Word: crediteers
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Dates: during 1930-1939
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...parallel was obvious. The President had asked Congress for crop control legislation and had failed to get it. Now, with a bumper crop threatening to depress cotton prices, Southern Congressmen wanted him to use Commodity Credit Corporation's $135,000,000 kitty to grant farmers loans of 10? a lb. on their cotton and to peg the price at 12? a lb. Only assurance that such loans would be repaid lay, according to the President, in legislation to limit next year's crop. Before granting them he wanted as assurance the equivalent of a "banker's acceptance...
Three days later, as everyone had anticipated, the President announced that he would grant crop loans after all. To a delegation of the Senate's Agricultural Committee he promised to order the Commodity Credit Corporation to make loans of 9? or 10 ? a lb. on the new crop, pay farmers the difference between what they eventually get for their cotton and 12? a lb. Similar means will be taken to meet any serious price declines which may follow anticipated bumper crops in corn & other grains...
President Marcellus Lindsey Joslyn tried to explain this away as a product of the company's pension system started in 1919. If his pension system did not deserve all the credit, yet it still remains after 18 years quite as notable as this year's increase in profits. The company neither advertises nor seeks publicity, so the Joslyn plan never made much stir until last winter when the company prepared to sell $1,350,000 worth of common stock. Financial writers then discovered Marcellus Joslyn's old labor policy, adopted during the post-War period of strikes...
...Georgia, Governor Eurith Dickinson Rivers dug out a "full faith and credit" Federal statute which he hopes requires other States to return Georgia's duly requisitioned criminals. To Massachusetts' Governor Charles Francis Hurley Governor Rivers wrote again to recapture escaped Negro James Cunningham whose extradition was recently refused because of a "sense of humanity." Fed up with such melodramatic refusals of extradition as that by New Jersey's Governor A. Harry Moore in 1932 in the case of Robert Elliott Moore (I am a Fugitive from a Georgia Chain Gang), Georgia prepared for a legal roundup...
...doctors whom they employ treat more than 700 new sick people every day and where in a few weeks they expect to work on their 1,000,000th patient. Essentially the Mayo brothers care little for wealth. Although they charge every patient precisely according to national credit agencies' reports, one fourth of the Mayo patients are worth nothing and pay no fees. The Mayo Clinic is to be donated to some medical school when the brothers die. This probably will be the University of Minnesota's Graduate School of Medicine which the Mayos have already endowed with...