Lessons of the Financial Crisis ..

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We have recommended, not what we believe, in the light of experience and existing conditions, to be best for the interests subserved, but what, in the light of existing political conditions, we believe to be attainable, not what was best, but what we might reasonably hope to obtain.
(391) 92 The Annals of the American Academy President Roosevelt's Opinion President Roosevelt clearly grasps the essential weakness of the plan, as will be seen in the following quotations from his last message to C
...ongress, when he refers to the absorbing currency question : We need greater elasticity in our currency; provided, of course, that we recognize the even greater need of a safe and secured currency, . . .
Provision should be made for an emergency currency. The emergency issue should, of course, be made with an effective guaranty, and upon conditions carefully prescribed by the government. Such emergency issue must be based on adequate securities approved by the government and must be issued under a heavy tax.


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