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A reversion to deflationary methods of balancing the budget which were dtac
tried with disastrous results "by the last Republican Administration would
imperil the recovery now in progress throughout the nation. By 1 inn mm mint
restoring the incomes of the people the Democratic Administration has restored
the onl^ means of balancing the budget and of reducing the national debt
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By the Banking Act of 1955 the Federal A eserve System was
strengthened. Public instead of private control over the use of
bank credit was definitely established. Not only is management of
credit policies in the public interest thus assured but an <=>••*•*•*
essential step has been taken to promote the orderly economic
development of the nation, free*from the disastrous and destructive
excesses of deflation and *• inflation*
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