Word: token
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Dates: during 1930-1939
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While the President was busy deciding what message he would send to Congress on War Debts, the State Department was busy telling foreign diplomats about what would constitute "default." Attorney General Cummings interpreted the Johnson Act to mean that in the past token payers were not in default, because the President in accepting tokens had said they were not. Secretary Hull made it clear that token payments in the future would not save debtor nations from being technically in default. Questioned by newshawks, the President merely answered that whether a token payment constituted payment or default was a point...
...citizen or firm to float loans or extend new credit to any foreign government in default on its debts to the U. S. Unfortunately the Administration itself did not know what that meant. Secretary Hull had to ask Attorney General Cummings whether: 1) a nation that had made token payments on its War debts was in default; 2) Soviet Russia was in default because it had not made payments on the old Kerensky debt...
...Cummings could have given half a dozen different replies making the Johnson Act into any one of half a dozen different laws. By his opinion last week the LAW became: 1) token payers (Czechoslovakia, Great Britain, Italy, Latvia and Lithuania) are not defaulters, therefore may receive new loans; 2) Soviet Russia is in default. Until the courts disagree, some future Attorney General gives a new ruling or Congress passes another law, Mr. Cummings' decision will be final...
...special message to Congress reminding it of the old mace and the new tablet and making the following suggestion: "It would be a gracious act for the U. S. to return this historic mace to Canada at the time of the unveiling of the tablet. The mace is a token of representative government established at York nearly a century and a half ago. . . . Since the agreement of 1817 the two countries have by common accord maintained no hostile armaments on either side of their boundary; and every passing year cements the peace and friendship between the peoples of Canada...
...indication of the vitality of the drama at Harvard this production is much to be admired. And if we see in it certain reminders of other admirable works of art we need not allow ourselves to be prejudiced against the spirit of which it is the token...