On the record
Obviously, to induce the voluntary relinquishment of bonds at a high rate of interest for other bonds at a less rate, the holders must be offered something preferable to the coin tendered as an alternative.
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gutenberg.orgCharles Sumner: “Obviously, to induce the voluntary relinquishment of bonds at a high rate of interest for other bonds at a less rate…”
Editor's note · Context
Sumner discusses the necessity of offering incentives to bondholders for relinquishing high-interest bonds.
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