All That Glitters

All That Chie Or _ terpretation of the interrelation of K. J. CULLINANE

At one point during last year’s gold reserve controversy in the House, Rep. Claude Pepper rebuked those members opposed to the removal of existing gold backing of Federal Re- serve Bank deposits, stating that con- tinued reliance on gold would limit the monetary expansion necessary for continued progress. According to Pepper, gold backing is restrictive, the full “faith, credit and assets” of the system being considered adequate.— NEWS ITEM

KC

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K. J. Cullinane

All That Chie Or _ terpretation of the interrelation of K. J. CULLINANE

At one point during last year’s gold reserve controversy in the House, Rep. Claude Pepper rebuked those members opposed to the removal of existing gold backing of Federal Re- serve Bank deposits, stating that con- tinued reliance on gold would limit the monetary expansion necessary for continued progress. According to Pepper, gold backing is restrictive, the full “faith, credit and assets” of the system being considered adequate.— NEWS ITEM