For the first time, the United States is at the door of the International Monetary Fund as a borrower. Few people prophesied this when the Fund was founded at the United Nations Bretton Woods Conference in 1944. But obviously times have changed. The United States which had huge supplies of gold in the early postwar period, has found its supplies dwindling. That is why President Kennedy told Congress Thursday that the United States has been authorized to draw up to $500 million worth of currencies from the Fund this year. This transaction is a classic example of how a nation uses the Fund when it has a balance of payments problem. That's what the Fund is for, and other countries have been using it for years. The United States has a balance of payments problem because it sends more dollars overseas than it takes in...

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