Word: webbs
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Dates: during 1930-1939
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Undoubtedly, scores of TIME readers are taking up the gauntlet flung by Challenger Webb and are now setting forth arguments for collecting the War Debts. I shall assume Challenger Webb will go undefeated. On that assumption I put forth this proposal and challenge Challenger Webb to answer. In the event the U. S. cancels foreign governments' War Debts, then the U. S. shall cancel all its Liberty Bond obligations to holders thereof...
...challenge Challenger Webb to advance three or even one sound argument for collecting what is left of the U.S. Liberty Bond obligations. If he advances three, or even one sound argument, please have him apply it in answer to his own challenge...
Allow me to second Mr. Webb's challenge and enter for the record these three exquisite paragraphs by Walter Lippmann...
...gaping pockets of a lot of racketeering "heroes" not half of whom really fought for their country in the War. I challenge any or all fellow TIME-readers to advance three, or even one. sound argument for collecting what is left of the War Debts! JAMES G. WEBB St. Louis...
...TIME reader who picks up the gauntlet flung by Challenger Webb bear well in mind these basic facts: ¶The $1,888,000,000 tax revenue of the U. S. during the fiscal year 1932 was derived 60% from the income tax. Of the personal income tax (1930). 18 1/3 % was paid by 0.4% of those filing returns. ¶The capital sum borrowed by the Allies from the U. S. totaled approximately $10,000,000,000. the greater part of which was to be repaid at 4¼%. Since the term of repayment was always envisaged as extremely long...