The stock market crash - and after

Bibliographic data

Monograph

Identifikator:: 1815583320

URN:: urn:nbn:de:zbw-retromon-204544

Document type:: Monograph

Author:: Fisher, Irving http://d-nb.info/gnd/118533541

Title:: The stock market crash - and after

Place of publication:: New York

Publisher:: Macmillan

Year of publication:: 1930

Scope:: XXVI, 286 S.; graph. Darst

Digitisation:: 2022

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XII. Relief in Seven Years of Stable Money

Collection:: Economics Books

Relief in Seven Years of Stable Money 191 address broadcast on December 7, 1929, Lewis E. Pierson, formerly President of the United States Chamber of Commerce, said: “Quite apart from its control over currency and credit, the Reserve System has been a tower of strength to American finance through its advisory assistance to the banker in his individual problem. “While I am on the topic of the Reserve Board, let me say—and I have no hesitation in saying— that had it not been for the warning issued by the Board as long ago as last March, the recent stock panic would have been infinitely worse. Bear in mind that as a result of the stock crash loans amount- ing to $1,750,000,000 were liquidated almost over- night. If our financial institutions had not been in an impregnable position, this forced liquidation would have strewn the country with bank failures. What the country experienced in the dark days a month ago was but a zephyr to the whirlwind that would have struck us but for the advance warning of the Reserve Board. Our banks are sounder and stronger than ever before.” Menace of Gold Shortage It is by no means certain that the seven years of stable money will be followed by ‘equally stable con- ditions in future. On the contrary, there is now a threat of deflation which cannot be overlooked! The chief reason we have been able to stabilize money for seven years has been in our surplus gold reserve, constituting a slack which would be taken in or given

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