Word: debtsâ
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...bombshell of his speech he solemnly indicated Great Britain's determination that the Lausanne Conference next June shall finally cancel both Reparations and War Debts???thus leaving the U. S. taxpayer holding the entire bag. "After the deliberations at Lausanne," said Mr. Chamberlain, "I shall submit to Parliament whatever proposals may be necessary to give effect to the measures we have agreed to." He presented in his budget no figure for such payments, either by Britain to the U. S. or to Britain from the Continent. "The best course is to refrain from all conjectures," said he, "and treat...
Englishmen, who know U. S. citizens better than Frenchmen, saw at once that President Hoover had taken a step from which the U. S. can perhaps be led into cancellation of War Debts???some years hence...
...left over from the War) a considerable volume of short-term debts???notes that matured in 12 months or earlier. These were issued to fall due on the 15th of March, June, September or December?the same dates that income tax payments are made. When one of these dates came around, the Treasury would pay off some debts out of its surplus and pay off the rest by issuing new short-term certificates or long-term notes. This has been a regular procedure...
...Debts???"The current debt and interest due from foreign Governments, exclusive of the British debt of $4,600,000,000, is about $7,200,000,000. I do not favor the cancellation of this debt, but I see no objection to adjusting it in accordance with the principle adopted for the British debt...
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