Between 1921 and 1930. roughly speaking. we paid them in the following ways: We loaned foreign nations $19.000.000.000 in gold. our tourists spent hundreds of millions in Europe. our citizens of foreign birth or ancestry. and also our resident aliens. sent millions back home. We paid freight to foreign steamship companies and insurance to foreign insurance companies. and. to some extent. we paid interest and dividends to foreign holders of our securities. They are fewer than they were. We are not loaning any more money abroad. Our tourists are few. Less immigrant money is going back. Less money is being paid to foreign steamship and insurance companies. and less money is being paid in interest and dividends to the foreign holders of our securities. Consequently trade balances must be paid in gold.
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immigrant