FISCAL: Riding Two Horses

Not since 1931 has a Secretary of the Treasury cared or dared to ask the people of the U. S. to buy U. S. bonds dated as far off as twelve years. Last week Secretary Woodin so dared. In so daring he not only submitted his financial wisdom to a major test but he gave evidence of an important decision by the Administration as to its monetary policy. During Depression, John Businessman, more & more eager for liquidity, bought short-term securities whenever he had money to invest. He liked very little to...

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