Magazine content is available exclusively for TIME subscribers.BANKS: Diffusive Inflation
Fighting fire with fire, the Senate Banking & Currency Committee last week produced a currency-inflation substitute for the Goldsborough bill as passed by the House. Author of the substitute was Virginia's Carter Glass, who made public haste to belittle his own measure, deny its necessity and usefulness.
Under the Goldsborough bill the Federal Reserve would be required to inflate commodity prices by a deflation of the value of the dollar. Presumably this would be accomplished by an intensive form of U. S. security purchases such as the Reserve Was been using to pump...
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