Stabilization of the Dollar

Archive Report

Price Raising Program of Roosevelt Administration

Under present conditions, with the United States off the gold standard both internally and externally, “stabilization of the dollar” has two aspects: (1) Stabilization of the purchasing power of the dollar in the domestic market, and (2) stabilization of the exchange value of the dollar in terms of foreign currencies. Ultimately the administration at Washington will give attention to both aspects of the problem, but for the present its effort is being directed principally to a restoration of the 1926 level of commodity prices in the United States as a condition precedent to stabilization.

President Roosevelt said in his radio address of May 7, 1933: The powers referred to by the President were the permissive powers of inflation asked by the ...

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