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and that she could and would pay cash for it, as she
was promptly paying cash for immense armament and
vitally desirable products.
 
 
It was in these circumstances that the State
Department, since last spring, has not undertaken either
a special or general trade arrangement with Germany,
but with the strong belief, as stated, that Germany
within a reasonable time would find it necessary to make
the purchases from us for cash, the Department has
gone forward with its plans to promote a system of
reciprocal trade agreements bottomed on equality rather
than discrimination. This includes Brazil and numerous
other countries with whom conversations some time ago
had reached an advanced stage of understanding.
 
 
This program and this policy have been constantly 
thrust in the face of Germany, of Japan, and
other countries which seemed bent on preferences and
discriminations, especially against us. This broad and
consistent course is calculated to avoid giving any country
any ground or pretext to discriminate, much less driving
it to do so.
 
 
It was in the foregoing circumstances that the
proposed cotton deal came to the notice of the State
Department two or three weeks ago. In view of what has
been said above it is not necessary to elaborate further
upon the effects of the proposed deal.