Word: scrip
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Dates: during 1930-1939
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...mind the only trouble is that the Western banks would need far more scrip than the Eastern ones since they are in so much worse condition. That would mean the transference of a great deal of cash from the East to the West, with a consequent weakening of the East. That is precisely what the Reconstruction Finance Corporation has been doing: it is merely an organization to take money from the stronger and wealthier parts of the country and transfer it to the weak South and West...
From the subject of scrip Dr. Harris turned to the matter of securing backing for currency. He pointed out that of course the scrip would not be backed by gold deposits. "I think that would be a good thing," he stated. "Right now we are off the gold standard; we have been since the banks closed, and we would have been forced off if the bank holiday had not been declared. On March 1 there was a gold reserve of $1,500,000,000; on March 4 that reserve was only $300,000,000. That loss was caused partly...
...Streets of New York" were the most successful songs, the latter requiring many encores to satisfy the enthusiastic if somewhat liberal audience. The lines have been modernized right up to Monday, March 6, as indicated by the query by one of the players, "Cash or scrip...
...depreciate until it was more useful for lighting fires than for exchange. But in these cases the situation was handled with complete lack of common-sense, and under the pressure of conditions not present with us. On the positive side, economists advocate inflation, through the printing of irredeemable scrip by the government, for the very simple reason that more money must be put into circulation or the United States is headed for a thorough-going collapse. Bank assets were frozen solid even before the recent official blizzard. The bottom dropped out of the bond market last week. Security exchanges would...
...essential step of inflation. A pessimistic view, however, is that Mr. Woodin will continue to tie himself in knots to prove that we are still on the gold standard, even though dollar bills cannot now be redeemed at the Treasury. He and President Roosevelt may refuse to expand the scrip issue unless secured by bank paper, thus leaving the money-circulation at a near-zero rate. If they take this attitude, and it is all too likely that they will, business activity will falter, slow down, and come increasingly to a dead stop. The logs...