Word: morgenthau
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Dates: during 1930-1939
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Best hint of that was given by the group which the President called in for his big final conference (see cut). Present were: Secretary Morgenthau; Joseph P.Kennedy of the Securities Exchange Commission; Charles West, the President's Congressional contact man; Rexford Guy Tugwell, though he has nominally only a little circle to ru!e over; Admiral Peoples, the Government's best purchasing agent; Director of the Budget Daniel W. Bell-and along with them Mr. Ickes and Mr. Hopkins. For works relief was not a departmental effort. When Franklin Roosevelt took personal charge, the whole Administration...
...microphone one evening last week stepped Secretary of the Treasury Morgenthau to announce that the last $1,250,000,000 of Liberty Bonds remaining in the hands of the public had been called for redemption next October. "And so," said the Secretary, "in this 17th year after the Armistice these famous securities move from the realm of Government finance to the pages of history...
...Morgenthau did not reveal what plans he had for refunding the last old high-coupon Liberties. But he did take time to review the Treasury's vast operations since his Administration took office. High points: 1) with completion of its present program, the Treasury will have refunded in two years no less than $8,000,000,000 of Wartime loans, and retired, largely from its so-called "gold profit," another $674,000,000 of Panama Canal and Consol bonds; 2) saving in debt service will be $100,000,000 yearly; 3) though the national debt has risen...
...Refinancing on this scale," said Secretary Morgenthau, "has the quality of high adventure." And reminding the country of Britain's great War-loan refunding program, which included a six-month ban on new private capital issues and a purple appeal to public patriotism, he declared: "Here we have handled this same transaction so easily, and in such a commonplace manner, that many people have undoubtedly been unaware of its nature or significance...
Chief significance to Mr. Morgenthau was that, by taking the initiative in refunding operations, the Government had helped lower interest rates in general, boosted bond prices and dressed the money market for private financing. Citing the $112,000,000 of corporate refunding last March-nine times the figure for March 1934-he flatly stated: "It shows conclusively that the financial logjam has been broken...