It is necessary here only to say that they must take place if the foundation of life among the nations still devoted to free Institutions is to be restored to adequate strength. But while we await the fulfillment of these developments. we must. I contend. be willing to subsidize the favorable balance of trade which this Nation enjoys. This is nothing new. One way or another we have been subsidizing a favorable trade balance for 35 yearsthrough immigrant remittances. unrepaid loans. defaulted bonds. and the like. What is novel is that we shall do this consciously and purposively. We must look upon the cost of keeping Europe clothed and housed and free as a cost of keeping ourselves in business.
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