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The Nicholas Republican
Richwood, Nicholas County, West Virginia
What is this article about?
The U.S. Treasury Department issues a ruling stating that foreign loans negotiated in the United States must be spent domestically, preventing funds from benefiting foreign markets and protecting American manufacturers and laborers, which is expected to revive business.
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If loans for foreign countries or foreign corporations are negotiated in this country, the money must be spent in this country. That is the meaning, in a few words, of a long ruling issued by the treasury department after mature consideration.
In other words, we are not going to send our money to Europe at a small rate of interest for them to spend in some other market and give the merchants of that country a large profit. It is a simple act of self protection. At least this is the one country with money to lend. The banks and the people have money with which they will purchase foreign securities at a fair price, but they do not wish to furnish the means of trade in other lands that will work to the detriment of our own manufacturers and our own laboring men.
A healthy foreign trade is coming. Time will start every idle factory and will keep those going that wish new running. If the foreigner can get the money, he needs the goods.
Now, if he be solvent his securities can be sold in the money markets of New York, Boston, Philadelphia, Chicago and other cities. Then, he can pay for the goods he gets. The banker carries the paper and collects the interest. The manufacturer keeps his men at work at American wages. It is a good move which should result in a revival of business in several lines.
What sub-type of article is it?
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Where did it happen?
Domestic News Details
Primary Location
United States
Outcome
the ruling aims to protect domestic manufacturers and laborers, prevent detriment to american trade, and result in business revival by ensuring loan funds are spent in the u.s.
Event Details
The treasury department issued a ruling requiring that loans for foreign countries or corporations negotiated in the U.S. must be spent domestically, as an act of self-protection to avoid sending money abroad at low interest for spending in other markets, benefiting foreign merchants instead of American ones.