Foreign Liabilities and Assets and the Dawes Plan

With approximately one-half of the world's whole stock of monetary gold in the United States, the United States does not want gold from any debtor country, and the gold cover for circulating media in the countries of Europe is so scant-so slightly in excess of the minimum that safety requires-that gold cannot be used to any appreciable extent in settlements between the countries of Europe. Therefore, it comes down to the fact, and I only refer to it and repeat it, because it is the one vital, fundamental, unescapable fact in this problem, that if any or all of these international balances, debts or claims of any kind and, however arising, are to be settled, they must be settled in goods

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