Word: bankes
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Dates: during 1930-1939
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Sirs: Your statement (footnote to the article on p. 57 of your issue of Nov. 6, with reference to the Administration's attempt to ease bank credit by increasing the capital funds of the nation's banks) that "the New Deal does not frown on evasions of the law if they happen to suit its purposes," although doubtlessly true as a generality, is wholly gratuitous as an explanation of the acceptability to the R. F. C. of $25,000,000 of the "capital notes" of Manufacturers Trust...
...case in which under the laws of the State in which it is located a State bank or trust company is not permitted to issue preferred stock exempt from double liability, . . . the Reconstruction Finance Corporation is authorized . . . to purchase the legally issued capital notes or debentures of such State bank or trust company...
...past week's money moves, planning the next week's moves. Last Sunday evening Secretary Woodin, long an absentee because of illness, was on hand again. So was Eugene R. Black, Governor of the Federal Reserve Board, George L. Harrison, Governor of the New York Federal Reserve Bank, Henry Morgenthau Jr. of the Farm Credit Administration, Chairman Jesse Jones of R. F. C., Henry Bruere (president of Bowery Savings Bank), the President's financial liaison man, Fred I. Kent, foreign exchange expert, and two theorists: Professors James H. Rogers and George F. Warren. Such serious things...
...Government could no longer sell bonds there was no way of financing its new expenditures except direct inflation. No small decision did the President have to make, for his advisers were drawn in different directions.* He well knew that Harvard Professor O. M. W. Sprague, onetime adviser to the Bank of England who had come over last spring to act as his adviser, was considering resigning as a protest against the policies afoot, that financiers in London were accusing him of "playing a gigantic poker game" with the dollar; that in Paris famed Economist Frederic Jenny was prophesying...
...offered bonds redeemable in gold and the government repudiated this offer. This has not been forgiven, but investors have been disposed to regard it as an act of Congress rather than of an executive department and dictated by the emergency arising out of the impounding of gold during the bank holiday. A second instance of turnabout face is not so easy to defend. The withdrawal of Mr. Acheson serves to emphasize the perplexities that confront his successor. In fact the Treasury of the United States will have to get some help from President Roosevelt by way of assurances and pledges...