THE NATION: August Crisis

In the granite and sandstone U.S. Treasury Building in Washington the grim conferences went on last week, late into the evenings. At breaks in the meeting, weary men, wilted by the heat, discouraged by the bleak facts they carried in their minds, walked the corridors with troubled step. They wished they did not have to say what was on their minds, but they also hoped that everyone in the Western world would understand its importance.

What had brought them together was the crushing fact that Great Britain, once the great leader of the...

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