Word: eccleses
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However Brown, Sproul and Eccles may differ about the Board's (not Eccles') special Reserve plan [TIME, Dec. 22], there is no perceptible disagreement among us as to the relative insignificance, as an anti-inflationary measure, of increasing Federal Reserve Bank discount rates. Member banks do not like...
M. S. ECCLES
In January 1947, Federal Reserve Board Chairman Marriner S. Eccles said: "Inflation has largely run its course. Shortages in many important lines have been met and in many other lines are rapidly being overcome."
Modest Steps. Next day, Eccles had a second thought. He announced that FRB would inch up the rediscount rate from 1% to 1¼% "in the not too distant future." Then Allan Sproul, president of the Federal Reserve Bank of New York, prodded Eccles. FRB has the power to make...
At week's end, it looked as if only "modest steps" would be taken. Eccles' new plan was about dead. The House Banking & Currency Committee recommended that Federal Reserve banks be required to back their currency notes by 40% in gold, the same ratio as prewar (it had...