GOLD IN AMERICA
POLIOY OF DE-STERILIBATION ADDED CREDIT FACILITIES BANK RESERVES INCREASED United Press Assn.—Elec. Tel. Copyrlgb’ WASHINGTON, Feb. 14 The Secretary of the Treasury, Mr Henry Morgenthau, announces the deVerilisation of a further 30,000,000 dollars worth of gold to provide added credit facilities to combat the business recession. The new policy is retrospective to January 1, 1938. It provides for the Treasury to deposit with the Federal Reserve system all gold purchased from domestic producers or from abroad to a limit of 100,000,000 dollars during each quarter of the fiscal year. Gold to the value of 30,000,000 dollars , ear-marked for sterilisation, will go to the Federal Reserve system, and if the Treasury buys an additional 70,000,000 dollars worth of gold during the current period it also will escape sterilisation. The decision relieves the Treasury from borrowing in the public market and increases the bank reserves, thus assuring a continuation of the easy money policy.
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Waikato Times, Volume 122, Issue 20425, 16 February 1938, Page 7
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155GOLD IN AMERICA Waikato Times, Volume 122, Issue 20425, 16 February 1938, Page 7
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