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The New Zealand Railways Magazine, Volume 8, Issue 1 (May 1, 1933)

Reserved About Debts

Reserved About Debts.

Even when the Republicans were in office, it was realised that foreign trade contained the key to foreign debts. Mr. Mellon, who was Mr. Hoover's Secretary to the Treasury and later Ambassador to London, declared that “trade was better than debts.” Mr. Roosevelt has not said so much as that yet, but he has said— equally important—that trade is better than tariffs. Put the Mellon attitude and the Roosevelt attitude together, and it would seem that U.S. opinion is working towards a recognition that neither debts nor tariffs must be allowed to strangle trade. But internal politics still prevent Mr. Roosevelt from talking as liberally about debts as he does about high tariffism. Uncle Sam as mortgagee seems to be a more sensitive person than Uncle Sam as protectionist.