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Bonaparte took the letter, read it, and said, in the tone of a man who knew beforehand what he was about to be, informed of, "Well, what the devil would you have me do, since the laws are opposed to it? Persevere; follow the usual modes of liquidation, and something will come of it!" What finally happened was, that by a regular decree this bill was cancelled, torn, and deposited in the archives.
Producing the empty bottle he asked the bar-keeper how much he would charge for filling it, and on hearing the amount told him to go ahead. As soon as the bottle was filled and returned to the second mate, he slipped it in his pocket, and in a very matter-of-fact manner began to make arrangements for the liquidation of the debt, at a convenient period.
The Budget total for the next fiscal year, the year that ends on June 30, 1947, is estimated at just above 35.8 billion dollars-about a third of the budgets for global war, although nearly four times the prewar budgets. This estimate is based on the assumption that a rapid liquidation of the war program will be associated with rapid reconversion and expansion of peacetime production.
Assuming, somewhat arbitrarily, that about one-half of the 15-billion-dollar outlay for the fiscal year 1947 is for war liquidation, aggregate expenditures by this Government for the second World War are now estimated at 347 billion dollars through June 30, 1947.
Broadly the community has cooperated to meet the needs of honest distress, and to take such emergency measures as would sustain confidence in our financial system and would cushion the violence of liquidation in industry and commerce, thus giving time for orderly readjustment of costs, inventories, and credits without panic and widespread bankruptcy.
The fourth section provides "that the notes or bills of the said corporation, although the same be, on the faces thereof, respectively made payable at one place only, shall nevertheless be received by the said corporation at the bank or at any of the offices of discount and deposit thereof if tendered in liquidation or payment of any balance or balances due to said corporation or to such office of discount and deposit from any other incorporated bank."
"I understood you to declare, sir, that it was your positive intention to devote the proceeds of the sale of those securities to bolstering up your business; and even yesterday you assured me that if they could only be found you would of course hand them over to the assignee, to be devoted to the liquidation of your debts. Am I correct in this surmise, Mr. Graylock?"
"If the State legislatures," remarks the President, summing up his entire thought, "afford us a real specie basis for our circulation, by increasing the denomination of bank-notes, first to twenty, and afterwards to fifty dollars; if they will require that the banks shall at all times keep on hand at least one dollar of gold and silver for every three dollars of their circulation and deposits; and if they will provide, by a self-executing enactment, which nothing can arrest, that the moment they suspend they shall go into liquidation; I believe that such provisions, with a weekly publication by each bank of a statement of its condition, would go far to secure us against future suspensions of specie payments."
"M. Grandguillot had a private fortune; he has not taken away with him his house and his lands, I suppose. They will look into the affair; they will make an investigation. I cannot make up my mind to believe him a common thief. The only trouble is the delay: a liquidation drags on so long." He spoke in this way in order to reassure Clotilde, whose growing anxiety he observed.
He soon began to call Brother George's attention to the condition of certain accounts, making suggestions as to their possible liquidation or discontinuance, which pleased that individual greatly. He saw a way of lightening his own labors through the intelligence of this youth; while at the same time developing a sense of pleasant companionship with him.
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