Note 299 — Chapter XXX · THE UNITED STATES AS A WORLD POWER
Reading edition
The payments made by Germany to Great Britain, France, and Italy, as well as the payments made by these countries to the United States, must inevitably take the form of payment in goods. There is not enough gold in Europe to make payment in gold. All this means that so long as the reparations and loans are being liquidated large imports of goods from Europe are likely to come into this country.