U.S.A GOLD POLICY
NEW PROGRAMME.
CURBING A BOOM. Metal Set Aside In An Inactive Account. Press Association —Copyright. Washington, Dec, 29, The first purchase in the gold sterilisation programme of £2,967,000 in gold was announced today. Daily announcements of purchases will be ' made hereafter. As a means of curbing a *widelypredicted post-Christmas boom which, it is claimed, would rival that preceding the 1929 market collapse, the Federal Treasurer, Mr. H. L. Morgenthau, recently announced a new policy by which the Treasury will henceforth purchase outright and sterilise newly-mtrwd and imported ®old and not allow i it to become ai basis for ' new bank credits' through the Federal Reserve system.
The Treasury will issue its own securities to the public and use the proceeds to buy gold at the present rate, but instead of issuing gold certificates the Reserve Banks will set the meta! aside in an inactive account where it cannot fo'rm a foundation for credit.
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Taranaki Central Press, Volume IV, Issue 321, 31 December 1936, Page 5
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156U.S.A GOLD POLICY Taranaki Central Press, Volume IV, Issue 321, 31 December 1936, Page 5
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