Word: debtors
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...Arbitrarily reduce the content of the gold dollar? Very well. What is the moral difference between a 30% and a 50% repudiation of an obligation? . . . Why not go the whole length and authorize complete repudiation by the debtor class? Why not follow the example of Germany and start the printing presses without cease and then repudiate our own currency and use it for wallpaper...
...President on the way out, especially if he has been beaten by the biggest vote in history, has small authority over a "lame duck" Congress. Yet last week President Hoover sent Congress a special message on debtor relief which touched off sudden springs of electric action on Capitol Hill...
Throughout the nation the poignant wail of the debtor beats relentlessly upon political ears. At Logan, Iowa, last week 400 farmers forcibly halted another mortgage foreclosure sale. At Sidney, Neb. farm leaders prepared to march 200,000 irate debtors to the State Capitol at Lincoln and "tear it down" unless they got relief. In Wisconsin, Democratic Governor Schmedeman, after receiving a delegation of farm strikers, issued a proclamation calling upon circuit judges to hold all mortgage foreclosures in abeyance until the Legislature could declare a moratorium. Some judges promised to comply; others claimed they were legally powerless to obey...
...process of forced liquidation through foreclosure and bankruptcy sale of the assets of individual and corporate debtors who, through no fault of their own, are unable in the present emergency to provide for the payment of their debts is utterly destructive of the interests of debtor and creditor alike and if this process is allowed to take its usual course misery will be suffered by thousands without substantial gain to their creditors...
...your telegram suggests would not imply mere fact-findings; it would suggest the presumption that such representatives were empowered to exchange views on matters of large and binding policy. . . . May I suggest that you proceed with the selection of your representatives to conduct the preliminary exploration necessary with individual debtor nations, making it clear that none of these representatives is authorized to, bind this Government as to any ultimate policy. ... I shall be happy to receive their information. ... I shall be very glad if you will keep me advised. ... I also shall be happy to consult with you freely...