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American Agriculture and World Markets

Courtesy Reuters

WHEN this Administration came into power on March 4, 1933, we knew that more than 40 million acres of land in the United States were producing material which could not be consumed within the country. We knew also that with the American government as it is, it would be impossible for a number of years to reëstablish a large American trade in world markets.

By suddenly changing long-established debtor and creditor relationships the World War stemmed and profoundly altered international currents of trade. In no other country was the shift from a debtor to a creditor position so sudden or of so great significance as in the United States. This country went into the World War owing other nations 200 million dollars annually on interest account and came out with other nations owing it 500 million dollars annually. Moreover, the production of our farms and factories was enormously stimulated during the war. Our financial

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