Inflation Control: Hearing Before the Committee on Banking and Currency, House of Representatives, Eightieth Congress, Second Session, on S. J. Res. 157, Joint Resolution to Aid in Protecting the Nations's Economy Against Inflationary Pressures. July 29, 30, Aug. 2, 3, and 4, 1948
U.S. Government Printing Office, 1948 - Inflation (Finance) - 290 pages
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Page 78 - Said board of directors shall administer the affairs of said bank fairly and impartially and without discrimination in favor of or against any member bank or banks and may, subject to the provisions of law and the orders of the Federal Reserve Board, extend to each member bank such discounts, advancements, and accommodations as may be safely and reasonably made with due regard for the claims and demands of other member banks, the maintenance of sound credit conditions, and the accommodation of commerce,...
Page 87 - It extends to those activities intrastate which so affect interstate commerce or the exercise of the power of Congress over it as to make regulation of them appropriate means to the attainment of a legitimate end, the exercise of the granted power of Congress to regulate interstate commerce.
Page 89 - Having thus, in the exercise of undisputed constitutional powers, undertaken to provide a currency for the whole country, it cannot be questioned that Congress may, constitutionally, secure the benefit of it to the people by appropriate legislation. To this end, Congress has denied the quality of legal tender to foreign coins, and has provided by law against the imposition of counterfeit and base coin on the community. To the same end. Congress may restrain, by suitable enactments, the circulation...
Page 111 - The CHAIRMAN. The committee will come to order, and we will proceed with the hearings on the inflationary situation.
Page 63 - The CHAIRMAN. The committee will come to order. We will proceed with the consideration of HR 6571.
Page 89 - The broad and comprehensive national authority over the subjects of revenue, finance and currency is derived from the aggregate of the powers granted to the Congress, embracing the powers to lay and collect taxes, to borrow money, to regulate commerce with foreign nations and among the several States, to coin money, regulate the value thereof, and of foreign coin, and fix the standards of weights and measures, and the added express power "to make all laws which shall be necessary and proper for carrying...
Page 88 - Much is said about a restaurant business being local but "even if appellee's activity be local and though it may not be regarded as commerce, it may still, whatever its nature, be reached by Congress if it exerts a substantial economic effect on interstate commerce . . . .
Page 13 - ... sound argument against that proposition. We feel that with an equitable division properly maintained that there would be no further need for additional taxes in the District of Columbia to meet the demands for increased appropriations that have been submitted. But, my association feels and has stated, and I think I can say without fear of successful contradiction, that the people of Washington are perfectly willing to pay increased taxes if you will give them the things that are needed in properly...
Page 78 - ... from the use of the credit facilities of the Federal Reserve System for making undue use of bank credit for speculative purposes or for any other purpose inconsistent with the maintenance of sound credit conditions.