Word: cash
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Dates: during 1960-1969
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...sections of Louisiana, where only a fourth of the state's districts have qualified, and in North Carolina, South Carolina and Mississippi, where roughly a third have complied. Mississippi's Amite County, for example, is 60% Negro. The residents there spurned more than $50,000 in federal cash, voted to raise their school tax to offset the deficit. "The Nigras," insists School Board Attorney J. D. Gordon Sr., "are well satisfied with their schools." Across town, a member of the leaderless Negro community, Baptist Minister M. D. Smith, agrees: "Everyone I know is perfectly satisfied with the present...
...rather pallid and particular group of seven "cool" hard-and soft-edge abstractionists, were conceded to be out of the race anyway, since Americans won both the last São Paulo and Venice biennials. The Grande Prémio (a gold medal, shorn by poverty of its usual cash bonus) was split between Italy's Alberto Burri and France's Victor Vasarely...
...decision is taken by the Government without first weighing its impact on the U.S. economy and consulting with the Treasury Secretary. Fowler's Treasury collects $100 billion a year in taxes and pays it all out again with more than 300 million checks. It stores $51 billion in cash and securities in 15 vaults beneath Fowler's office, and each week routinely refinances $2.2 billion of the federal debt. The Treasury mints and prints the nation's money, has 88,000 employees, directs the Coast Guard, and, next to the FBI, runs the biggest law-enforcement enterprise: the Internal Revenue...
Because foreign central banks have built up?and cashed in?tremendous stocks of dollars, Fort Knox's bullion hoard, which backs the value of the dollar, has plunged in the past seven years from $21 billion to $13.9 billion. Foreigners now hold $27.7 billion in dollars?almost twice the value of the U.S. gold supply?and they can demand gold for them at any time. Though it is highly unlikely that they would ever cash in enough to break Fort Knox or force the U.S. to devalue the dollar, the mere fact that they have the power...
Though gold continues to drain off as foreigners cash in their accumulated dollars, the Government last week reported that the July loss of $80 million was the lowest all year. This interim success has deeply impressed skeptical European bankers, who doubt that their own businessmen would put patriotism over profits. Of course, the Government has such great powers over private business that it would take a brave businessman indeed not to "volunteer" to help. Though Fowler warns that the gains may be only temporary and that further tightening of discipline is necessary, he believes that...