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yagua, Mesura, a m p t h e B á m » arana

Tb« relationship b*t*aaa iba Traaaory aaA the Owtral Baak*
i.

Research rspori oo th« goT*n»«at of th« Bude of Frano* asda ihr##
yaara ago.
ai aliar »tudiaa on Kai oh» bank, Baofc of foglaiad, aad ih* Fad«imi
Basarre fly»t«a«

B*

Occiduaion at io proper relation »hip.

X*

Iba oantral baak aaat not r—
a#

Iapo»alblas

b.

Disastrous
(1)
(a)

a«

Dm IIsa.

Castrai bank would ba raorgs irisad» or
Qantral bank would ba ahaarad of ita authority («■parlaría* in t¿» folta* »tata» foUawiaf 1933).

A aantral baak should not ba aabaarriaBt*
a#

3#

In on Its CÜjaplan halfhta*

âafaty iafutilitgr*

Propar relationship
•If the a*otral bank undarstanAa that it la It# fwurtloa to
praaafit tha aooatajry polat of Tiaw oo «an sa* prohlaaa, aad
if lâ had Attsaaadad ln okt>1a1ag a fair «oaaldarmtloa ii
that poiaA of via* tbaa I thiak that it baa sskjrrad All
ths lAdaMndtoaa tkat it
kaTa* I tklak of the 1&»
Aaaaadaaaac af a asafcx*al back
i m i
t^a i ^ L M á a ^ i M
of aoa*tA¥7 prohlaaa aaA af acmj««* ia j*»f-kint tt ::TiWt't
a
at «**» ia taraa of a traditivi liiiitsf re*p*ot of %ha
{kjaanaMftt aad tha aahlAa A d vat ' tk
al
a# aku
faaA tkaA It Msaraiaaa sa vana Mtal aoaaaa **A a a l ba a

II*

fba perspective of ourr«nt probXaas.
À«

Tha Ooranaianti

B.

Absolarta^-to win ti» « x ^

Tha Traanjtry.
X»

Abaoluta— to finaooa tba war.

a*

Cholea i ttatbod* of flnanoing*




a#

Taxatiom.

b,

Borroviag aavlafs fro® awrratíl inaoaa

■

2“

o«

Borrowing aocuaulated tarings.

d.

Borrowing fro* ooaaereiaX banks.

e . Borrowing fro* tho Federal Reserve Buka*
0*

tho Federal Reserve Syeten.
X«

Absolutei

2«

Restricted action«
a«

Taxation,
(X)

b.

Advice with tho Treasury and Congress.

Borrowing savings— both fro« current laoooe and aeoumXatod«
(1)

3«

to m o that all necessary funds aro raised*

Adwiee with Treasury o r attractive issues.

Comparatively free action«

a* All aaaber banks shall bo supplied with funds«
XXI* Bvaluation of tho alternatives«
A*

Reduction of resort« requirements.

B* Open aarkot pnrchasee.
Direct purchase« Xiidied to

% biXlion«
%

6* Berroetag by a— bar beak»*

Wmm *•£• m



w

preferential nj**




Prie» of » a# ooopoB bond

to /laid

por m b * to ■fctw'lV «X 30 y m **
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* 16 ] T N N
a
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•
•
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*10 3 n
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