United States or Côte d'Ivoire ? Vote for the TOP Country of the Week !
Schoninger states that he has met with the greatest kindness and that the French customs authorities have agreed to accept guarantees from various commercial syndicates instead of actual immediate cash payments. This will obviate difficulties occasioned by the refusal of French banking establishments, acting under the terms of the moratorium, in handing over funds which they have on deposit.
There are certain things that a president can do without Congress, and I am going to do them. I have this evening asked major cabinet departments and federal agencies to institute a 90-day moratorium on any new federal regulations that could hinder growth.
Money was scarce, too, and, Turkey having declared a moratorium, cash was often unobtainable even by those who had money in the banks, and much distress ensued. As the defeated army was pouring in from the south, I decided to leave Beersheba and go home. The roads and the fields were covered with dead camels and horses and mules.
That very afternoon, when the trust companies had closed their doors, the government had already declared a moratorium, in order to prevent a general bankruptcy due to the general panic. When would they pay him? . . . Perhaps when the war which had not yet begun was ended perhaps never. He had no other money available except the two thousand francs left over from his travelling expenses.
If the £1 notes, with which we are now so familiar, had been ready when the war broke out, or, still better, if the Bank of England had been empowered and instructed to have an issue of its own £1 notes ready, it may at least be contended that the moratorium, which was so bad a financial beginning of the war, might have been avoided.
The first step was to get a powerful committee together. Mlle. Javal, although wealthy, could not carry through this gigantic task alone. The moratorium had stopped the payment of rents, factories were closed, tenants mobilized. Besides, she had already given right and left, as everybody else had done who had anything to give. It was growing increasingly difficult to raise money.
There are certain things that a president can do without Congress, and I am going to do them. I have this evening asked major cabinet departments and federal agencies to institute a 90-day moratorium on any new federal regulations that could hinder growth.
The principal sums without interest, still pending, are the debt of France, of $3,340,000,000; Greece, $15,000,000; Yugoslavia, $.51,000,000; Liberia, $26,000; Russia, $192,000,000, which those at present in control have undertaken, openly to repudiate; Nicaragua, $84,000, which is being paid currently; and Austria, $24,000,000, on which by act of Congress a moratorium of 20 years has been granted.
It was only the trivial matter trivial in comparison with his later undertakings of helping seventy thousand American travelers, stranded at the outbreak of the war, to get home. These people, rich and poor alike, found themselves penniless and helpless because of the sudden moratorium. Letters of credit, travelers' checks, drafts, all were mere printed paper.
"Return of Papers relating to the Assistance rendered by the Treasury to Banks and Discount Houses since the Outbreak of War on August 4, 1914, and to the Questions of the Advisability of continuing or ending the Moratorium and of the Nature of the Banking Facilities now available." H.C. 457 of 1914. 1d.
Word Of The Day