Our educational system was developing. Our professional system of medical science and chemical science was developing. and today those professional men do not have to look to Europe for a finished education. because they can find it within the confines of our own Republic. We were saved by our vast national resources. the vast flow of immigration. and the courage and hardihood of the individual American. then unregimented. before the enactment of the National Recovery Act. Let me add that in that 100year period the net unfavorable balance adds up to a grand total of $2.346.125.000. an infinitesimal sum compared with the vast amount of money which we dissipated in our participation in the brawls of Europe from April 6. 1917. until the conclusion of that conflict. Interest was accumulating all of that period and being added to the debt by being reinvested in this country. Furthermore. we had payments to make for marine insurance. freights. immigrant remittances. and so forth. It has been estimated that by 1875 our indebtedness was no less than $5.000.000.000. and service charges were probably equal to $250.000.000 a year. In addition. we had to pay insurance. freight. and other charges for foreign service rendered.
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