Stabilization of Purchasing Power of Money: Hearings Before the Committee on Banking and Currency of the House of Representatives, Sixty-seventh Congress, Fourth Session on H.R. 11788, to Stabilize the Purchasing Power of Money, December 18, 19, 20, and 21, 1922

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Page 130 - Be brave then ; for your captain is brave, and vows reformation. There shall be, in England, seven halfpenny loaves sold for a penny : the threehooped pot shall have ten hoops ; and I will make it felony to drink small beer: all the realm shall be in common, and in Cheapside shall my palfrey go to grass.
Page 88 - Commission, with constructive as well as inquisitorial powers — an agency whose duty it should be to encourage, under strict Government supervision, such cooperation and coordination in industry as should tend to increase production, eliminate waste, conserve natural resources, improve the quality of products, promote efficiency in operation, and thus reduce costs to the ultimate...
Page 159 - Hundred and with interest at six per cent, per annum; both principal and interest to be paid in the then current money of said State in a greater or less sum, according as five bushels of Corn, sixty-eight pounds and four-seventh parts of a pound of Beef — ten pounds of Sheep's Wool — and . sixteen pounds of Sole Leather, shall then cost more or less than one hundred and thirty pounds current money at the then current prices of said articles...
Page 156 - I know, when the steering wheel of an automobile is turned, that it will prove to have been turned just enough and not too much. Many things may interfere in a month. But if the correction is not enough, or if it is too much, the index number next month will tell the story. Absolutely perfect correction is impossible, but any imperfection will reappear at the next date for adjustment and so cannot escape ultimate correction.
Page 155 - ... primitive times to the accurate ones of to-day, when modern science puts the finest possible point on measurements of all kinds. Once the yard was defined, in a rough and ready way, as the girth of the chieftain of the tribe and was called a gird. Later it was the length of the arm of Henry the First, and still later the length of a bar of iron in the Tower of London.
Page 91 - To establish from time to time, subject to review and determination of the Federal Reserve Board, a minimum rate of discount to be charged by such bank for each class of paper, which shall be made with a view to accommodating commerce and promoting a stable price level for commodities in general. All of the powers of the federal reserve system shall be used for promoting stability in the price level.
Page 88 - These combinations are capable also — and very easily capable — of carrying out purposes of greatest public disadvantage. They can so subtly influence production as to keep it always just short of current demand and thus keep prices ever high and going higher. They can encourage a common understanding on prices, and, without great difficulty, can hold price levels at abnormal positions. They can influence the favoring of one type of buyer over another. Nearly every business man in the country...
Page 121 - Resolved, That the Executive Council be and is hereby instructed to have a study made of the successive steps which have been taken by our Federal and Supreme Courts, through which, without constitutional authority, and in opposition to the action of the Constitutional Convention, they laid hold on power which they now exercise; that the results of such study be prepared...
Page 88 - Board ; but that the experiences of the war should be capitalized ; its heritage of dangerous practices should be fully realized that they might be avoided; and its heritage of wholesome and useful practices should be accepted and studied with a view to adapting them to the problems of peace. It is recommended that such practices of cooperation and coordination in industry as have been found to be clearly of public benefit should be stimulated and encouraged by a Government agency, which at the same...
Page 128 - ... its dues or for the sales of its public lands in future, except gold and silver and his promissory notes, and that he should have the use of the public funds from the time of their collection until their disbursement. Can any one estimate the wealth which such a contract would confer ? His notes would circulate far and wide over the whole extent of the Union ; would be the medium through which the exchanges of the country would be performed ; and his ample and extended credit would give him a...

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