Courtesy Reuters

EIGHT of the sovereign States of the American Union owe large sums upon their bonds. They refuse to pay those sums, whether the face amount of the bonds or the amounts or benefits received by the States at the time they were issued, or any compromise amount. Many of these bonds, no one knows just how many, are held by British subjects, for at the time of their issue the United States was a borrowing country and many of the large-scale enterprises launched for the exploitation or development of its pioneer opportunities were financed by British capital. These holders have

This article is part of our premium archives.

To continue reading and get full access to our entire archive, you must subscribe.