own malice, and we will go our way Remote from Europe; from her blasted hopes; Her fields. That there should be grave difficulties in all these suggestions is inevitable. Avarice and usury and precaution must be our gods for a little longer still. The present policy of the United States in accepting unlimited imports of gold can be justified, perhaps, as a temporary measure, intended to preserve tradition and to strengthen confidence through a transitional period. But, so long as the slump lasts on the present scale, this is the only effective choice which we possess, and Government borrowing for the one purpose or the other (or a diminished Sinking Fund, which has the same effect) is practically inevitable.
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It is not probable that these receipts will be realised in full. Hitherto the Treasury and the Bank of England have looked forward to the stability of the dollar exchange (preferably at the pre-war parity) as their objective. On the whole, I do not see how Labour's objection can be met, except by the rough-and-ready expedient of levying an additional income-tax. Since trade is international, an insufficient output of new capital-goods in the world as a whole affects the prices of commodities everywhere and hence the profits of producers in all countries alike. Three-hour shifts or a fifteen-hour week may put off the problem for a great while. They may be expected, therefore, to make constant attempts to evade or escape payment, and these attempts will be a constant source of international friction and ill-will for many years to come. The theory is that depression in the export industries, which are admittedly hit first, coupled if necessary with dear money and credit restriction, diffuse themselves evenly and fairly rapidly throughout the whole community. In fact, it was worth his while to pay ransom, and to share with his workmen the good fortune of the day.