gold have been relatively small. According to the most liberal estimates the Soviet authorities do not now have in their possession more than $175,000,000 worth of gold. It is apparent that the proportionate share of this amount of gold which might be expected to reach the United States, and even the immediate expenditure of all of this amount of gold in the United States, would not have a pronounced or lasting effect upon the advancement of American industry and trade, while its loss to Russia would take away the scant hope that is left of a sound reorganization of the Russian system of currency and finance.
In response to your question regarding the transfer of funds from Russia to the United States it may be stated that there are no restrictions on the importation of Russian gold into the United States, and since December 18, 1920, there have been no restrictions on the exportation of coin, bullion and currency to Soviet Russia or on dealings or exchange transactions in Russian roubles or on transfers of credit or exchange transactions with Soviet Russia. It is true that no assurances can be given that Russian gold will be accepted by the Federal Reserve Banks or the Mint, in view of the fact that these public institutions must be fully assured that the legal title to the gold accepted by them is not open to question.
It has often been stated that if the Government of the United States would recognize the so-called Soviet Government, Russia would immediately export immense quantities of lumber, flax, hemp, fur and other commodities. The facts in regard to supplies in Russia completely refute such statements. Russia does not to-day have on hand for export commodities which might be made the basis of immediately profitable trade with the United States. Furthermore, the transportation system is utterly inadequate to move any large quantity of goods either in the interior of Russia or to Russian ports. The export of such commodities as exist in Rus-
