3rd. The liquidation of loans negotiated by Europe or foreign bankers in America; 4th. The payment to Americans of passenger and freight service on American ships by foreigners; 5th. The money expended in America by foreign persons traveling in America; 6th. Remittances to persons within the United States from foreign friends or relatives; 7th. The lending of money to the United States, or to citizens, bankers, or corporations of the United States by foreign Governments, bankers, or citizens who might make loans on American bonds or American evidences of debt; 8th. The payment for insurance due to American Insurance companies. The “balance of trade” relates only to commodity shipments. When a country ships less commodities than it receives it must make up the difference by shipping gold, shipping securities, transferring bank credits, or rendering service, such as insurances, passenger and freight, wharfage and dockage, or entertaining travelers. COMMODITIES PAY FOR COMMODITIES If the term “commodities” were broad enough to cover all of these factors, then it might be properly said that the debts of the citizens of one nation to the citizens of another nation were all covered by exchange of commodities. This is so far recognized that it is a common expression to say that all imports are paid for by exports, because no nation can except for a limited time pay its commodity trade balance in gold without exhausting the gold upon which the credit of its currency is based. GOLD EMBARGO AND DOLLAR PARITY