Word: morgenthau
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Dates: during 1930-1939
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...about U. S. finances to the end of fiscal 1937. Last week, while the Senate Finance Committee was considering the Soldiers' Bonus (see above), some of its members, headed by North Carolina's supercilious Josiah William Bailey, decided they ought to hear what Secretary of the Treasury Morgenthau would have to say about the effect of paying the Bonus on U. S. finances...
Hence one day Secretary Morgenthau went to Capitol Hill to answer questions. Mr. Morgenthau was squirming in quiet discomfort...
Secretary Morgenthau: What I might say, if it became public property or was discussed on the floor of the Senate or the House, might have a very adverse effect on the Government's credit. . . . Senator: Do I understand you to say that your answer to my question would be such that if it were made public it would adversely affect and seriously injure the Government's credit? Secretary: What I am trying to say is it might be misinterpreted. . . . Senator: On that basis no statement could ever be made because all statements are liable to misinterpretation. . . . Senator Couzens...
...Public Debt would also be upped some four billions from the President's estimate: from $31,351,000,000 to $35,500,000,000. As for the problem of financing before the Treasury between now and July 1, 1937, Secretary Morgenthau totalled up as follows: Old securities coming...
After he had told all this, Mr. Morgenthau tried to explain about the Government's credit: "The thing I am trying to say is this: Since Monday a week ago I do not think anybody in the United States can say what the picture is going to be. So many things have happened that affect the Treasury that I certainly am not smart enough, and I haven't met anybody that is smart enough, who can say what is the future of the Government bond market. Now this whole question of Government credit is such a delicate thing...