Word: moratorium
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...resolution to the clerk on the rostrum and took a seat on the front-row bench. Beneath his red hair his face looked pale and drawn. No man in the House hates President Hoover more intensely than he. Last session he accused him of treason in granting the Debt Moratorium (TIME, Dec. 28). He has fought the Hoover financial policy at every turn. Now he had pulled his grievances together into 24 impeachment counts which the House quickly recognized as "old stuff." Above the members' resentful babble only phrases of the McFadden resolution as read by the clerk could...
...Herbert Hoover . . . unlawfully usurped legislative powers ... a policy inimical to the welfare of the United REPRESENTATIVE MCFADDEN He followed Thaddeus Stevens. States . . . unlawfully dissipated financial resources . . . injured the credit and financial standing ... his declaration of the moratorium has meant sacrifices by the American people. ... He did appoint one Andrew W. Mellon Ambassador while a resolution for the impeachment of the said Mellon was being heard. . . . Treated with contumely the veterans . . . sent a military force heavily armed against homeless, hungry, sick, ragged and defenseless men, women and children and drove them out by force of fire and sword. . . ." When the clerk...
...parties voiced in various ways these basic French convictions: 1) that France, against whom Germany launched her major onslaught in 1914-18, is justly entitled to collect from beaten Germany at least as much as France pays to her Allies; 2) that President Hoover, by imposing his one-year Moratorium against strenuous French objections, destroyed what remained of the possibility of collecting Reparations and destroyed it in the interest of U. S. owners of German securities whose investments would otherwise have been wiped out but are now merely "frozen"; 3) that France, though perfectly able to make...
Though Premier Edouard Herriot fought a brilliant Chamber battle, urging payment on grounds of expediency & honor, he revealed his personal feelings in these words which drew loudest Chamber cheers: "It was the intervention of President Hoover which destroyed everything and reopened everything! The Hoover Moratorium cost France far more than the sum we are discussing now. It cost us our title to Reparations...
...rehearsed the facts. Belgium had expected to receive German Reparations payments totaling $1,632,522,000 by 1988. In this expectation Belgium agreed to pay the U. S. a total of $727,830,000. Thus far Belgium has received $182,200,000, paid $39,800,000. Under the Hoover Moratorium all German Reparations payments ceased and have not been resumed. In these circumstances M. Theunis advised the Council to default its Dec. 15 payment of $2,125,000 on capital and interest, which it promptly and unanimously did. Acts of the Council must, theoretically, be ratified by the Chamber...