Word: eccleses
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¶Secretary of the Treasury Morgenthau and Chairman of the Federal Reserve Eccles came to the White House on a mysterious mission. Three days later the country was told that the Reserve Board had upped bank reserve requirements one-third more, to the maximum allowed by law (see p. 61...
Just before he set sail for South America on his errand of peace & goodwill, President Roosevelt expressed concern over the vast sums of foreign capital seeking safety in the U. S., broadly hinted that something might have to be done to keep what he called this "hot" money from threatening...
Having delivered themselves of this formula, Messrs. Eccles & Morgenthau then explained : the Treasury was going to keep additional gold, mined in the U. S. or imported from abroad, from getting into the U. S. banking system, where it swells the already swollen credit base. By New Deal law all imported...
Prime reason for sterilizing new gold supplies is to put an end to the steady rise in excess bank reserves. Last summer when the figure for excess reserves was around $3,000,000,000, Chairman Eccles boosted reserve requirements 50%, a move which reduced the total to $1,800,000...
Political friends, political enemies, political bystanders had been waiting four weeks for him to give them their cues for his second term. When the funeral was over Vice President Garner took him aside for a long chat. For the rest of that day and the next and the next, cue...