The common perils and duties confronting the Americas as a result of the Great War, however, made close cooperation between the Hispanic republics and the United States up to a certain point indispensable. Toward that transatlantic struggle the attitude of all the nations of the New World at the outset was substantially the same. Though strongly sympathetic on the whole with the "Allies" and notably with France, the southern countries nevertheless declared their neutrality. More than that, they tried to convert neutrality into a Pan-American policy, instead of regarding it as an official attitude to be adopted by the republics separately. Thus when the conflict overseas began to injure the rights of neutrals, Argentina and other nations urged that the countries of the New World jointly agree to declare that direct maritime commerce between American lands should be considered as "inter-American coastwise trade," and that the merchant ships engaged in it, whatever the flag under which they sailed, should be looked upon as neutral. Though the South American countries failed to enlist the support of their northern neighbor in this bold departure from international precedent, they found some compensation for their disappointment in the closer commercial and financial relations which they established with the United States. Because of the dependence of the Hispanic nations, and especially those of the southern group, on the intimacy of their economic ties with the belligerents overseas, they suffered from the ravages of the struggle more perhaps than other lands outside of Europe. Negotiations for prospective loans were dropped. Industries were suspended, work on public improvements was checked, and commerce brought almost to a standstill. As the revenues fell off and ready money became scarce, drastic measures had to be devised to meet the financial strain. For the protection of credit, bank holidays were declared, stock exchanges were closed, moratoria were set up in nearly all the countries, taxes and duties were increased, radical reductions in expenditure were undertaken, and in a few cases large quantities of paper money were issued.