U.S. CURRENCY

Southland Times, Issue 22130, 26 September 1933, Page 7

U.S. CURRENCY

INFLATION AVOIDED EXPANSION OF CREDIT INSTEAD IDLE MONEY IN BANKS (United Press Assn.—Telegraph Copyright.) (Rec. 7.5 p.m.) Washington, September 24. President Roosevelt and Government financial leaders mapped, out a programme for credit expansion at a conference at White House that centred on the release of funds in the closed banks. This is accepted generally as definitely eliminating at this time any inflation of United States currency. It means that the Government is going to use every power to put into circulation the money now lying idle in the bank’s tills and the funds locked up in the closed banks.

Mr Roosevelt is primarily interested in co-ordinating all the Government financial agencies to assure full support for agriculture and business in a price lifting recovery programme. The Secretary for Agriculture, Mr Henry Wallace, said in an address tonight that unless world trade was restored 40,000,000 acres of United States land must be taken out of cultivation. “Mr Roosevelt, Mr George Peck and all of us in the agricultural adjustment administration are convinced that this dilemma of bursting warehouses and starving multitudes must be solved,” he said.