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Sales to Russia inevitably result in payment of some sort, and the 
majority of them have to be financed somehow, but no official has 
presumed to say that goods sold to Russia must not be paid for or 
that sellers mav not advance short time credits to the Russian 
buver. 
“American citizens may not only sell to Russia if they choose, 
but they are free to make liberal loans to the buyer provided they 
are careful to advance funds in the form of short time credits. But 
if they attempt to find the resources for financing long time Russian 
capital requirements by assisting in the disposal of Russian securities 
in this market, they fall under the ban of official disapproval. 
Similarly if Americans selling to the Soviet Government are care- 
ful to take their compensation in approved form all will be well, 
but it now develops that they will be very ill-advised to receive pay- 
ment in gold shipped under the Soviet seal. 
“Russian trading organizations may establish branches in our 
midst and effect financial connections with highly reputable banking 
institutions. If, however, for any reason they desire to liquidate 
their obligations by direct gold shipments they will find that the 
Federal Reserve Bank refuses to recognize the gold in any way 
whatever. If these absurd distinctions served any purpose beyond 
causing mingled irritation and amusement, together with considerable 
unnecessary expense, they would be easier to pardon. As it is they 
represent a sort of planless harassment thay may ultimately do a 
certain amount of good by convincing people of the folly of our 
present lack of consistent policy in dealing with Russia. 
“According to the latest information President Coolidge is re- 
ported to accept the plain common sense view that gold shipments 
from Russia are a legitimate outgrowth of commercial dealings 
with Riiacia 
News, Indianapolis, Ind., February 25, 1928 
SOVIET GOID 
“Russia sent $35,000,000 in gold bullion to the United States 
this week. It was consigned to two of the great financial institutions 
in New York, to be held for the account of the Soviet State Bank 
at Moscow. Such transfers of monetary metal ordinarily attract 
little notice. They are a part of normal processes in trade inter 
course among nations. The significance in the case of Russia is 
greater. The shipment was the first Soviet gold to come directly 
to this country since the Communistic revolution of 1917. Economic 
and political bearings are involved.