THE CABINET: Barred Bonds

Russia's railroads were mortgaged by the Tsarist regime to fight Russia's battles. Many a U. S. citizen bought the bonds. Having overthrown the Tsarist regime, the Soviet repudiated all Tsarist debts. U. S. citizens sighed and put their Russian rail-road bonds away expecting never to think of them again except as quaint keepsakes.

Last month, however, the Soviet revived the subject of Russian railway bonds. Only, instead of offering to make the old bonds good, or to issue new ones in their place, the Soviet airily added insult to injury by offering...

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