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Show oo SQUEEZING EUROPE. Gold is pouring into New York from Europe. This has been going on over a long period owing to the position as a creditor nation now occupied by the United States This country has a big percentage of the entire gold stock of the world and could command more if, to do so, would not prove a handicap handi-cap to foreign trade Last Thursda $3,000,000 in gold arrived ar-rived from England as part of the in torest of $125,000,000 due on British war loans In October With the balance of trade against England, tho Loudon banks are called on to gather up gold to meet the debt demands. In the old days America had to do this same thing. When Grover Cleveland was in office the second time, after the failure of Baring Bar-ing Brothers, the British bankers called on the banks of America to li quldate. Nearly every gold piece not ; nailed down by law started to move I across the Pacific to Eugland in set-I set-I tlement of old obligations and America Amer-ica was thrown into a depression from which It did not recover until late in 189S or 1900. It is not good policy for America to do anything to inflict a similar depression de-pression on England or anv other nation na-tion in Europe It Is not wisdom to bring adversity upon any part of iho world, from the distress created re-nets re-nets on us America is an Inseparable I part of the wono, closely tied to other nations by a commerce totaling bil 1 lions of dollars To do that which will destroy our customers and that trade is to pursue a blind polk). There should be no cancelling of 1 debts, but the terms of pament of interest in-terest and principal should be madw to fit the ability to pay. DO |