The Reference Shelf, Volume 1,Partie 1

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H.W. Wilson., 1922
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Page 52 - ... from Europe into the United States or because of the inability of the United States to send its wares to the tropics. In both cases there will be a falling-off in the demand for our products. No explanation can obscure the fact that, despite the three-cornered trade, a nation's commerce must be envisaged as a totality. If the rest of the world pays a debt by exporting more goods, whether to us or to another country, it makes it harder for us to export the usual quantity of goods in return. The...
Page 52 - But even if the Allies could pay, the final question arises: Should we demand that they pay now and forthwith? If they have the ability to pay, have we the capacity to receive? Mr. Hoover seeks to answer this question in the affirmative by telling us of the three-cornered trade; of the fact, familiar to every tyro, that a nation in international trade may acquit its obligations to another country by transferring the debits to a third country, which stands in an opposite relation. Mr. Hoover endeavors...
Page 52 - ... of a shattered world? The debt cannot be paid, and if it could be paid it would harm us. more than our debtors. As a matter not simply of equity, but of good business, let us study the matter further. We must not harbor the delusion that we can any longer be sufficient unto ourselves alone. More and more we shall have to depend on our exports, whether of raw materials or of manufactured products. Let us not, in the excess of our zeal, kill with one stone two birds each of which we should seek...
Page 52 - ... of war. It means, in Government finance, a drastic reduction of expenditures and the substitution of international cooperation for the sharp lines of extreme nationalism that have been drawn all over the continent. But the accomplishment of this task depends on political forces. There is no hope of great decrease of armaments until a sense of security replaces the present feeling of suspicion. Again, it comes with especially bad grace from us in the United States, who have enacted one of the...
Page 1 - July 9, 1918, the Secretary of the Treasury was authorized to establish credits in favor of foreign governments at war with the enemies of the United States, for the purpose of financing their purchases here in connection with the prosecution of thfi war.
Page 31 - Armenia Austria Belgium Cuba Czechoslovakia Estonia Finland France Great Britain Greece Hungary Italy Latvia Liberia Lithuania Nicaragua Poland Rumania Russia...
Page 2 - As a matter of fact, such a settlement, in our judgment, would in itself increase the ultimate financial strength of the Allies. You will recall that suggestions looking to the cancellation or exchange of the indebtedness of Great Britain to the United States were made to me when I was in Paris. Like suggestions were again made by the chancellor of the exchequer in the early part of the present year. The United States Government by its duly authorized representatives has promptly and clearly stated...
Page 36 - ... inviolability of merchant craft; possibly, also, the automatic action of neutral governments to bring about an effective blockade of belligerency wherever it appears without dispute as to who is the aggressor. After all, the thing which needs to be quarantined is the state of belligerency. OTHER SETTLEMENTS There are certain other settlements which must be regarded as essential to the peace of the world, not only now, but for the future. For instance, a determined and patient effort on the part...
Page 16 - We are going to find out that we can no more escape the influence of the European situation of to-day than we were able to escape the war itself. You cannot have one-half of the world starving and the other half eating. We must help put Europe on its feet or we must participate in Europe's misery. Let it be admitted, if you will, that neither Wilson nor Roosevelt have had the right to speak for the idealism of America [in...
Page 55 - America would cancel five billion dollars owed her by Britain, the Earl of Balfour made a handsome gesture, but in truth he was only offering to trade illuminated wall-paper against gold sovereigns. This is the case, because the only resources out of which the Continental nations can pay their debts to Britain must be sought in the reparations claims against Germany, and the whole purpose of British statesmanship is to reduce these payments in the interest of British world trade.

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