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The New Zealand Railways Magazine, Volume 7, Issue 1 (May 1, 1932.)

Mr. Smith's Coupons

Mr. Smith's Coupons.

Mr. Al. Smith, a Democratic candidate for the United States Presidency, is asking his country to be a wise creditor. He would extend the Hoover Moratorium in a novel fashion, and would supplement it. He thinks that the United States Government should tell European Governments to forget for twenty years their Governmental debts to U.S.A. Further, the paper representing such debt should be handed back during the period as a percentage bonus on United States goods bought by the debtor country. Thus, if Italy (or Britain) bought a hundred million dollars worth of U.S.A. commodities, the Italian (or British) Government would be absolved of twenty-five million dollars worth of its American debt and interest thereon. Mr. Al. Smith confirms what Mr. Mellon said before becoming U.S. Ambassador to Britain—“Trade is better than debt.”