Word: minds
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Dates: during 1920-1929
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Last week, a young Japanese named Furoda made up his mind that he had been extraordinarily insulted. Japanese of the Old School understood, sympathized. They were glad that at least one young man had the spunk to consider himself insulted by the frequent radical utterances of notorious Senji Yamamoto, loud-mouthed Farmer-Labor member of the Imperial Diet. ex-Canadian dishwasher, publisher of The Japanese Birth Control Review...
Last week, however, one U. S. banker did speak his mind on speculation, flayed not only the Market but also the newly organized investment trusts, which he called "incorporated stock pools." This banker was Paul Warburg, Board Chairman of International Acceptance, which recently (TIME, Dec. 31) merged with Bank of the Manhattan Co. One of the formulators of the Federal Reserve System, a member of the Federal Reserve Board from 1914 to 1918, Mr. Warburg was eminently qualified to discuss stocks and money...
Specifically, Mr. Warburg urged a raising of the Federal Reserve 5% rediscount rate. "When commercial paper commands 3¾% and when bankers acceptances sell at 3?%, rediscount rates of 4½% and 5% seem grotesquely impotent and out of line. . . . Conditions such as these call to mind the painful events of the years...
Even Senator Edmunds seems to have changed his mind, for on Dec. 24, 1884, while President pro tem. of the Senate, he wrote to President Arthur: "A bill has passed both Houses of Congress and was presented for my signature after both Houses had adjourned until 5th of January. This is more than ten days, and, if it were now presented to you, you could not return it with your objections... It would seem to me as if the bill could not become a law constitutionally...
...thing I like most about college boys and girls is their pep, which seems perfectly endless. The older generation,--mind you, I'm not including myself,--ought to feel sorry for all that they're losing...