THE PRESIDENCY
"National Defense Measure"
An unceremonious squiggle of President Hoover's pen last week made the Glass-Steagall bill law. Its enactment sent a strong new quiver of hope and confidence through the nation's banking nerves. Now the Federal Reserve System could lend money to its members (in groups of five) on assets which before were ineligible for rediscount. Now it could substitute U. S. securities for gold and commercial paper as coverage for its currency. With the gold thus released, it could withstand foreign raids...
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