What Dumping Securities Means.
Few people seem to realize that the dumping of securities on our shores
and the efforts of foreign Governments, such as France and Switzerland,
to borrow money in our markets are at the bottom very much the same
thing. They are simply two forms of securing present supplies from
America in return for future supplies, the dividends and interest on
securities from Europe.
It does not much matter whether we buy Government bonds or other
securities. If we buy of French capitalists their holdings in American
railway securities we simply provide them with the wherewithal to take
the French Government loans themselves. They virtually become, without
our knowledge, the go-between through which we lend, as it were, to the
French Government, in spite of ourselves. It is doubtless well, as a
matter of policy, to refuse to loan directly to France, but we must not
for a moment conclude that France or any other nation will have to
finance the war without our aid. We shall not be consciously helping any
particular nation, but we shall be actually helping any nation which can
trade with us.
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