“I am very pleased to learn that France has ratified the agreement that provides for the payment of the French Republic`s debts to the United States, which, to the extent that it is in its power, is one of the other major financial problems left by the world war. With the high sense of honour and financial responsibility that have always marked the action of the French people, it has always been certain that they will fully respect their ability to fulfil their commitments. The final payment of the amounts to be paid in the event of a complete deleveraging of this debt is a reason for mutual satisfaction, as it eliminates an issue that has been highly controversial and debated. In mid-1928, President Calvin Coolidge urged France to ratify the agreement. At the same time, nationalist pressure was mounting in Germany to negotiate changes to the Dawes plan and to achieve the evacuation of French troops in the Rhineland. On September 16, 1928, Aristide Briand of France and Gustav Stresemann (Germany) agreed to link negotiations on reparations and the withdrawal of troops. On February 9, 1929, a committee met in Paris to set the amounts of German payments and the timetable. Owen D. Young, an American banker, led the group. Under pressure from the Americans, a revised regime was established, reducing German debt and facilitating payment terms.
 In a statement of July 28, 1929, Hoover explained the terms of the agreement. France would make $35 million in payments in fiscal 1930, with a maximum of $125 million per year over the next 11 years. The value of the payments at that time was $1,680 million. “I declare these facts so that they understand, recognizing the honourable way in which France must fulfil its obligations, that our citizens feel that this regulation makes a number of sacrifices. There is every reason to hope and believe that such an agreement, based on mutual sacrifice and mutual respect, can only foster a better understanding between these two great nations and continue to serve to consolidate a friendship that has lasted for a century and a half. The French Chamber of Deputies ratified the 1926 agreement on 21 July 1929, after a night session, narrowly by 300 votes to 292.