Foreign News: Generous Machiavelli

Just before President Wilson led the U. S. into war, the British Government sold in Manhattan an attractive issue of 51% "gold dollar" bonds, never dreaming that under the next Democratic President of the U. S., all "gold clauses" in U. S. securities would be invalidated. Last week $136,333,500 of this British issue was still outstanding and stooped, hawk-nosed Chancellor of the British Exchequer Neville Chamberlain had a smart idea.

Not a few U. S. capitalists, he knew, had reached a state of mind in which they preferred francs or pounds to dollars. They would...

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