"Where would we be if we had I.O.U.'s scrip and certificates floating all around the country?" Instead he decided to "issue currency against the sound assets of the banks. [As opposed to issuing currency against gold.] The Federal Reserve Act lets us print all we'll need. And it won't frighten the people. It won't look like stage money. It'll be money that looks like real money." | Quote by: | William Hartman Woodin
(1868-1934) U.S. industrialist, US Secretary of Treasury under Franklin Roosevelt in 1933 |
Date: | 3/7/33 |
Source: | Source: 'Closed for the Holiday: The Bank Holiday of 1933', p20 - Federal Reserve Bank of Boston |
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