Herbert Hoover actually said...

The American Government proposes the postponement during 1 year of all payments on intergovernmental debts, reparations, and relief debts, both principal and interest, of course, not including obligations of governments held by private parties.

Context

Statement Announcing the Proposal of the Moratorium on Intergovernmental Debts.

06/20/1931

https://www.presidency.ucsb.edu...

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