Word: muste
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Dates: during 1920-1929
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Short-term certificates are issued on the quarterly tax-payment days. The present system has these defects, as explained by Secretary Mellon: 1) Money is borrowed in advance of actual needs with a consequent loss of interest; 2) The Treasury must give the certificates, which it sells at par, as low an interest rate as possible, yet high enough to meet momentary conditions of the money market. This involves difficult guesswork...
...over the country through Coolidge's controlled press that air power was being assisted and developed. Nothing of the kind was done, as it was still made the tail of the dog. It was not given a separate department in the Government under a cabinet member. This must be done eventually, so the sooner we create it the better...
...Dawes Plan of 1924 fixed the annual sum Germany must pay her creditors (595 million dollars) but left undecided the total sum, or the number of years in which final payment was to be made...
...standard annual payment under the Dawes Plan is 595 millions. The Young Plan reduces this to $487,600,000. Of this amount, Germany must pay unconditionally in cash and deliveries-in-kind about $158,400,000. The rest will be met by the sale of bonds, financed and guaranteed by an international bank of settlement, sold to private individuals in Europe...
...looks as if we shall hold the balance. That is a very responsible position and we shall make no unfair use of it. We certainly shall not use it in a haggling spirit, but for the best interests of the country. The King's government must be carried on, and it is essential that it should be steady...