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Friday, 29 April 1932


One of the by-products of the discussion of European indebtedness to America has been the discovery of repudiated debts in certain American States. No onehas so far asserted that the Federal Government has ever ignored its obligations, but particular sins of the States, especially those of the south during the reconstruction era, have been brought to our attention, especially by writers in the British press. Why should America be so harsh to Europe when we have many claims outstanding against us?

But it appears that there is astain on the British shield as well as upon that of South Carolina and other American commonwealths. The adroit Italia n intellect has uncovered it.

It appears that Edward III. of England borrowed one million florins from Florence to finance his French wars, and that the debt has never been paid.

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