Word: chamberlaine
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...Dawes and Young bonds. Since Germany sells to Britain and France vastly more than she buys, these Governments need only seize and collect payments which their citizens would otherwise make to Germany. In a stiff speech to the House of Commons hawk-nosed Chancellor of the Exchequer Neville Chamberlain explicitly threatened to do this, but gave Germany July 1 to mend her ways, amend her moratorium. Since the U. S. sells to Germany more than she buys, Washington statesmen could not take the drastic steps threatened in London and Paris, but the U. S. Embassy in Berlin was ordered...
...payments ' on its war debt to the U. S. only because President Roosevelt, after receiving each token, has always expressed the personal view that it wiped away the stain of technical default. Last week it was the painful duty of the Chancellor of the Exchequer, hawk-nosed Neville Chamberlain, to explain to the House of Commons that President Roosevelt was no longer able to gild tokens with their oldtime gloss. The Johnson Bill, barring flotation in the U. S. of securities of a defaulting nation, had caught the President up short (TIME, April 16). Since he was not going...
Rheumatic Chancellor Chamberlain magnanimously paraphrased last week's British note to the U. S., the text of which had leaked out prematurely in Washington "due to a misunderstanding for which the United States Government is in no way responsible." While announcing that no token payment would be made June 15, the note declared: "The attempt to transfer amounts of this magnitude would as its immediate effect cause a sharp depreciation of sterling against the dollar, which as His Majesty's Government understands would not be consistent with the monetary policy of the United States Government...
...other words Mr. Chamberlain, by announcing the new British policy of paying nothing, was rushing to the rescue of Mr. Roosevelt, making it unnecessary for him to depress the dollar further...
When stopping payment to the U. S. was put to the House of Commons in these chivalrous terms, Chancellor Chamberlain drew from all parties-Conservative, Liberal and Labor-the most rousing and unanimous chorus of "Hear! Hear!" evoked by any Government announcement since the War. Not a single M. P. raised his voice in opposition. Mr. Chamberlain drew fresh cheers by a truly remarkable statement that "W7e are not defaulters...