亨利-梅因：国际法Lecture 11

es and more southerly parts of North America. At the end of that century and in the beginning of the present the English National Debt grew to such prop

ortions as to swallow up all other fickle of investment； but at the close of the great war loans to foreign states became commoner， and much British wealth was drawn to them. In early days they had to encounter many dangers. The various American States had borrowed largely， but also repudiated largely their liability on technical grounds. But if a sovereign could have got rid of indebtedness by going to war with the country in which he had most creditors， the risk would have been so great that probably few or no foreign loans could have been negotiated， and the economic history of England and Europe would have been quite different. The method of distributing the surplus capital of the richest countries， to which the civilised world is greatly indebted， owes its existence to this report of the English law officers in this deservedly famous case of the Silesian loan

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