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 creditors or to parties named by her creditors. It will be remembered that Mr. McKenna's interesting analysis pointed out that we could not obtain a market for our surplus unless we gave the purchaser a long credit. Under present circumstances this difficulty of a market is solved, in part, by the fact that all the Allied creditors of Germany are debtors of the United States, and that the United States with their huge consuming power can hardly refuse to admit European goods in payment of what is owed them by the Allies. It is true that they have lately put their tariff wall up a little higher in accordance with the prevalent fashion by which the Governments of the world, having solemnly agreed through their representatives at a Brussels Conference that the exchange of goods between all countries should be furthered in every way, are doing their utmost to restrict it, by tariffs and preferences and licences and other devices dear to the politician and the bureaucrat, and exasperating to the business man except when they keep out goods that compete with what he makes or owns. But in spite of their raised tariff the United States haye been buying more and selling less, as a creditor must unless he will go on lending more.

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