Word: debts
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Dates: during 1930-1939
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What Mr. Morgenthau said he was not worrying about was the U. S. public debt, still climbing to alltime highs, now teetering at more than $41,168,000,000. Another thing he was presumably not worrying about was the U. S. law which flatly forbids the public debt to go over $45,000,000,000. Asked what he would do if & when the 1940 fiscal tide lapped the public debt up around King Canute Congress' shoes, he said: "I'm not going to draw checks one penny over the regular authority...
Congressional Canutes or no, the tide of national debt was still mounting. In the fiscal year 1939 the U. S. spent $3,600,000,000 more than was collected in taxes. Session III of the 76th Congress will face a probable new Army appropriation of about $1,700,000,000, a new Navy appropriation of about $1,300,000,000, plus a $275,000,000 deficiency appropriation. To meet this bill for national defense, while continuing to spend many millions on relief, works, etc., the U. S. Treasury must raise new taxes, somehow, somewhere. And 1940 is an election year...
...because it would have compelled the Governor to name a leader of Ham & Eggs to administer the act, not because it would set up a State bank system with power to issue money, or that this money would be accepted by the State in payment of debt and taxes. What alarmed Mr. Pegler was that the story of Ham & Eggs could not be told "without a sense of shame and fear," and that the whole fantastic scheme could be put forth as a pension plan...
...President Edward Sanborn French of B. & M., which has $60,000,000 of debt coming due within five years, Jesse Jones outlined a recapitalization plan to put through before bankruptcy becomes unavoidable. His main proposals...
...years ago it found one: neat, elm-shaded Flemington (pop.: 2,700), site of the notorious Hauptmann trial. With a consistent assessment policy, a tax rate that seldom fluctuated, little debt, conservative little Flemington, near New Jersey's western border, looked good to harassed Standard. Into the tiny law office of sedate, greying George K. Large (Princeton '99; former country judge) went a huge new safe to hold the oil firm's records of incorporation. Up went the town's ratables as Standard was assessed $45,000,000 in personal property, paid...