We shall soon reach this condition unless we take quick action to prevent it.

Great Britain and France must have a credit in the United States which will be large enough to prevent the collapse of world trade and the whole financial structure of Europe.
If the United States declare war against Germany, the greatest help we could give Great Britain and its Allies would be such a credit.
If we should adopt this policy, an excellent plan would be for our Government to make a large investment in a Franco-British loan.
Another plan would be to guarantee such a loan.

A great advantage would be that all the money would be kept in the United States.

We could keep on with our trade and increase it, till the war ends, and after the war Europe would purchase food and an enormous supply of materials with which to reequip her peace industries.

We should thus reap the profit of an uninterrupted and perhaps an enlarging trade over a number of years and we should hold their securities in payment.
On the other hand, if we keep nearly all the gold and Europe cannot pay for reestablishing its economic life, there may be a world-wide panic for an indefinite period.
Of course we cannot extend such a credit unless we go to war with Germany.