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Editor, The Jewish Daily Bulletin:

The Evening Sun of Saturday, March 31, published a cable from Berlin reporting that negotiations are being carried on now between the German government and the State Department for the purpose of inducing the United States Government to grant a huge long term loan of several hundred million dollars to finance American exports to Germany. Such a proposition would seem absurd and unworthy of consideration in the face of Germany’s record and attitude towards its creditors. However, no blunder is big enough and no scheme stupid enough not to be advanced by international bankers and the advocates of so-called “favorable trade balances.”

We only have to remind ourselves of the following facts: Immediately after the war, Germany flooded the whole world with worthless paper marks, municipal and industrial bonds, all of which were ultimately repudiated in to. These “investments” in German marks have cost the American people about five hundred million dollars and perhaps a billion dollars. At present, we are treated to the same comedy by the German government which is refusing to meet the after-war long and short term obligations either in principal or even in interest payments.

The gold coverage of the German mark is down to eight percent. The German budget was increased by a billion marks for the purpose of armaments and war preparations.

Is America going to finance Germany’s next war? Another bold attempt is being made by Hitler to loot the treasury of the American taxpayer under the pretense of aiding American exports. It is inconceivable that people with the least amount of common sense and the knowledge of arithmetic should fall in such a trap. It would be an easy matter to pile up a huge surplus of American exports if we will send in advance to every foreign importer a check with which to pay for our products.

The second matter I would like to bring to your attention is the statement published by Dr. Nicholas Murray Butler, president of Columbia University and of the Carnegie Endowment for International Peace. Since Hitler’s advent to power in Germany and even in the fact of such a slap in the face to the Carnegie International by refusing to permit any activity within Germany which may lead to international understanding and world peace, Dr. Butler has not a word of criticism, not a word of protest, of moral indignation, or of an outraged sense of justice to offer to the American public. Dr. Butler has not a single word of criticism against Germany’s rapid rearmament and open preparations for a fierce and savage war.

However, this so-called Liberal and educator persists with the utmost perseverance to criticize our own Government for maintaining and strengthening our navy, the only means which our country possesses to safeguard its shores, its independence and the life and liberties of its people. This is certainly a very perplexing phenomenon.

Dr. Butler has just returned from a visit to Rome where he stood in awe and admiration before Mussolini, an outstanding militarist and the enemy of democratic government. He did not find a single word of criticism or displeasure with Hitler and the growing danger of German militarism, but instead keeps on advocating a weak and defenseless America. I think there should be someone courageous enough to put a stop to this dangerous propaganda of defeatism carried on by Dr. Nicholas Murray Butler. It is more dangerous to the safety of America than communism.

New York.

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