U.S. SURPRISE
at AUSTRALIAN STATEMENT. |'United Press Association. —By Electric Telegraph.—Copyright:] (Received this day at 9/40 a.m.) ■WASHINGTON, December 4.
Considerable surprise | was caused here by the circulation of the report in Australia that the United States Federal Reserve contemplated an expansion of the note issue in the interests of unemployment. It is pointed out that while the report shows cognisance of the sensational import of such a step, it lacks familiarity with the structure or purposes of the Federal Reserve system. The hitter was instigated by Mr Wilson for the purpose, of controlling Inflation. An examination of the Federal Reserve Act shows that the main body notes - can only be issued against commercial obligations. This would make it impossible for any arbitrary expansion. Moreover, information that unemployment to any extent necessitating such desperate financial remedies existed in the United States or was at all impending, was received with incredulity. The Australian report cannot be understood here and is considered fantastic.
Permanent link to this item
Hononga pūmau ki tēnei tūemi
https://paperspast.natlib.govt.nz/newspapers/HOG19291205.2.56
Bibliographic details
Ngā taipitopito pukapuka
Hokitika Guardian, 5 December 1929, Page 6
Word count
Tapeke kupu
161U.S. SURPRISE Hokitika Guardian, 5 December 1929, Page 6
Using this item
Te whakamahi i tēnei tūemi
The Greymouth Evening Star Co Ltd is the copyright owner for the Hokitika Guardian. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International licence (CC BY-NC-SA 4.0). This newspaper is not available for commercial use without the consent of the Greymouth Evening Star Co Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Log in