Word: lowerings
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Dates: during 1920-1929
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...explained to President Coolidge and Secretary Mellon that his resignation was in no way influenced by the controversy which the Federal Reserve Board had lately with its Chicago member bank, when Mr. Crissinger was charged with domineering because he cast a deciding vote to make the Chicago bank lower its rediscount rate against its will (TIME, Sept. 19, BUSINESS). Mr. Crissinger explained that his wife's poor health and his own opportunity to increase his income as an executive of a District of Columbia investment banking house (the F. H. Smith Co.**) made his act personally imperative...
Instead, Finance Minister & Premier Raymond Poincare suggested that a treaty be negotiated on the principle of reciprocity, or mutual concession. Thus France would agree to admit certain U. S. imports at a lower tariff rate than prescribed in the new law if the U. S. would admit such French exports as perfumes, soaps, laces, etc., at a correspondingly lower rate...
...argued that France will seek in the proposed new treaty to secure better terms for her luxury trade?per-fumes, toilet wares, gems, fake and real. In other words, what she is trying to force is the acceptance of the principle of reciprocity. If the U. S. refuses to lower its tariffs, the French rates will stand. The French rates now roughly approximate, on an ad valorem basis, those levied by the U. S. "Cut your tariffs and we will cut ours," is virtually the French slogan. However, the U. S. tariff law was expressly designed to guard against reciprocity...
...Precise advice: "Don't worry. Relax, settle back and enjoy life. If there's any worrying to be done let the pilot do it: that's what he's hired for. . . . Take the turns naturally with the plane. Don't try to hold the lower wing with the muscles of the abdomen- it's unfair to yourself and an unjust criticism of the pilot...
...this point Nevada stepped in, asking California to be more specific and announcing that, though content with a 2% water allotment, she would insist on a full third of the lower basin power rights. New Mexico spoke, too, telling California that no arbitration board was needed or desired. Arbitration was the purpose of the Denver meeting itself, to keep the whole project out of Federal juris- diction...