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May 8, 1932

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Headlines from May 8, 1932

RESERVE BANKS AND THE PRICE LEVEL.

By Unknown Author

The Goldsborough bill, instructing the Federal Reserve to put up prices to a level 49 per cent above the present aver age, has fallen flat notwithstanding the House vote of 289 to 60 in its favor. This was certainly not because the people at large did not wish for recovery it staple prices; it was because of immediate recognition that the objective stated in the bill was wholly unattainable through the means prescribed.

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