Word: borrowers
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Dates: during 1930-1939
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Depression struck the second blow. Unable to borrow money for the Dominion, Premier Squires proposed to sell its greatest possession, Labrador, to Canada for only $100.000,000. Canada turned down the bargain (TIME, Feb. 29). Inevitably Newfoundland's "dole" then had to be reduced. This produced riots. Twice during the past six months Sir Richard Squires has been mobbed and roughly handled (TIME, Feb. 22 & April 18). In alarm the British Admiralty sent a warboat to St. John's, but Newfound landers, again on their best behavior, entertained His Majesty's blue-jackets so hospitably and quietly that they soon...
Upshot of the meeting was the adoption of a set of resolutions calling upon the Federal Government to: 1) amend the Reconstruction Finance Corp. act so as to allow indigent municipalities to borrow from that agency; 2) authorize a five-billion-dollar bond issue for public works (William Randolph Hearst's "Prosperity Loan"). For two years the Washington Government has insisted that local governments carry their own distress problems. Last week's meeting was local government's first organized appeal from this policy...
...program as the huge Federal loans for 'public works' is a fearful price to pay in putting a few thousand men temporarily at work." Setting forth his own program point-by- point, President Hoover reiterated these principal items: 1) a balanced Budget; 2) no more public borrowing; 3) credit expansion by the Federal Reserve Banks; 4) local charity to relieve distress; 5) a five-day government week; 6) a Home Loan Discount system; 7) authority for Reconstruction Finance Corp. to borrow an additional billion and a half dollars to be lent States unable to care for their needy...
...should decide to borrow $240,000.000 and spend this sum to make jobs for the jobless, Washington would be doing proportionately the very thing that Melbourne did last week. Significantly it was not an Australian radical who proposed to borrow $2 per capita of Australia's population to make jobs. Instead the plan was unfolded at Melbourne to a Commonwealth Conference of State Premiers by Australia's new Roman Catholic and comparatively conservative Federal Premier, Joseph Aloysius Lyons, father of nine, famed "Man from Tasmania...
...Kreuger's affairs were vast, did not become suspicious when he was asked to print 42 bonds, each of ?500,000 denomination. Kreuger took the counterfeits, forged on them the name of E. Drelli, gave them to his companies in return for good bonds upon which he could borrow. To anyone who became suspicious he would whisper that relations between France and Italy were strained, no mention of his big "loan" to Italy must be made...