Word: retrench
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...Citroën's bankers used to be the famed house of Lazard Freres. Early in Depression, which to France came late. Lazard Freres tried to curb its client's exuberance, urged him to retrench. M. Citroën's reply was to buy up what little stock he needed for absolute control, preparatory to riding out Depression in solitary splendor. Lazard made haste to dispose of its minority interest...
...situation in New York with regard to the demands for more power made by Mayor LaGuardia, Mr. Lippmann said, "There is some doubt in my mind as to the constitutionality of the bill La Guardia drew up, but in principle he is perfectly justified in his demands. He must retrench and balance the budget. He can not increase taxes because of the bankers' agreement, and he can not cut salaries because of the special legislation which binds his hands. The balancing of the budget will be impossible unless he is at liberty to change the character of the administrative service...
...theoretical fitness of these and similar changes is self-evident. Against them the University has always argued reasons of economy, but without much cogency. As a high official said last year, it would be quite possible to retrench elsewhere, if the authorities thought the library situation really serious. Its seriousness has already been proved by the number of desperate and unworkable suggestions for intramural and commuters' privileges in the House libraries. These can be stilled, and normality restored, only by immediate adoption of those suggestions which are in general...
...families pare down expenditures to the bone and beyond, so ought governments to adopt a similar course. And the heads of federal, state, and city departments have generally bowed to this show of logic. But this is an outworn and economically unsound argument. The time for the government to retrench and take stock is not in a depression, but in times of prosperity. In a period when there is considerably little money passing about, when individuals and private businesses are postponing their buying and economizing in every way, it is exceedingly foolish for the State to withdraw its funds from...
...clear that to retrench some 16 percent in the budget and to continue to operate the Library could only be done by a major curtailment either in personnel or in service rendered to the University...