Changes

:"Offered as a non-recourse loan . . . the government would have no claim against the Wright company if it failed to repay the loan. All the government could do in that case would be to take the factory. Since the plant would be financed entirely by the government, the government would really be taking back its own property if the Wright company for some reason wanted to drop it. ...The ''Wall Street Journal'' reported on August 2 that while the loan was for $92,000,000, 'the cost of the proposed plant and its equipment is understood to be only $37,000,000 or $38,000,000'. When asked by the ''Journal'' correspondent about 'this apparent discrepancy', Jesse Jones said, 'We don't believe it would be in the public interest to break down that total at this time'....As this is being written, the Wright contract has yet to be signed.  The company is now asking for five-year amortization instead of eight.  Incidentally, a vice-president of this finicky company, T. P. Wright, was assigned to the Defense Commission on June 8 to help speed up production"

:"Offered as a non-recourse loan . . . the government would have no claim against the Wright company if it failed to repay the loan. All the government could do in that case would be to take the factory. Since the plant would be financed entirely by the government, the government would really be taking back its own property if the Wright company for some reason wanted to drop it. ...The ''Wall Street Journal'' reported on August 2 that while the loan was for $92,000,000, 'the cost of the proposed plant and its equipment is understood to be only $37,000,000 or $38,000,000'. When asked by the ''Journal'' correspondent about 'this apparent discrepancy', Jesse Jones said, 'We don't believe it would be in the public interest to break down that total at this time'....As this is being written, the Wright contract has yet to be signed.  The company is now asking for five-year amortization instead of eight.  Incidentally, a vice-president of this finicky company, T. P. Wright, was assigned to the Defense Commission on June 8 to help speed up production"

The Defense Commission was the same commission that would determine and approve the terms of the loan.<ref>''Getting Us into War'', Sargent, 1941, pg. 433.</ref> ''PM'' noted "For an $18,000,000 plant to command a $92,000,000 credit from any bank, including a federal one, may make financiers blink, but that is what has been arranged". The Curtiss-Wright loan was only a little over five times the value of the plant. But Boeing Aircraft, with a plant worth $3,000,000 was awarded a loan of $32,000,000, more than ten times. And Boeing was to own it in five years.<ref>Roger Ingersoll, ''PM'', August. 9, 1940.</ref>

The Defense Commission was the same commission that would determine and approve the terms of the loan.<ref>''Getting Us into War'', Sargent, 1941, pg. 433.</ref> ''PM'' noted "For an $18,000,000 plant to command a $92,000,000 credit from any bank, including a federal one, may make financiers blink, but that is what has been arranged". The Curtiss-Wright loan was only a little over five times the value of the plant. But Boeing Aircraft, with a plant worth $3,000,000 was awarded a loan of $32,000,000, more than ten times. And Boeing was to own it in five years.<ref>Roger Ingersoll, ''PM'', August. 9, 1940.</ref>

==Further reading==

==Further reading==

*''Franklin D. Roosevelt: The Ordeal'', Frank Freidel, Boston: Little, Brown and Company, 1954.  

*''Franklin D. Roosevelt: The Ordeal'', Frank Freidel, Boston: Little, Brown and Company, 1954.  

   

   

[[Category:United States History]]

[[Category:United States History]]

 

[[Category:politics]]

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