gives evidence of having been written under the stress of deep emotion. I am enclosing herewith a copy of my reply to Mr. Cox in which I hit merely the high spots of the answer I would make to him if I felt that his statement were worthy of any serious attention."
Last year our payments for gold were over three billions. This coming year we will buy more. All this will be paid for eventually by the taxpayer out of American labor and resources. A duty of $15 an ounce would stop it. But it will not be stopped. Many forces have been enlisted to continue this once little understood 'Subsidy for War'.(8)
February 20, 1940
Eliot Janeway optimistically prophesied, "Britain has unlimited gold supplies in Africa, whence gold is mined, shipped over here, buried again in Kentucky, and regarded as payment for the goods we send her. As long as Britain's gold supplies are limitless, and our willingness to accept the metal continues, she will need no credits such as were given her in the World War."
"Do we imagine, as France foolishly sought to do in the Balkans, that because of our gold we can buy up Latin America like so many pounds of coffee? That we can sell goods unless we buy? The fact is, our old weapons of finance capital,