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that repudiates its obligations and refuses to play the game with the 
rest of the world.’ 
“‘The French bank has sued,’ explains the Newark Evening 
News, ‘not the owner of the gold nor even the Soviet bank, the 
owner’s primary agent, but the New York banks where the gold is 
on deposit. But if those banks come into court, as expected, with 
the idea that they are merely the agents of the Soviet bank, and de- 
cline responsibility save as custodians of the treasure, there is no 
suit. For there is no defendant which American courts can recog- 
nize, the federal courts, in which the suit is brought, being part of 
the same government which denies the existence of the present 
Russian government. It is a fiction, of course, that the Russian 
government does not exist. So another counteracting fiction seems 
likely to be set up to the effect that the Soviet bank is not what it is, 
the state bank of the Soviet union, but that it is a private institution 
whose existence can be legally recognized here’ ” 
Springfield, Mass., Republican, April 9, 1928 
MIGRATORY GOID 
“An end has been made to the effort of the Russian government 
to reinforce its credit by the shipment of $5,000,000 in gold bullion, 
and the rejected gold has been sent back to Europe after lying in 
the vaults of two New York banks since February with a loss in 
interest computed at $1000 a day. The legal questions raised by 
the claim of the Bank of France to ownership of the gold are stiil 
to be disposed of, but it is not believed that the claim was very 
seriously intended; seizure of so relatively small a sum would not 
materially help in the adjustment of the immense claims and counter- 
claims outstanding between France and Russia. 
“The direct attack having failed, resort will be had to indirec- 
tion, and it is understood that the migratory gold will be sent next 
to Berlin for conversion into currency. It might perhaps have been 
taken to London but for the rupture of diplomatic relations between 
Great Britain and Russia, for Great Britain like Germany is not so 
disdainful of gold as the United States which has a glut of the 
precious metal. In one way or another the wandering millions will 
no doubt get into circulation, for gold is still gold, even though 
its prestige has fallen below that of the dollar. 
“Perhaps the most significant aspect of the adventures of this 
much-traveled gold is the light which it throws on the obstacles 
put in the way of Russia's foreign trade by countries of which 
Russia might with proper facilities be a valuable customer. A level- 
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