National Affairs: Short of force ...


At Philadelphia, Mr. Andrew William Mellon, Secretary of the U. S. Treasury, able capitalist and financier, spoke before his industrial peers of the ultraconservative Union League Club upon international debts:

"Some of the debt settlements we have negotiated have been criticized because it is claimed that pur failure to collect the last cent imposes an avoidable burden upon our taxpayers. I pass over the practical fact that we have, I believe, made for the United States the most favorable settlements which could be obtained short of force. The original criticism is...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!