Last week the Treasury Department let it be known that approximately one and one-half billion dollars, 25%, of all U. S. currency, was in hiding. It was further estimated that a major part of forty-two millions in "circulation" the week before had disappeared into safety deposit boxes and other less formal hiding places. Since hoarded cash immobilizes the gold behind it national credit was being steadily strangled. Therefore President Hoover took action to lure idle dollars back into circulation. As usual, his method involved public education, mass psychology and an-other commission.
Last autumn...
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