head of Alabama, who have been assisted in their efforts by several other Southern Senators.
Untermyer wrote Secretary Hull last night that were the transaction to be “an outright sale, for cash or credit, to a responsible purchaser who keeps its bargains, its desirability would be beyond question.”
Since this is not the situation, the boycott leader added, the damage the deal would do to American manufacturers would more than offset the benefits gained by the cotton producers.
Late last month reason for hope that the United States would not go through with the deal was pointed out in usually well-informed circles after the State Department, through Ambassador William E. Dodd, had told the Berlin government in strong language that it was discriminating against American bondholders as compared with citizens of other countries.
However, it was recalled today that in September the Secretary of State made what was obviously intended as an assault on the anti-Nazi boycott when at a press conference he said he deemed boycotts exceedingly unwise.
For appearance’s sake transfer of dollars and marks will be gone through, with the Export-Import Bank used for the purpose. No denial is made by anybody, however, that the trade will be by barter.