Word: crediteer
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Dates: during 1930-1939
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...under their cotton (TIME, Aug. 21). That law required the Government to deduct old debts due it by a claimant before paying out any claim. It was adroitly sidestepped by having cotton bounty checks made out to the joint account of debtor farmers and the Governor of the Farm Credit Administration. No farmer could cash his check without the consent of Governor Morgenthau. Governor Morgenthau promised to withhold only about $10,000,000 in payments from those farmers in whose debts private lenders held an interest through Federal Land and Intermediate Credit Banks. Another ''first" last week...
...raise hob. Canada's banks had stood unharmed through the Depression, but the West was bitter against them for not lending more money at lower rates. Bank scandals in the U.S. prompted Canadians to demand a similar airing of Canadian banking. Proposals were made for "nationalization of credit" to take the power of making loans away from the banks, turn it over to the Government...
...representatives of several chief industries declared themselves satisfied with bank accommodations offered. Decorum was preserved until an Irish-Canadian barrister, Gerald Grattan McGeer, K.C.. representing the Vancouver Trades & Labor Council, got the floor. For three and one-half hours he harangued the Commission, lambasted Canadian banking as a "credit racket'' which was strangling commercial life. He told the Commission that it was "trying to patch up an oxcart instead of buying an automobile" (i.e. nationalizing credit...
Henry Morgenthau Jr., Governor of the Federal Farm Credit Administration which inherited responsibility for all Government loans to farmers, invoked this old legal provision against Secretary Wallace's Agricultural Adjustment Administration. Farmers owed the Government $139,335,742 for seed, feed and crop production purposes. They owed local agricultural credit corporations another $70,982,175, more than half of which had been in default for years. Of the $64,204, 300 borrowings in 1932, $42,740,721 remains unpaid. Governor Morgenthau figured that crop bounties offered a fine chance to balance his books, get farmers out of debt...
Students enrolled in courses for credit are required to take final examinations at the times and places shown on the printed schedule posted on the bulletin board in Sever Hall, after August 10. Students must be in their seats within five minutes of the hour set for the examinations in order to be allowed to take the paper. Any student who because of illness is unable to take the final examination in a course should apply at once in writing to the Director of the Summer School for a make-up examination...