Salt Lake Telegram | 1935-03-12 | Page 1 | Money Inflation Decried by Eccles

MONEY MONEY INFLATION DECRIED BY EGGlES WASHINGTON March 12 UP UP- UP Currency inflation as a 3 solution forthe for I the economic situation was decried by Marriner S. S Eccles governor of the federal reserve board at a house banking committee hearing today on the omnibus banking bill bUl No monetary policy alone by byr r regulating the volume of money will a stable national income Eccles said Nobody would be satisfied satisfied satisfied satis satis- fied to reach the 1926 price level and have unemployed Eccles said he was opposed to any mandatory action by congress to force the federal reserve board to control curren currency y so a certain price level leel wOl would ld be reached I dont don't believe any monetary policy alone can give stable business conditions he hc said The question of ol distribution and wealth production is an important clement element and that gets back to the problem of the tax tern tem