Inflation in Europe and the United States

Archive Report

Under The Thomas Inflation Amendment, as modified by the Gold Reserve Art of 1934, the President, retains authority, among other things, (1) to reduce the present gold value of the dollar by a maximum of 16.1 per rent, (2) to negotiate for purchase by the Federal Reserve banks of $3,000,000,000 of federal securities, and, in ease of failure of such negotiations, 13) to issue $3,000,000,000 of greenbacks under the law of 1862 for retirement of maturing government obligations.

Reassurance as to the future use of the President's monetary powers and the spending program of the administration was sought by the United States Chamber of Commerce, September 24, in a series of questions addressed to the Chief Executive. The first three of the Chamber's questions read:

When ...

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