National Affairs: Jobs for Dollars

Up to the beginning of this week only one national bank—the First of Hamilton, Ill.—had failed in 15 days. The Federal Reserve System announced an increase in holdings by central banks of $19,399,000 in Government securities, evidence that banks were availing themselves of credit expansion made possible by the Glass-Steagall bill. A decline of $9,000,000 in the amount of money in circulation for the week was interpreted by the Treasury as showing that more currency was coming out of hiding.

With these cheering facts in mind, President Hoover felt that the nation's sluggish...

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