MONEY: Toward a Sounder Currency

A notable battle in the war against cheap money—which is the real and basic war against inflation—has now been won. It was a defeat for Treasury Secretary John W. Snyder and for Harry Truman, who had backed Snyder's cheap-money policy against the advice of the nation's best economic and banking brains.

The key issue at stake was whether the Federal Reserve Board must bow to White House pressure and continue to peg, or support, the price of Government bonds above par, thus continuing to make available billions for credit inflation any time that banks or insurance companies...

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