Word: moratorium
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...voted for: 18th Amendment (1917), Volstead Act (1919), Soldier Bonus (1924), Reapportionment (1929), Hoover moratorium (1931), Muscle Shoals (1931-33), RFC (1952), Bonus (1932), Repeal (1933), Economy Act (1933;), 16-to-1 silver (1933), AAA (1933), NIRA (1933), abrogating gold contracts (1933), St. Lawrence Waterway (1934), Cotton Control (1934), stock exchange regulation...
Proponents of the bill cried that it meant a new financial liberty for debt-ridden farmers. Opponents, including holders of farm mortgages, cried out that it was one step removed from debt repudiation, that at the least it would amount to a free six-year moratorium, a huge hand-out to the farmers at the expense of honest investors...
With his back to the wall of Germany's new moratorium (TIME, June 18), Dr. Hjalmar Schacht, iron-willed President of the Reichsbank, bristled into action last week as a Briton no less stubborn took drastic steps in London to make Germany...
...many moves of smart Dr. Schacht to beat Germany's creditors down, concluded by comparing him to "the murderer who, having slain both his parents, pleaded for mercy on the ground that he was an orphan." In the general burst of temper small notice was taken of the moratorium facts:. 1) Germany suspends from July i until further notice transfers into foreign currencies of interest on her medium and long term debts, including the Dawes Loan 7% and the Young Loan 5½% series; but 2) all interest payments on the Dawes & Young loans continue to be made...
...marks. "We reject absolutely a devaluation policy!" barked Dr. Schacht. "Reports in the foreign Press regarding inflation or devaluation of the mark are irresponsible gossip." Meanwhile Britain led and France swiftly followed in a move to seize from Germans within their borders sums sufficient to meet at least the moratoriumed interest payments due British and French holders of Dawes and Young bonds. Since Germany sells to Britain and France vastly more than she buys, these Governments need only seize and collect payments which their citizens would otherwise make to Germany. In a stiff speech to the House of Commons hawk...