Word: crediteer
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Dates: during 1930-1939
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...office, simple in themselves, but of large importance to the company inside, to the country outside. The chief clerk of the Treasury swore in stalwart Henry Morgenthau Jr. as Undersecretary of the Treasury, swore in Dr. William Irving Myers to succeed Mr. Morgenthau as Governor of the Farm Credit Administration...
...full health and strength. ... I hope that you will do this for me. . . ." Before the gathering in his study the President again turned to the retiring Secretary, again insisted with the enthusiasm of friendship that to Mr. Woodin was due all credit for bringing the U. S. safely through the financial difficulties since last March. Although those present were well aware that the President had himself shouldered the task of maintaining public confidence, no one begrudged the tribute, for it was a sentimental occasion...
...services. Nor was it a sentimental occasion for Mr. Acheson's friends. Since last March two young advisers have stood close to the President's ear; Lewis Douglas, whom he made Director of the Budget, and Henry Morgenthau Jr. whom he made head of the Farm Credit Administration. Budgeter Douglas, a "hard money" man, was very close to the President as late as last May when Eugene Black was made Governor of the Federal Reserve, and Dr. Sprague was called in as a prime Treasury adviser. "Lew" Douglas was largely responsible for shoe-horning his "hard money" friend...
...Finally, and of overshadowing importance, the present policy threatens a complete breakdown of the credit of the government...
...means to reduce the value of the dollar, Dr. Warren demanded to know whether trying to reduce the value of the dollar and still maintaining its gold content at 23.22 grains was not the equivalent of raising oneself by one's bootstraps. Accordingly he prophesied the failure of credit expansion, of domestic allotment and other price- raising schemes, prophesied continuance of drastic depression from three to nine years longer unless the U. S. abandoned its gold standard, revalued the dollar...