Last week President Roosevelt had to consider the appointment of a new head to a great Democratic institution. When Carter Glass and the new dealers of 20 years ago created the Federal Reserve System they meant it to be a pillar of sound finance which could not be shaken by the hand of politics or business, which should stand even if the economic sky should fall. What they did not foresee was that, after the economic sky had fallen, a new generation of New Dealers would want not a...
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