The Bank Rate and Credit Control Federal Reserve Policies and the Deflation Issue
Each party has made reference in its platform to the Federal Reserve System with an implication concerning reform for purposes of alteration of the credit position, especially of the farmer, and two parties, the Democratic and the Third, have denounced the credit policy of the Federal Reserve Banks.
The Democratic platform says:
“We denounce the recent cruel and unjust contraction of legitimate and necessary credit and currency, which was directly due to the so called deflation policy of the Republican Party as declared in its national platform of June 1920, and in the speech of acceptance of its candidate for the Presidency. Within eighteen months after the election of 1920 this policy resulted ...