By 1921, Melchior deemed it advisable for the country to accept what he saw as an impossible war reparations burden stating: "We can get through the first two or three years with the aid of foreign loans.
Da 1921 oprandt, anså Melchior det for tilrådeligt for landet at acceptere betingelserne, idet han sagde: " Vi kan komme igennem de første 2 eller 3 år ved hjælp af udenlandske lån.