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Deflation Debate: Democratic Policy and 1920s Credit
A lettered critique traces deflation to the Federal Reserve under Democratic control before the 1920 Republican convention. It cites Wilson era actions, postwar credit tightening, and McAdoo’s calls for policy review, arguing farmers bore the brunt of deflation prior to Harding. It includes figures on bond losses, rate changes, and farm price declines.
MENTIONED IN THIS ARTICLE
Republican Party
Federal Reserve
Davis
Hedlanian
Wilson
Congress
Harding
Federal Reserve Board
Owens
Oklahoma
Senate Banking and Carey Committee
United States
Federal Reserve System
Ashe Gronna
North Dakota
Senate Committee On Agriculture
Senate
Reserve Board
Garner
Texas
John Skelton Williams
New York Times
Williams
Secretary of the Treasury
Jlon
Henry A. Moehlennah
Wisconsin
Virginia
Adolph Miller
California
Henry A. Moehlenpach
Charles S. Hamlin
Massachusetts
William Aa
Modesay
William G. McAdoo
Manufacturers’ Record
Baltimore
Maryland
McAdoo
Chicago Market