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Updated: June 5, 2025
February 25, 1929. is the one hundred and fiftieth anniversary of the capture of Fort Sackville, at Vincennes, in the State of Indiana. This eventually brought into the Union what was known as the Northwest Territory, embracing the region north of the Ohio River between the Alleghenies and the Mississippi River. This expedition was led by George Rogers Clark.
The Council of the League, on its part, having considered this report as well as the joint observations and conclusions of the Commission, unanimously adopted, on March 4, 1929, a resolution, subsequently translated and published in the newspapers of Baghdád, directing the Mandatory Power “to make representations to the Government of ‘Iráq with a view to the immediate redress of the injustice suffered by the Petitioners.” It instructed, accordingly, the Secretary General to bring to the notice of the Mandatory Power, as well as to the petitioners concerned, the conclusions arrived at by the Commission, an instruction which was duly transmitted by the British Government through its High Commissioner to the ‘Iráq Government.
"You will see how things will go with my children when I am under ground. Lord! it makes me shudder to think of it." Old Sechard died in the month of March, 1929, leaving about two hundred thousand francs in land. His acres added to the Verberie made a fine property, which Kolb had managed to admiration for some two years.
The fishing banks off the Coast of Newfoundland have suddenly sunk. Cable ships repairing a broken cable, snapped by the earthquake of November 18th, 1929, report that for distances of a hundred miles on the Grand Banks the cables have disappeared into unfathomable depths. And before the subterranean cataclysm, they were within six hundred feet of the surface.
Today we are only part-way through that program and recovery is speeding up to a point where the dangers of 1929 are again becoming possible, not this week or month perhaps, but within a year or two. National laws are needed to complete that program. Individual or local or state effort alone cannot protect us in 1937 any better than ten years ago.
Many people have the idea that as a nation we are overburdened with debt and are spending more than we can afford. That is not so. Despite our Federal Government expenditures the entire debt of our national economic system, public and private together, is no larger today than it was in 1929, and the interest thereon is far less than it was in 1929.
Callable bonds have been refunded and paid, so that during this year the average rate of interest on the present public debt for the first time fell below 4 per cent. Keeping the credit of the Nation high is a tremendously profitable operation. The immediate fruit of economy and the retirement of the public debt is tax reduction. The annual saving in interest between 1925 and 1929 is $212,000,000.
There is likewise pending before the Congress legislation to provide for the elimination of unnecessary holding companies in the public utility field. I consider this legislation a positive recovery measure. Power production in this country is virtually back to the 1929 peak. The operating companies in the gas and electric utility field are by and large in good condition.
The needs along health, educational, industrial and social lines however, are great, and the Budget estimates for 1929 include still further increases for Indian administration.
Callable bonds have been refunded and paid, so that during this year the average rate of interest on the present public debt for the first time fell below 4 per cent. Keeping the credit of the Nation high is a tremendously profitable operation. The immediate fruit of economy and the retirement of the public debt is tax reduction. The annual saving in interest between 1925 and 1929 is $212,000,000.
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