International trade

Bibliographic data

Monograph

Identifikator:: 1758394757

URN:: urn:nbn:de:zbw-retromon-136209

Document type:: Monograph

Author:: Taussig, Frank William http://d-nb.info/gnd/120199459

Title:: International trade

Place of publication:: New York, NY

Publisher:: Macmillan

Year of publication:: 1927

Scope:: XXI, 425 Seiten; graph. Darst.

Digitisation:: 2021

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Part II. Problems of verification

Collection:: Economics Books

THE UNITED STATES, III. AFTER 1914 315 settled; and the proceeds were used at once in payment for the coods.! The real meaning of all this was little understood by the general public; nor for that matter by the banking fraternity, the govern- ment officials, financial writers. The huge exports were thought of as sales for cash by Americans to foreigners. There was much gloating over the vast “ favorable” balance of trade that was being built up; what could do more to enrich the country? As for the loans to the Allies and the payments to them, here was no offset to the fructifying process, because ‘the money stayed in the country.” It is obvious that in reality, thru it all, both in the first stage (when the loans were still handled by bankers) and in the second, of advances by the Treasury, the thing that happened was that Americans bought from Americans. One group of Amer- icans produced goods which were exported; another group sup- plied funds for paying them. During the first stage the funds were supplied by the investors who bought the Afries and the subsequent issues floated by Morgan’s. During the second stage they were provided by those who took the several issues of Liberty bonds. At a still later stage, and indeed during the later phases of the second stage itself, something came from in- come taxes and excess profits taxes. Thruout, however, it was ! An excellent detailed account of the Treasury operations is given in Foreign Affairs for April, 1925, by Mr. Albert Rathbone, who was Assistant Secretary of the Treasury at the time and was in charge of this phase of the Treasury's business. The following figures from Mr. Rathbone’s paper (p. 396) show what were the amounts of the advances to the several countries both for the period of hostilities, up to November, 1918, and for the subsequent period of winding-up. The figures are in millions of dollars. ERIC” Apr. 24, E05 1918 Nov. 15 192° Torta GREAT 3RITAIN Sgr ~ TT YD oF Ls a. = “1,,, OTHERS! Le Ly iy - ToraL 7098 2368 9466 The form of certificate of indebtedness which the United States took from the borrowing foreign governments is given on p- 56 of the Report of the Secretary of the Treasury for the fiscal year 1919-20.

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