Word: scrip
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...Issuing scrip in large quantities at one per cent interest is the solution to the present financial crisis," asserted S. E. Harris '20, lecturer on Economics, in a speech in the Lowell House Common Room last night under the auspices of the Harvard Inquiry. "This, if it is not allowed to exceed the amount of private deposits, is not inflation. It is merely issuing paper on the money which people have hoarded in Banks, or, if you prefer, it is exchanging one kind of money for another...
...mind the only trouble is that the Western banks would need far more scrip than the Eastern ones since they are in so much worse condition. That would mean the transference of a great deal of cash from the East to the West, with a consequent weakening of the East. That is precisely what the Reconstruction Finance Corporation has been doing: it is merely an organization to take money from the stronger and wealthier parts of the country and transfer it to the weak South and West...
...inaugurate relief measures. Secondly, it is proposed that the President be given extraordinary powers under the "Trading with Enemies" act of 1917, to restrict gold shipments. Thirdly it is suggested that there be an issue of clearing-house certificates, based on bank deposits, in order to furnish a scrip money as a medium of exchange during the period of the holiday. Finally, many have favored at least a partial guarantee of deposits by the Federal government...
...Hope Forge Co. as $11,000,000 Cooper-Bessemer Corp., makers of marine Diesels, oil & gas pipeline equipment. A few old employes still on Cooper-Bessemer's payroll can remember the time, during a money panic 50 years ago. when the Brothers Cooper paid wages in scrip, then passing in wide areas of Ohio...
...Government holds a monopoly on making legal tender. But up to last week the Department of Justice had made no move to suppress local home-made money, regarding scrip as not being legal tender since no one is obliged to accept...