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...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!