Finance: Reserve Bank's Foresight

Obviously, the new rediscount rate has not been established for the reasons which prompted its advance from 4 to 4¾ in November, 1919. The gold position of the Reserve system was then seriously endangered; now it is tremendously strong, its ratio of gold to notes and deposits being at present 75.8% and 79% for the New York Bank. Yet we now have too much gold for our own good, and much of our present stock of the yellow metal should be re-exported as soon as circumstances will allow, lest either lack of...

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