Word: debtors
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...tariffs have undermined the world's prosperity--first, by misdirecting the investment of capital and thus prolonging and aggravating many maladjustments which had grown up during the war between the supply of commodities and the demand for them; second, by preventing trade from adjusting itself to the new international debtor-creditor relationships created by the war and the peace treaties...
...people realize how violent were the shift in international debtor-creditor relationships produced by the war and the pence treaties. Within less than ten years the United States was changed from the largest debtor nation in the world to the second largest creditor nation and Germany from the second largest creditor nation to the largest debtor nation. In addition, there were great increases in the foreign obligations and great decreases in the foreign holdings of many European countries and substantial increases in the foreign debts throughout Latin America and Australasia...
...Every one knows that in the long run interest and dividends on international investments must be paid in goods. Consequently, the new debtor-creditor relationships required extensive changes in the flow of goods between nations. For example, they required that Germany which for many years had an excess of imports, suddenly develop a large excess of exports, and that the United States, which for fifty years had had an excess of exports, promptly develop a large excess of imports...
...Even six months before our tariff became law, Argentina, Australia and Brazil took extraordinary steps to control the export of gold. The desperate plight of many debtor countries plainly required that every possible aid should be given them to preserve their credit and to meet their obligations by selling goods rather than by exporting gold. This was desirable not only on account of the debtors themselves but of the world as a whole, since depreciation in some currencies tended to pull down the general price level and to intensify the depression throughout the world...
...gentle questions, Statesman Stimson grew fussy and fidgety. "You can't send a sheriff overseas to collect the debt, you know," he snapped at one heckler. Henry Pomeroy Davison, youthful partner of J. P. Morgan & Co., was hastily summoned from New York to deny published reports that debtor nations had on deposit with his firm funds to make their Dec. 15 payments...