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In the suburbs of the large towns you see whole townships built entirely by these societies; every inhabitant of these townships in the course of a few years becomes a proprietor, and the society further aids him by making loans to him on mortgage of his property.
The money would not last long and if he had not borrowed it, he might have paid the interest on other loans. Buying the sheep had really decided him to give the mortgage, since it had made him feel keenly the embarrassment of having very little money at command. There was another thing; Hayes wanted him to borrow the fresh sum, although a prudent agent would try to keep the estate out of debt.
Every relation or favourite whom Napoleon wished to provide for, or to enrich, he has saddled upon them as in free quarters; and since 1796, when they first had the honour of our Emperor's acquaintance, they have paid more in taxes, in forced loans, requisitions, and extortions of every description, than their ancestors or themselves had paid during the one hundred and ninety-six preceding years.
The Denboro Trust Company has the Eagle Company's twelve hundred shares I don't know how it got 'em; a long snarled-up tangle of loans, and security for loans, and I don't know what and the rest of us have got ours. All that's back of those shares all that the Development Company owns is that Skoonic Creek property and that is goin' to be worth a lot some day maybe.
The success of the three loans that followed was equally great; the fourth, coming in October, 1918, was set for six billion dollars, the largest amount that had ever been asked of any people, and after a three weeks' campaign, seven billions were subscribed.
Due to the emergency arising from a heavy tropical storm in southern Florida, I authorized the Secretary of Agriculture to use certain funds in anticipation of legislation to enable the farmers in that region to plant their crops. The department will present a bill ratifying the loans which were made for this purpose.
They couldn't pay interest on their mortgaged farms, and they were seeking to find "the way out" by issuing paper money, or money from some cheap metal with which they could repudiate their debts. Banks could not collect their loans, merchants could not get money for their goods, manufacturers were swamped by their pay-rolls and had to discharge their men.
The platform of the American Party just quoted classes such reforms as government relief for the unemployed, government loans for public work, and collective ownership of the railways and trusts, as measures it may be able "to force from capitalism," as "a preparation of the workers to seize the whole power of government."
In view of all that they have made and we have lost by this war waged for the cause of all mankind, this would seem to be reasonable concession on America's part. January, 1919 The Total War Debt What are our Loans to the Allies worth?
The guilt of the defunct president was no longer in doubt; the missing bonds had been advertised and some of them discovered. In every instance they had been used as collateral for large loans, and the belief was current that not less than a million and a half dollars had been realized. Every one connected with the bank had been placed under arrest, and released on heavy bond.
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