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

Federal-State Clash

Federal-State Clash.

Although the American creditor has hitherto been unbending in his capital claims, the attitude of some big Americans is important, because what the world most needs is not the defection of debtors, but creditor-debtor co-operation. We live to-day in a world in which men and women are saying, “Food must be bought before interest and rent are paid.” At least one Government is saying: “We will maintain our standard of living before we will pay interest on bonds;” and in Australia a Federal Government is actually seeking to intercept the revenue of a defaulting State Government—an event probably unique in the Federal system. Such a climax crystallises the debtor-creditor issue in its most destructive phase; and if that phase is to be avoided for the common good,. it is in creditor-debtor co-operation that the remedy lies.