Magazine content is available exclusively for TIME subscribers.MONEY: Battle Lines
When portly Oliver Mitchell Wentworth Sprague resigned as the Treasury's hard money adviser, he warned his onetime pupil Franklin Roosevelt that "there is no defense from a drift into unrestrained inflation other than an aroused and organized public opinion." Last week that opinion was mightily taking shape.
Fearful lest a declining dollar damage the bond market on which the Government counts heavily to finance the New Deal, vacationing Secretary of the Treasury Woodin piped: "I must seriously criticize Dr. Sprague for the assertion he practically makes that the U. S. Treasury is...
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