Word: rhee
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...South Korea, the military picture is better, thanks to the might & main of the U.S., to the lesser but nonetheless real help of 14 other U.N. nations, to the tenacity of the South Koreans themselves, and to the singular dedication of Korea's first & only President, Syngman Rhee. A 400,000-man ROK army, including twelve fully equipped divisions in the line, guards the young republic from further invasion and is building so fast that it may soon be strong enough to take over the whole front. It already holds more than half...
...capital city of Seoul is 80% uninhabitable. Public buildings everywhere lie in ruins, public utility services are makeshift, and two-thirds of the schools are unusable. Only in the South's gaunt era of Reconstruction after the Civil War is there a U.S. parallel to what Rhee and his people are up against. The economy is shot to pieces. Some 75% of all mines and textile factories have suffered severe damage. Those industries which can function lack parts for maintenance and equipment for repair. The draft has absorbed much of the country's youth, but there are still...
...fact that there was a semblance of order at all-in finance or in government-was still something of a miracle. It was due, in almost every respect, to a remarkable old man: President Syngman Rhee, 78, stern fighter for Korea's freedom over more than half a century...
...Syngman Rhee and his able finance minister, Paik To Chin, put their heads together and devised a plan. All the won in circulation would be called in and exchanged for a new unit, the hwan, at the rate of one hwan for 100 won. Not more than 50,000 won (about $10) could be handed in by any individual at the first exchange; the rest would be exchanged later on terms not yet specified. Last week government teams quietly went out by boat and train from Pusan to stock the banks with the new money. Then a nine-day exchange...
...money for their own purposes, were hard hit-they did not dare to appear at exchange windows. At Kobu in the southwest, 15 of them attacked a government finance office, killing a guard and a bystander, and made off with $6,000 worth of the new hwan. Some of Rhee's political enemies noted bitterly that the new system will make it difficult for opposition parties to convert their funds...