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...make up for the short-term loans Britain had agreed not to withdraw from Germany (see p. 16). He announced that the Department of Agriculture was working on relief measures for the 'hopper-infested West (see p. 12). And from U. S. Ambassador Frederic Moseley Sackett in Berlin came a suggestion involving cotton and wheat which President Hoover and his aides welcomed as "a happy idea...

Author: /time Magazine | Title: THE PRESIDENCY: A Happy Idea | 8/10/1931 | See Source »

...Federal Farm Board's 200,000,000 bu. of stabilized wheat and 1,300,000 bales of stabilized cotton. The Farm Board could thus unload some of its expensive holdings, U. S. commodity prices might be boosted, and the German Government would make some money. While Ambassador Sackett was diplomatically urging German officials to make an offer, President Hoover reviewed the "happy idea" with his cabinet. The Farm Board announced it was ready to sell to Germany on credit if the offer were right...

Author: /time Magazine | Title: THE PRESIDENCY: A Happy Idea | 8/10/1931 | See Source »

Sleepless Sackett. Back in Berlin the Cabinet sat conferring all night long. U. S. Ambassador Frederic M. Sackett cabled to Washington. Germany was making a last-minute appeal to the Federal Reserve Board for funds. Unless an immediate credit of $300,000.000 was forthcoming collapse was unavoidable. Germany had a potent threat to hold over the heads of Reserve Board Members. The Cabinet was seriously discussing the advisability of declaring a moratorium on all private debts. U. S. investments in Germany since the War total $3.000,000,000. Am- bassador Sackett stayed up all Sunday night waiting to be helpful...

Author: /time Magazine | Title: INTERNATIONAL: Beggar No Chooser | 7/20/1931 | See Source »

...first, that President Hoover had started to Do Something about the worldwide Depression of which he had spoken so often, from which he had just again appealed in his Mid-Western speeches. For weeks he had been mulling over the situation. Germany, he knew, was in desperate straits. Ambassador Sackett had lately been home with first-hand reports and descriptions. Ambassadors Gibson and Dawes on recent White House visits had told of the bog into which Europe's economy, weighted by Germany, was sinking. Senator Morrow, just back from Germany, had brought word of the fear of an armed...

Author: /time Magazine | Title: THE PRESIDENCY: Moratorium | 6/29/1931 | See Source »

...became known that at a recent dinner in Berlin, U. S. Ambassador Frederic Moseley Sackett was placed next to the wife of the Japanese Ambassador to Germany. He spoke only English; she spoke only Japanese and French. When asked how he enjoyed himself he grinned, said: "It was as tasty a dinner as ever I sat to." Pressed for details of his conversation, he grinned more broadly, explaining : "Well, it was this way. The lady reads English. I read French. So rather than speak, we wrote. Questions written in English were answered in French, or were written in French...

Author: /time Magazine | Title: People, May 25, 1931 | 5/25/1931 | See Source »

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