-6-                             
 
 
wholly unequal to the payment of promised dividends. The
 
people of the United States thus carried an unbearable
 
load of worthless, fraudulent debt in 1929.  I suspect
 
other industrial peoples bore similar burdens.  And even
 
more amazing, American industrialists raised import duties
 
in 1929 and again in 1930 to levels which almost closed
 
their markets to the outside world.  And having barred im-
 
ports, they loaned Europeans and Latin Americans billions
 
of dollars so they could buy American exports.  They would
 
ruin other peoples and then lend the ruined peoples money
 
to buy goods and put more bad securities on their own mar-
 
ket|
 
 
There had never been anything like this in all
 
known history.  The collapse of 1929 was predicted and
 
warned against by the most eminent economic and historical
 
authorities everywhere.  Governmental authorities gave no
 
heed.
 
 
It was the end of the era.  The free lands of
 
three centuries were gone; the right of peoples to migrate
 
from country to country was abolished; there was no longer
 
a semblance of free trade; and when outstanding statesmen
 
sought to associate all the differing peoples in a co-
 
operative economic life and abolish wars as the causes of
 
the greatest disasters, there were great outcries of opposi-
 
tion.  All the old co-operative forces were gone and nobody
 
was willing to introduce new ones.
 
 
                            III.                            
 
 
After four years of unprecedented distress; after
 
 
                                                   Samuel