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They issued this paper currency to satisfy in the first instance chiefly the demands made upon them by the bank of discount, the great machine or paper-mill of their fictitious wealth. The spoil of the Church was now become the only resource of all their operations in finance, the vital principle of all their politics, the sole security for the existence of their power.
Let's solve this problem with a single, bold stroke: the return of some $47 billion in Federal programs to State and local government, together with the means to finance them and a transition period of nearly 10 years to avoid unnecessary disruption. I will shortly send this Congress a message describing this program.
"That woman has got some hold over him," opined his sister-in-law, darkly; "either she is helping him to finance the show, and presumes on the fact, or else, which Heaven forbid, he's got some queer infatuation for her. Men do take the most extraordinary fancies." Matters never came exactly to a crisis. Mrs.
Even undistributed earnings, goes the refrain, provide a rate of return, or a yield known as the earnings yield. The original meaning of the word "yield" income realized by an investor was undermined by this Newspeak. Why was this oxymoron the "earnings yield" perpetuated? According to all current theories of finance, in the absence of dividends shares are worthless.
"I understand you're going to build an extension, Mr. Lofty." The girls gasped and then almost tittered. Young Lofty ceased immediately to be the suave master of friendly favors and became the harassed slave of finance. "I don't know where you secured your information," he protested. "I'm a fancy guesser," returned Johnny with a grin. "I wish you were right," said Lofty soberly.
Holland taught the Western nations finance perhaps no great boon. But they also taught commercial honor, the last and hardest lesson which nations learn. They inculcated free trade, a lesson nearly as hard to learn, if not harder, since the conspiracy against private right is watchful, incessant, and, as some would make us believe, respectable.
Hasbrook's memoranda as a basis for a new work of his own, much more substantial. Bit by bit; as he dug into the subject, he had discovered a state of affairs in the Fidelity Company, and, indeed, in the whole insurance business and its allied realms of banking and finance, which shocked him profoundly.
"He is admirably skilled in all that relates to finance," writes the Duchess of Orleans, the regent's mother, "and has put the affairs of the state in such good order that all the king's debts have been paid. He is so much run after that he has no repose night or day. A duchess even kissed his hand publicly. If a duchess can do this, what will other ladies do?"
Germany is often thus taken as the example of the State which gives its financiers the most efficient backing abroad; but even in Germany finance is, like everything else, the obedient servant of the military and political authorities. For several years before the present war, the financiers of Berlin were forbidden to engage in moneylending operations abroad.
In our discussion we speedily came to the conclusion that any system of finance unchanged in detail for a century, belief in the perfection of which was an article of faith not alone with the officials charged with its management, but with the people of England at large, must, in the very nature of the case, lie wide open to the attack of any man bold enough to doubt its impregnability and resolute to attack.
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