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The Philadelphia Record On British War Debts:
1938
Philadelphia Record, June 10, 1938 [newspaper]
‘A Blast at Old Britain: British-worshiping
spat-and-cane boys of the State Department will throw cat-fits when they read
Securities and Exchange Commissioner Jerry Frank’s new book, “Save America
First.”
He lambastes the “tight little isle” with the heaviest load of brickbats
heaved at it in a long time.
Frank declares the British are attempting to use
the U.S. as a catspaw in international relations; that if they really wanted to
pay their defaulted war debt they could readily do so.
Backing that up, he says: “British citizens own several billions of dollars of
securities in American corporations, and the British Government could easily
acquire and utilize those investments to reduce its debt to us.
It could do substantially what it did during the [1914-18] war: It could buy
those American securities from British citizens, giving them British Government
bonds in payment. . . .
Then it could deliver those American securities to our Government at a price
which would be applied in part payment of the British debt to our Government . .
.”.’
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