Word: barrelheads
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This week the Army had the last laugh. From five bids for the Stevens it chose to take $5,251,000 cash on the barrelhead from Arnold Kirkaby, who already owns Chicago's Drake and Blackstone Hotels...
...because he is a man of solid sense, who was raised to respect plain arithmetic. He knows that a public debt of $137,000,000,000 cannot be merely whooshed away by wishful thinking; that some time someone must put cash down on the barrelhead. In brief, war or no war, he does not live in a dreamworld of frenzied finance...
Thereafter no belligerent may buy arms in the U. S. without paying cash on the barrelhead. No belligerent may buy other materials until title has been transferred abroad. But the Senate left a large credit loophole in its ban of the purchase or sale of belligerent securities by U. S. citizens. It provided that this ban did not apply to "renewal or adjustment'' of existing debts -which would permit further vast credit extensions...
...Fence. This shipping compromise was Horse Trader Pittman's second gift horse of the week. Gift Horse I was the abandonment of the 90-day credit clause for a policy of strict cash-on-the-barrelhead. Sly Mr. Pittman had timed his offerings nicely: wavering Senators popped off the fence in jigtime. Fence-perched Gillette of Iowa went over to the Administration side; so did Kentucky's new Junior Senator Chandler and Illinois' Lucas...
...arms embargo if the embargo were beaten. But Pittman was now anxious to shut off futile chitchat, limit debate, get on to perfecting and passing the bill. To this end Pittman moved to speed the legislation by scrapping the controversial go-day credit provision, substituting strict cash-on-the-barrelhead...