In Buenos Ayres, the producer or collector of export articles required the price to be paid usually a long time in advance (_habilitacion_), a very bold but necessary procedure, on account of his poverty. (_Robertson_, Letters on S. America, I, 174 ff.) In the corn trade in South Russia, at least one-half of the purchase money was required to be paid in advance, and even before shipment, the other half as soon as the corn arrived in the harbor, and, hence, sometimes, long before it was put on board. (_W. Jacob_, On the Corn Trade of the Black Sea, 23.) Compare _Tooke_, View of the Russian Empire, I, 339, Richesse de Hollande, II, 43, _Storch_, Handbuch, II, 61 seq. Russia was, about 1770, a credit-giving nation to the still poorer Persians. (_Gmelin_, Reise, III, 413.) The Spaniards also, in their American colonies, had always an expedition ready and waiting, the payment for which was made on the arrival of the second. (_Depons_, Voyage dans la Terre Firme, II, 368.) Moreover, active commerce simply, especially when circuitous, may be considered as in some way an international loan; and thus it is that the favorable "balance," by means of which claim-rights are obtained in foreign countries, is secured.] [Footnote 187-8: Notwithstanding the gratitude of the United States towards France, and spite of all the French ambassador could do, the English immediately after the conclusion of peace, attracted the greatest part of American trade to themselves. (_Chaptal_, de l'Industrie Fr., I, 103.) Countries with a low rate of interest have an advantage in this respect, which grows after the manner of compound interest, when the duration of the advance of capital is prolonged. (_Senior_, Outlines, 195.)] [Footnote 187-9: How capitalists may, by the giving of international credit, fall into an injurious habit, is shown by the late and troublesome building up of the Dutch railway system, while so many foreign railway enterprises were provided with Dutch capital.] SECTION CLXXXVIII. HISTORY OF THE RATE OF INTEREST.--EFFECT OF A LOW RATE ON STATIONARY NATIONS.