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acceptances action agreed agreement April August Bank of England bank’s bankers Board Minutes Board of Governors bonds central bank certificates chairman Congress countries currency debt December decline deflation deposits devaluation discount rate discussion dollar Eccles Eccles’s economic effect excess reserves exchange rates expansion favored February Federal Reserve Act Federal Reserve banks Federal Reserve System finance FOMC gold inflow gold reserve gold standard gold stock government securities Governors Conference Governors File growth Harrison Papers ibid increase inflation interest rates issue January June loans long-term March market rates McCabe meeting member bank borrowing memo Miller million monetary base monetary policy Morgenthau October OMIC open market operations open market purchases opposed peak percent portfolio president price level proposed real bills doctrine recession reduce reserve ratio reserve requirement ratios Reserve’s Roosevelt rose short-term speculative Sproul stability Strong tion Treasury Treasury’s United voted wartime York bank York directors
Page 30 - To limit the total amount of paper issued, and to resort for this purpose, whenever the temptation to borrow is strong, to some effectual principle of restriction; in no case, however, materially to diminish the sum in circulation, but to let it vibrate only within certain limits...
Page 30 - ... in the event of any extraordinary alarm or difficulty, as the best means of preventing a great demand at home for guineas; and to lean to the side of diminution in the case of gold going abroad, and of the general exchanges continuing long unfavourable...
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