FREEING CREDIT.

Taranaki Daily News, 26 September 1933, Page 7

FREEING CREDIT.

POLICY OF UNITED STATES

ELIMINATION OF INFLATION

MONEY FROM CLOSED BANKS

PRICE-LIFTING PROGRAMME

SUPPORT FOR AGRICULTURE

By Telegraph—Press Assn. —Copyright. Rec. 7.5 p.m.. Washington, Sept. 24. President Roosevelt and Government financial leaders at White House to-day mapped a programme for credit expansion that centred on the release of funds in closed banks. It was emphasised by the President and his conferees that no new move other than reinforcing' the credit was in contemplatjon. This is accepted generally as definitely eliminating at this time any inflation of United States currency. It means the Government will use its every power to put into circulation money now lying idle in banks’ tills and funds locked in closed banks. Mr. Roosevelt is primarily interested in co-ordinating all Government and financial agencies to assure the full support of agriculture and business in the price-lifting recovery programme. The Secretary for Agriculture, Mr. Wallace, said in an address to-night that unless world trade was restored 40,000,000 acres of United States land must be taken out of cultivation. “Mr. Roosevelt, Mr- George Peek 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.