under Lloyd George.
British policy under Lloyd George tended toward reduction if
not toward cancellation of the war debts. The British govern-
ment considered all phases of the inter-allied debt as a single
integral unit. They refused to treat the debts of each nation
as a separate case. The United States regarded the debts as
personal agreements between each of the involved nations. They
wished to treat with each debtor nation separate and distinct.
A reversal in British policy came during the regime of
Stanley Baldwin in the office of Chancellor of the Exchequer.
The Anglo-American debt was funded at the sitting of a joint
commission in January of 1923. The reaction of the British
public to the funding was mixed. They were proud and thank-
ful over the preservation of their financial integrity, but they
were not without misgivings over the necessity of an increase
in their tax burden. This would be necessary as it was apparent

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Texas State Historical Association. The Southwestern Historical Quarterly, Volume 44, July 1940 - April, 1941. Austin, Texas. The Portal to Texas History. http://texashistory.unt.edu/ark:/67531/metapth146052/. Accessed July 10, 2014.