Regarding the trend to war and dictatorship, Hugh Johnson says in broadcast Sept. 5, 1940, "The further it goes the more we shall have to give up every attribute of American freedom and democracy, and the closer we shall approach a war dictatorship which will be as drastic as any known in Germany or Italy", and General Robert E. Wood clinches the thought in his statement, broadcast Oct. 4, 1940, "The course we are pursuing is bound to involve us in the war."
In five years we have bought more gold than existed in the world before 1900. Gold from the African Rand and the Siberian tundra, dug on our standing order, we bury in Kentucky.(1) Gold we take today, bonds twenty years ago. We have the bonds. We will have the gold.
Messrs. Roosevelt and Morgenthau may yet be in a worse fix than Midas. How they wish they had never looked upon the glittering stuff.
When the U.S.S.R. 'Kim' dumped 5 million dollars worth of Russian gold bars at San Francisco February 6, it set off pyrotechnics. The Secretary of the Treasury was forced to admit we had bought Russian stamped gold bars to the amount of 247 millions, direct or through other countries. Considering Lord Lothian's large interest in 'Kaffirs', and Britain's needs, it seems hardly fair to patronize Soviet competitors, even though Morgenthau admitted we had taken 4916 millions in gold bars from the United Kingdom in the same time. (AP, Feb. 8)(2)
In the Senate Vandenburg and Townsend had charged the U.S.A. with financing the U.S.S.R. in its war on Finland. They figured a clear profit to the U.S.S.R. of $34.89 an ounce, the 11c difference going for imported materials and advice.
J. D. Littlepage, a hardboiled American Alaskan mining engineer,