Word: moratorium
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...major break on the front of private debts-a crumbling of moral obligations-to-pay which creditors have been stoutly maintaining through three hard years. Where the insurance companies led other big financial concerns were expected to follow. With most of them it was a case of declaring a moratorium or having millions upon millions of their assets permanently swept away either by legislative action or by the extra-legal technique developed by desperate farmers to circumvent their debts...
...says he is. His chief trouble is that he is land poor. . . . Did you ever see a farmer-outside of New England-who did not want to buy the next piece of property to him? A second trouble is that there has to be a general moratorium on mortgages. We are getting it indirectly. Let's be honest, take it on the chin and write off these mortgages on the basis of 50? on the dollar. This does not apply to farms alone but to all business...
...Indiana's Governor McNutt signed a one-year moratorium whereby no property will be sold for back taxes. ¶ Iowa's Governor Herring appealed by proclamation for a halt on foreclosures until the General Assembly could act. ¶ Distressed agrarians, members of the Root Hog or Die Club, marched to St. Paul, Minn., demanded land tax reductions from Governor Olson. Their story: "We were promised years ago that the gross earnings tax would cut the levy; that the gas tax would cut the levy; that the auto tax would cut the levy. . . . These taxes have never...
...beneficial effect of this armament moratorium would be far greater than the mere saving implied by the annual budget deduction it would make possible. It extends beyond even the stimulus to trade which would result from having our Allied debtors forgive their debtors as we forgive them, and wiping the whole complicated web of inter-governmental obligations starkly from the slate. It would reach even beyond re-establishing the self curative factors which Sir Arthur Salter attests to be the property of all healthy depressions, and which were bound and buried by the enormous extensions of private credit...
...dramatic effect of an arms moratorium, and the balm with which it would poultice the public purse would in themselves be the greatest Peace publicity since Edward Bok. It is the kind of holiday which the world is aching to take and on which those potent governesses of government: the steel and arms cartels, are loath to let the world go. But because the plan smacks of idealism, and because also the adroit diplomacy of our Allied debtors would never permit a connection between their arms and their obligations, it seems destined never to get much farther than the third...