Word: bartering
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...president of Manhattan's Chase National (biggest U. S.) Bank. Tall, balding Joseph Charles Roven-sky foresaw putting a lot of liberty on the shelf right away. He believed the U. S. would abandon at least temporarily the Hull methods, resort to Hitler's own methods of "barter or compensation trade." The Hull program was "sound in conception under normal conditions," said he, but "it is entirely probable that . . . we . . . shall also adopt trading practices born of expediency...
Next day this unpopular warning was answered by Franklin Roosevelt himself. A message from the White House to the convention blasted barter, said it would "subject . . . the entire nation to the regimentation of a totalitarian system." Henry Francis Grady, Assistant Secretary of State, followed up his chief's attack in person. His small eyes flashing behind shell-rimmed glasses, Free-Trader Grady tore into protectionism, dictatorship, a "sixth column ... of special interests." Said he: "I cannot believe that the cause of liberal trade is lost...
Liability. In Nazi ideology economics is an instrument of war. Against barter, against cheap and conscript labor from the conquered countries, against German economic sleight-of-hand, high-wage U. S. business is unarmed. With the Germans masters of Europe, U. S. European trade ($1,893,000,000 in 1938) will almost certainly dwindle or it will have to be conducted on Germany's disadvantageous barter terms. And if Britain loses, Germany will have 60% of the world's merchant fleet. She will control the docks of the world either directly, or by economic pressure. A shipment...
...Europe has an abundance of only one thing-armaments-and since Hitler himself has set the example of barter, I suggest that we trade with him on his own terms-that we barter bushels for battleships, beef for bombers, grain for guns...
...option would then barter, sell, give away, dump or destroy those goods. If the U. S. sold Brazilian coffee in Europe, it would reduce the $300,000,000 credit by the amount sold. Theoretically such transactions should be done at a profit-and profits were mentioned at the White House-but no profits can be foreseen. Actually, the program would probably show a dead loss of $300,000,000 to $500,000,000 annually. This cost, Mr. Roosevelt was advised, would be better defense than $500,000,000 in tanks...