Word: morgenthau
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Dates: during 1930-1939
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Having enjoyed a pleasant week of fun including a visit from the officers of the Roosevelt First-Voters Club, President Roosevelt wound it up by taking his entourage to a clambake at Secretary of the Treasury Morgenthau's Fishkill estate. Then he entrained for a short visit to Washington and work...
...rule, the likeness of Thomas Jefferson is engraved on U. S. bonds of $50 denomination. Andrew Jackson's image went on the Adjusted Service Bonds, said Secretary Morgenthau, because he was "a soldiers' President." For more news about last week's Bonus distribution, see National Affairs...
...large part of the Bawl Street Journal was devoted to fabulous Washington doings. After five hours of questioning Secretary of the Treasury Morgenthau had admitted investing all available Government funds in common stocks while the Administration boosted business at every turn. "Wrecksford" Tugwell had suggested selling short and continuing present policies but had been overruled...
...standards of weight & measure, Congress changed the year from 365 days to 1,000, thus dispensing with elections for a long time. The tax year, however, was reduced to 200 days. Gaily oblivious to its other stories on the Treasury, the Bawl Street Journal also declared that Secretary Morgenthau hoped to balance the budget by having the Government pay a 50% income tax on its own income. "Certainly a 50% increase in income will silence all our critics," Mr. Morgenthau was reported as saying. "True, there may be loopholes where an unscrupulous Government might find ways to avoid paying taxes...
Another and more important reason for the Administration's easy money policy was to make Government borrowing cheap. Secretary Morgenthau is raising long-term money for 2¾%. His short-term financing is done at such low cost that it is actually cheaper than it would be to print and distribute greenback currency. Meantime, commercial bankers have had a curious change of heart about Government bonds. Instead of predicting the imminent collapse of Government credit through New Deal spending, they are now buying long-term Treasury issues as fast as they can. Government bonds have been pushed to record...