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Newspaper
High Point Enterprise
Location
High Point, North Carolina, United States of America
Date
Feb 12, 1932
Page
8
Washington report outlines federal credit expansion and new currency to combat hoarding. The plan mobilizes FED facilities to offset idle dollars and restore confidence in banking and markets as lawmakers push rapid action. It proposes broadening unused credit for member banks within the reserve system and leveraging secured securities.
Stevens will present America at Work for National Broadcasting broadcasts from 6 15 to 5 45 p m linking several stations. In boxing and sports news Dempsey knocked out Christner Youngstown drew Powers. Raleigh awarded 12 608 chair contracts. Junaluska Tannery to reopen. Boone surrenders to federal authorities.
The bill would allow the Federal Reserve to issue currency backed by a 60 40 mix of government bonds and gold for one year. It would enable lending and currency issuance based on collateral, with about 1 billion in gold available as backing. Officials expect wide effects including more local banking activity and aid to distressed banks, though issuance may be unnecessary if hoarded money returns to circulation. The text notes opinions of Senator Glass and President Hoover era aims, plus forecasts of impacts on small merchants and banking behavior. Also mentions Texas basketball player Floyd Garrett, standing 6 feet 3 inches, and Parker Bryant of Oglethorpe planning pro football, plus Hugh Pickens named basketball coach at Weaver College.
J M Caldwell state adjutant of the American Legion says Henry L Stevens Jr National Legion commander will address a nation wide radio hookup tomorrow about the Legion employment campaign in Warsaw North Carolina and Tarboro.
An advertisement from Mann's and Economy Drug Stores markets Ru-Ma as a guaranteed cure for rheumatic pain. It claims relief within a week or money back, noting the first day of eased pain and reduced swelling as proof. Older ad copy emphasizes a $1 bottle and citywide availability.
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