Gaddis Smith, A. J. P Taylor, Warren Kimball, and David Reynolds have speculated at length on Roosevelt's motives in the lend-lease matter. British historian Taylor implies that the U.S. intended from the first to use Britain's predicament to drain it of gold and dollars, weaken its overseas financial position, and undermine its capacity to compete with the United States in the markets of the world. Others argue that, while Britain's replacement by the United States as the dominant economic power in the world was a result of lend-lease, it was not a cause. The president concluded that the European members of the Axis alliance were bent on world domination and that, after the fall of France, Hitler posed a direct threat to the Western Hemisphere. Quite aside from a natural sympathy for Britain and a desire to see it survive, Roosevelt, Secretary of State Cordell Hull, Secretray of the Treasury Henry Morgenthau, Secretary of War Henry Stimson, and FDR advisor Harry Hoopkins company saw Britain in early 1941 as America's first line of defense. These historians admit that Morgenthau forced the sale of American Viscose Corporation, a subsidiary of the British textile combine, Courtalds, at approximately half its market value of $56 million, but point out that this was trivial compared to the reduction of British holdings the U.S. could have demanded. Morgenthau believed that Congress would never agree to the unprecedented subsidy that lend-lease involved unless the administration could neutralize widely held notions of British opulence by demonstrating that the Exchequer was out of dollars and gold. These latter scholars tend to neglect an important point, however.[3]