Proposal To ’Congress
<Received 10 a.m.) WASHINGTON, April 15. President Roosevelt proposed to Congress a 4.512,000,000 dollars lending and spending credit expansion programme in the New Deal’s second huge pump-priming campaign against depression. The plan falls into three general categories: The maintenance of relief: expansion of credits; revival of public works, and additional funds for certain active New Deal recovery agents. At Mr Roosevelt’s request. Mr H. Morgen than, Secretary to the Treasury, ordered the desterilisation of 1,392,000,000 dollars of gold and by telegraph distributed the sum among the 12 .Federal reserve hanks for private loans. m Million Dollars to be Freed. It is pointed out that the action involves the use of only the present amount, of inactive gold; thus the sterilisation of all gold imported each quarter in excess of 100,000,000 dollars will continue. The Federal Reserve Board has agreed to liberalise its requirements and is freeing 750,000,000 dollars from reserve.
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Bibliographic details
Northern Advocate, 16 April 1938, Page 6
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153Proposal To ’Congress Northern Advocate, 16 April 1938, Page 6
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