Word: drifting
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Dates: during 1930-1939
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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...
...have reached the conclusion that there is no defense from a drift into unrestrained inflation other than an aroused and organized public opinion. ... It is for the purpose of contributing to such a movement that ... I sever my connections with your administration. ... It is possible that there still might be a meeting of minds had I been offered any opportunity to discuss policies with you. But no opportunities whatever have been afforded me since my return from London in July...
...that the President's money policy is "a drift to unrestrained inflation" is surely an unfounded fear and is part and parcel of that indefensible position that all inflation gets out of control of the inflators. The present gold-buying policy is not inflationary at all, but its psychological effect is--witness the rise in stock and commodity prices and the fall in certain bonds. If enough people of Sprague's positions continue to point out that the policy is not inflationary, it will in fact cease to have the effect of raising internal prices. This certainly...
...truth be known, the government there has no gold policy except to drift from day to day in the hope of finding a "natural" level for the dollar...
Even dullards could see the drift of such talk. Europe's entire Press (particularly the Swiss) broke out in a rash of headlines suggesting that the Disarmament Conference, scheduled to reconvene in Geneva on Oct. 16, will face in acute form the alternatives of Disarmament or War. Slightly appalled by the effect of the dynamite Prince Bismarck had so dutifully exploded, the German Foreign Office appealed to Ambassador-at-Large Davis to "mediate" in Geneva between their delegation and the French...