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Article: Moratorium, Hoover
- Article from:
- Dictionary of American History
- Author:
CopyrightCOPYRIGHT 2003 The Gale Group Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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MORATORIUM, HOOVER
MORATORIUM, HOOVER.
The ominous financial situation throughout the world in the spring of 1931 and its disastrous effects on American economic conditions led President Herbert Hoover, on 20 June, to propose a one-year international postponement "of all payments on intergovernmental debts, reparations, and relief debts, both principal and interest, of course not including obligations of governments held by private parties." He ...
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