Charles G. Dawes and Owen D. Young in Berlin (1924)
Charles G. Dawes (left) and Owen D. Young (right) traveled to Berlin in 1924 in advance of the publication of their report to the Allied Reparations Commission. In August of that year, the Allies and Germany accepted the Dawes Plan at the London Conference. Although the plan did not reduce the overall amount of reparations, it delineated a more reasonable schedule of payments and was passed by the German Reichstag. Dawes, who became Vice President of the United States under President Calvin Coolidge, was award the Nobel Peace Prize in 1925 for his work on the plan. It was replaced, however, in 1929 with the Young Plan, which lowered the overall burden of German debt and established a new payment schedule.