Word: transferability
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Briefly, the Treasury was instructed to transfer $90,000,000† to the Banco d'ltalia, on the basis of which two and a half billion paper lire will be retired from the six and a half billion now circulating. Similar deflation will be continued, year by year, as an annual budgetary expense. Meanwhile the Banco d' Italia will be given special supervisory powers over all other Italian banks to compel them to accumulate a surplus equal to 40% of their capitalization...
...Secretary of State Kellogg follows current fiction-which is doubtful, he being a very busy man-there is little likelihood that among his favorite authors is John Dos Passos, unhappy young post- warrior; author of Three Soldiers and Manhattan Transfer. Yet many a busy mind is widely inquiring. And if he did not chance to stray so far afield himself, Secretary of State Kellogg may well have had his attention called by some friend to an unusual bit of Author Dos Passos' work in the current New Masses...
Continuing in wrathful vein, Lord Beaverbrook took as his text the reputed failure of the London firm of Furness Withy & Co. to purchase the White Star Line for more than ?6,000,000 because the transfer of such a sum to the White Star Line's U. S. owners might have depressed the pound in relation to the dollar. Pointing the moral, Lord Beaverbrook concluded: "The idea of enforcing the return to the gold standard was that we should be able to buy on equal terms in America...
...consulted the internationally famed Belgian financiers, M. Francqui and onetime Premier Theunis. By their advice decrees were drafted providing: 1) Transfer of the state-owned telegraphs, telephones and railways to a private monopoly, which will issue 3,000,000 preferred shares at 500 francs each, the state to retain possession of the common stock. 2) The sums thus raised, together with those realized from heavier taxes, drastic state economies and national lotteries, to be employed as a vast franc-stabilizing fund. 3) Exchange operations, especially the sale of Belgian francs to be supervised by the state and speculation discouraged...
...suggested simply, that the citizenry of Pennsylvania scratch their traditionally Republican tickets and transfer their support to a Democrat. Such melodrama in Pennsylvania is unheard of, for since 1875 not one Democratic Senator has been returned from that state, and ordinarily none but a Republican has a chance even in his own opinion. But Mr. Norris sensibly pointed out that the cheapest and least embarrassing way for the old party to save itself the awkward task of removing Mr. Vare (who won the $3,000,000 primary campaign) is not to elect him next November. Mr. Norris' plan...