Word: moratorium
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...Senate but to the Ways & Means Committee of the House to make their best pleas. First to enter the ornate marble committeeroom was Ogden Livingston Mills, Undersecretary of the Treasury on whom the President leaned heavily during those troublous June days before France was jockeyed into line for the Moratorium. He told plump, mild-eyed Democratic Chairman James Collier and his 24 committee colleagues that Congress would be "everlastingly disgraced" if it failed to approve the agreement...
Secretary of State Stimson read the committee a long and rather dull statement detailing Germany's plight just before the Moratorium announcement. When the committee began a series of gentle questions, Statesman Stimson grew fussy and fidgety. "You can't send a sheriff overseas to collect the debt, you know," he snapped at one heckler. Henry Pomeroy Davison, youthful partner of J. P. Morgan & Co., was hastily summoned from New York to deny published reports that debtor nations had on deposit with his firm funds to make their Dec. 15 payments...
...best Administration argument advanced for the Moratorium was that by saving Germany from an economic and perhaps a political crash, it had preserved the U. S. from the financial consequences of such a downfall. Two points which were not effectively rebutted by White House spokesmen: 1) Europe, for all its alleged penury, has made no serious movement toward armament reduction; 2) every dollar postponed on the War Debts must be made up by a new tax dollar from U. S. citizens...
Never Again! The Ways & Means Committee was ready to give Mr. Hoover his Moratorium this time-but never again! Its members by a 16-to-9 vote tagged the resolution with this all-important amendment...
...Senate Finance Committee returned from this tangent for ten minutes in which time it favorably reported out the Moratorium resolution. Republican leaders hoped to give President Hoover a Christmas present by whipping the measure through the Senate before this week's holiday recess...