FISCAL: New System

"I belong to the school which believes the Government should own the stock of the Reserve Banks. . . . Instruments of credit, I believe, should be centred in a Government authority."

So saying the U. S. Secretary of the

Treasury looked around at a ring of smiling faces including those of two former Secretaries of the Treasury, Carter Glass and William G. McAdoo.

That same afternoon at the White House newshawks popped a question at Franklin Roosevelt. Did he agree with Mr. Morgenthau that the Government should own the Federal Reserve? Nodding sagely the President of the U. S. remarked that Government...

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