FLOOD OF GOLD
FOR PRIVATE LOANS ROOSEVELT’S ATTACK ON DEPRESSION (By Telegraph—Press Association—Copyright) WASHINGTON, April 15. At President Roosevelt’s request the Secretary to the Treasury (Mr. Henry Morgenthau) ordered the de-sterilisa-tion of 1,392,000,000 dollars' worth of gold, and by telegraph distributed the sum among twelve Federal Reserve Banks for private loans. It was pointed out that this action involves the use of only the present amount of inactive gold. Thus the sterilisation of all gold imported quarterly in excess of 100,000,000 dollars will continue. The Federal Reserve Board has agreed to liberalise the requirements by freeing 750,000,000 dollars from reserves.
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Bibliographic details
Wanganui Chronicle, Volume 80, Issue 90, 18 April 1938, Page 7
Word Count
100FLOOD OF GOLD Wanganui Chronicle, Volume 80, Issue 90, 18 April 1938, Page 7
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