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...Rainey, Majority Leader Byrns, half a dozen important House Democrats. For three hours he gave them a heart-to-heart. Director of the Budget Douglas had advised him to veto the whole appropriation bill, take the economy issue to the country by radio if Congress insisted upon a pension boost. The President did not want to do that if he could help it. BUT THE BUDGET MUST BE BALANCED, he told his House visitors, and if Congress wanted to add $170,000,000 to veterans' cost. Congress could find $170,000,000 worth of new taxes to foot...

Author: /time Magazine | Title: HEROES: Cuts Cut | 6/12/1933 | See Source »

Speaker Rainey & friends marched out of the White House looking glum and worried. The President had not succeeded in definitely killing the pension boost but he had made it seem much less attractive politically to the House leaders...

Author: /time Magazine | Title: HEROES: Cuts Cut | 6/12/1933 | See Source »

...mounting faster than new profits. Revolutions and bloodshed in South America threatened not only I. T. & T.'s property but its contracts as well. The revolutionary government of Spain talked loudly of canceling the agreement which, five years before, had given I. T. & T. its first major boost to prominence and profits. The fall in the exchange value of Spanish and South American currency told heavily on net earnings. Telephone & telegraph traffic declined. In Europe rose a rangy, six-foot competitor, Theodore Gary and his General Telephone & Electric Corp., backed by Transamerica Corp., largest of branch bankers. At home...

Author: /time Magazine | Title: Business: Behn Marches On | 5/29/1933 | See Source »

...serious lack of funds also threatened the law's Domestic Allotment provision, due to the fact that President Roosevelt had inadvertently tied his own hands in the international field. Money to pay farmers to cut their crop production and thus boost prices was to have been raised by a tax on processors of wheat, cotton, corn, rice, hogs, tobacco and dairy products. To be effective domestically such a tax had to be counterbalanced by special tariff increase. Thus if a 2? per Ib. tax was placed on butter, 2?would have to be added to the regular butter duty...

Author: /time Magazine | Title: FARMERS: Monster in Motion | 5/22/1933 | See Source »

...boost to Chinese morale was the energetically spread rumor that Germany's crack Drillmaster General Hans von Seeckt ("the man with the iron mask and the monocle") was coming to train Chinese armies. The old Junker who organized the Reichswehr. happened to be on a world tour of the Far Kast last week. Before he left Berlin he had left blanket denials that he was going anywhere to drill anybody...

Author: /time Magazine | Title: JAPAN-CHINA: Inside the Pale | 5/15/1933 | See Source »

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