OCR Text |
Show 1 RESUMPTION OF ! TRADE WITH RUSSIA BOLSHEVIK TRADE HAZARDOUS, SECRETARY HUGHES INFORMS SAMUEL GOMPERS. I Soviet Russia Is a Gigantic Economic Vacuum, With No Evidence That Unfortunate Situation Is Likely to Improve, Says Hughes. Washington. Secretary Hughes, writing to Samuel Campers, who asked for a statement of "the facts" regarding regard-ing Russia, indicates definitely that there is no prospect of a resumption of relations with the United States while the soviet political and economic eco-nomic system remains. The letter replies to various statements state-ments characterized as propaganda u'hich contend resumption of relations with the Soviets would open a great current of trade of advantage to the United States and that large shipments ship-ments of Russian gold have been made to other countries in payment for goods. Soviet Russia, the secretary declares, is a "gigantic economic vacuum," and he adds that "no evidence exists that the unfortunate situation is likely to be alleviated so long as the present system continues." There have been since December IS, Secretary Hughes says, no restrictions on financial transactions between the United Slates and Russia, although there is no assurance that the mint or the reserve banks will accept Russian Rus-sian gold. In reality, the secretary says, transfers trans-fers of Russian gold to other countries coun-tries have been small and at the most liberal estimates the Soviets have not more than $175,000,000 gold. Even immediate im-mediate expenditure of the whole amount iu the United States, lie says', would have no lasting effect on American Amer-ican trade or industry and it might "iake away the scant hope left of a sound reorganization of the Russian system" of currency and finance." |