BRAZIL: Gold for Paper

Where the Dictator of China succeeded, the President of Brazil, vigorous Getulio Vargas, last week did even better. Washington last fortnight agreed to let China buy with silver an unannounced quantity of sterilized U. S. gold (TIME, July 19).* Last week President Roosevelt and Secretary Morgenthau gave Brazil the right to buy with U. S. paper currency up to $60,000,000 in gold. This coup for Rio de Janeiro marked the first time the New Deal has thus favored a foreign country excepting Britain and France. Mexico, like China, has been permitted to...

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