DailyTimeCapsule brief
July 17, 1932
On July 17, 1932, the significant financial proposal urging a $4 billion scrip plan was brought forth to President Herbert Hoover. This initiative, promoted by economist Professor Irving Fisher and supported by financial strategist Joseph Frear, aimed at stimulating consumer buying during the Great Depression through a temporary currency backed by a 1% weekly stamp tax for retirement. The economic climate was dire, with unemployment rates soaring and many Americans struggling to make ends meet. Amid this turmoil, a ceremony at Morgan Park in Glen Cove, New York, marked the opening of a memorial dedicated to the mother of banker J.P. Morgan, with notable speaker F. Trubee Davison discussing the importance of financial responsibility and legacy during challenging times.
Key developments
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"CONTACT" was released on July 17, 1932, as a significant document in aviation history. It aimed to discuss and disseminate important notes on advancements in aviation technologies and practices. This publication helped to enhance collaboration and knowledge sharing among aviation professionals during a pivotal time in air travel development.
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On July 17, 1932, a proposal to issue 4 billion dollars in scrip to combat the Great Depression was presented to President Herbert Hoover. The plan, advocated by Frear, included a 1% weekly stamp tax to eventually retire the scrip. Economist Prof. Irving Fisher supported the initiative, stating it would stimulate consumer spending and help revive the economy.
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GLEN COVE CEREMONY OPENS MORGAN PARK; F. Trubee Davison Speaks at Exercises at Memorial to Banker's Mother.
