Monetary, Credit, and Fiscal Policies: Hearings Before the Subcommittee on Monetary, Credit, and Fiscal Policies of ..., 81-1, September 23 ... December 7, 1949

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Page 413 - The Fund shall prescribe a margin above and below par value for transactions in gold by members, and no member shall buy gold at a price above par value plus the prescribed margin, or sell gold at a price below par value minus the prescribed margin.
Page 45 - Commission all the things we are doing — the various bills, the various assignments — and get their advice as to what we should do and what we should not do." Lifetime span of the Commission The House report says, "Not all of the work that can be imagined or possibly even all of the most important work can be accomplished by the Commission during the next 17 months. But this period is, in the subcommittee's view, sufficient to permit all that can be realistically...
Page 410 - Unless Congress by law authorizes such action, neither the President nor any person or agency shall on behalf of the United States (a) request or consent to any change in the quota of the United States under article III, section 2, of the Articles of Agreement of the Fund...
Page 558 - That the dollar consisting of twenty-five and eight-tenths grains of gold nine-tenths fine, as established by section thirty-five hundred and eleven of the Revised Statutes of the United States, shall be the standard unit of value, and all forms of money issued or coined by the United States shall be maintained at a parity of value with this standard, and it shall be the duty of the Secretary of the Treasury to maintain such parity.
Page 59 - Demand deposits subject to reserve requirements, which beginning Aug. 23, 1935. have been total demand deposits minus cash items in process of collection and demand balances due from domestic banks (also minus war loan and series E bond accounts during the period Apr. 13. I943-.!une30, 1947). 2 Requirement became effective at country banks. 3 Requirement became effective at central reserve and reserve city banks.
Page 7 - ... incurred rather than when payment is made; purchases may have their impact when contracts are entered into rather than when disbursements are made. However, where a single budget concept is used in economic analysis bearing on stabilization policy we prefer the cash budget to any available alternative. Compared to the full span of the business cycle, a year is a short period of time. To insist upon a balance in every single year is certainly undesirable and to attain it is probably impossible....
Page 7 - Thus, in conditions of continued prosperity, a modified version of the balancedbudget rule could be used as a guide: Taxes should grow or shrink corresponding to desired changes in expenditures. Thus, proposed increases in expenditures would be exposed to the traditional test of whether they are worth their cost in terms of taxes. However, if recent events and the...
Page 410 - Articles of Agreement of the Fund; (b) propose or agree to any change in the par value of the United States dollar under article IV, section 5, or article XX, section 4, of the Articles of Agreement of the Fund, or approve any general change in par values under article IV, section 7...
Page 523 - Senate Office Building, Senator Paul H. Douglas (chairman of the subcommittee) presiding. Present: Senators Douglas, Javits, and Miller; Representatives Griffiths, Curtis, and Widnall.

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