Emil Lederer · 1920
In this brief recorded speaking turn, Lederer argues that collective liability across German coal mining offers the strongest conceivable security for a bond debt:
Wenn der ganze deutsche Kohlenbergbau haftet und darauf mit dieser Obligationsschuld belastet ist, dann läßt sich eine größere Sicherstellung nicht vorstellen.
English translation: If the entire German coal-mining industry is liable and is burdened with this bond debt, then no greater security can be imagined.
His opening comparison presents the arrangement as equally advantageous to those concerned as one involving the German Reich. The intervention thus shifts the emphasis from state backing to sector-wide liability. Its immediate referents remain unspecified in the extract, which records a compact justification rather than a developed financing proposal.
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