Understanding the Federal Reserve System and Inflation
A historical explainer outlines what the federal reserve system is, its structure with the federal reserve board and twelve banks, and defines inflation and deflation. It discusses how inflation erodes dollar value, can stimulate overexpansion, and how deflation contracts industry and reduces purchasing power. It also notes calls for congressional action on monetary powers and references a debate on future policy directions.
MENTIONED IN THIS ARTICLE
Wil
Congress 10 Face Grave Problems at Start of Session
Washington dispatch describes a solemn session as Congress opens amid grave international issues. House and Senate leaders meet, with Roosevelt pursuing a new legislative program while Defense and foreign policy spark debate. Page 8 continues.
MENTIONED IN THIS ARTICLE
Congress
Washington
Merica
House
State
Senate
Garner
Gigss
Harkley
Kentucky
Darvison
Senate Finance Committee
Byres
Bonth Carolina
Appropriations
Barkley
South Trimble
James Sher Montgomery
America
Britain
Firoghess
Weather Forecast San Antonio and East Texas Details
San Antonio and East Texas forecast show partly cloudy conditions with framed Friday night colder to the east. Saturday brings fair weather with moderate northerly winds along the coast and cooler temperatures inland. Temperatures run below normal with highs around 81 Thursday and 60s Saturday. mornings notably cooler.
MENTIONED IN THIS ARTICLE
San Antonio
Stightee Coker
East Texas
Meridland
West
Texas
Blonday
Wallace Views L A Lights Vice President-Elect Tours City
Vice President-Elect Henry A Wallace toured Los Angeles and nearby projects during a San Antonio to Washington trip. In Mexico he took a vacation and visited agricultural areas, later inspecting Fort Sam Houston and local housing projects with Mayor Maury Maverick. He arrived at Stinson Field late Thursday with a welcoming party including officials and friends.
MENTIONED IN THIS ARTICLE
Henry A. Wal Ae
San Antonio
Priday
Washington
Mexico
Maury Maverick
Gunter Hotel
Maverick
Wallace
Tis
Roosevelt
Vacatiah-Land
Southern Republic
Erry
Fry
Avila Camacho
United States
Mausdarpield
Fort Bam Houston
Fort Sar Houston
James L. Callas
Stinson Field
Maverick and
Meaty Jr
Danquill E. Kington
F. B
Inc
Maulle
Mission
Maury
Lipscomb
George Witte
Ayart
San Jose Mission
Maryerlek
Pepe
FDR Outlines Ship Building Program for Merchant Vessels
President Roosevelt announced steps to build about 200 merchant ships of roughly 750 tons each, costing 250 to 300 million dollars, with government ownership. Vessels to be built in new yards under maritime commission, funding drawn from a special congressional allotment. He avoided committing Britain to direct gains and noted steel and production assessments. some ships could be ready by 1952.
MENTIONED IN THIS ARTICLE
Washington
Jan
Roosevelt
Great Britain
Y Roosevelt Sonia
Congress
Britain
Teresisnry
Bel J
Maritime Commission
Pryeavy
Lost Bomber Landed Safely After Snowstorm Water Landing
Edinburg Texas January 3 144 Lieut Hanson pilot and Ensign Clark co pilot of a navy bomber landed their plane safely in an inch deep lagoon near the Gulf coast of what was once part of the King ranch. They and the crew were uninjured after bailing out at 17 000 feet and spending the night on the aircraft. Four other crew members were injured and one man is missing. Local ranchers aided the survivors and officials assessed the crash site.
MENTIONED IN THIS ARTICLE
Edinburg
Satuslay Hanson
Robert B. Clark
Sania
Fe Ranch
Mier
Gulf
King Ranch
Ganson
Oly
Kite
Here
Big Spring
W. F. Pecelch
Friday Harbor
Wash
Manson
Vone
A. M. Perry
Liew. Hanson
Lonte
Lieut Hanson
Hong Clark
Navalry
Corpus Christ
Raron A.M. Perry
Fon' Liste
Nori Olive
Ata u _ Kberey
Angeles
Untiurt
Uvvesten
North Tatkberts
Ie Spring
Hanson
Etek
HD Waller
Hales
Josey
Harold Ernest Neil
Aviation
San Diego
Lloyd J. Hughes
Grand, Rapids
Frank Recke Jr
National City
Calif
Perry Aid Kanson
Pergled
Bint
Haing
bin Diego
Pensicola
Corpus Christi
Treue
W.T. Rassner
Rugette Webb
Dublin
Griffith Barracks
Donore Avenue
Persora
Dublay Wat
Cadet Killed in Landing at Kelly Airfield
Cadet Kristian Hemmingsen, student at Kelly Field, died when his training plane nosed over during a routine night training exercise. He was from Brookings South Dakota, a 1940 graduate of South Dakota State College, with parents Mr and Mrs Pred Hemmingsen of Brookings. He attended Hallan elementary school in California and was in the class expected to graduate this year.
MENTIONED IN THIS ARTICLE
Hayling
Kary Kristian Hemmingsen
Ab Kelly Wield
Hemmingsen
Brookings
South Dakota State College
Pred Hemmingsen
Hhyllan
California
Kelly Held
British Bombard Tripoli Port in Libyan War Action
British bombers attacked the Libyan port of Tripoli, plastering shipping in two heavy raids on January 1 and early today. A Middle East Command communique from Cairo announced the raids and described the activity as part of ongoing operations.
MENTIONED IN THIS ARTICLE
Tripoli
Cairo
Brettain
Middle East
Hopkins to be Roosevelt personal envoy to Britain
President Roosevelt said he will send Harry L. Hopkins to England as a personal representative with a limited mission to establish direct talks with Britain. A full ambassadorial nomination to succeed Kennedy will be sent to the Senate later, though Hopkins will not take an official ambassador role due to health.
MENTIONED IN THIS ARTICLE
Washington
Roosevelt
Harry L. Hopkins
Coymar
England
Willi
Senaate
Joseph P. Kennedy
Kennedy
Ehder
Hopkins
Opkins
Sadwaukl
Bargland
Mie Pera
Daylight raids strike Dublin amid Irish protest
Dublin reports daylight bombings as Ireland protests a German air raid. Britain orders its chargé d affaires to expostulate with Berlin. Explosives and incendiaries traced to German origin injure several. authorities seek full reparations and future safeguards. Rescue squads comb Donore Avenue for missing. casualties reported.
MENTIONED IN THIS ARTICLE
Dublin
Ireland
Birey
Curragh
Idulinnstown
Muleek
Barris
Sinking of Sfax Submarine and Rhone Tanker
France reports that the French submarine Sfax and the tanker Rhone were sunk on December 19 by a warship of unidentified nationality while en route from Cancbanan to Onkar. Sixty four Sfax crew and ten Rhone crew members were lost.
MENTIONED IN THIS ARTICLE
Vighy
France
Sfax
Rhone
Canablanan
Onkar
French West Attica
New York
Naval Ministry
Texas Has Huge Cash Fund in Red
Texas began the new year with more than 23.5 million dollars in cash balance despite a deficit. Treasurer Charley Lockhart reported the total cash balance across 34 funds at 50.093 million dollars, with 25.510 million in the general revenue fund and 1.009 million in other accounts, including a Confederate pension recount.
MENTIONED IN THIS ARTICLE
Austin
State of
Texas
Charley Lockhart
Cas
Ninth Child for Texas Woman Grows Household
Texas City report confirms Mrs. John Daykin, 26, delivered her ninth child, a boy weighing eight pounds three ounces, today. The mother is among the youngest U.S. mothers of nine children. oldest sibling is 12.
MENTIONED IN THIS ARTICLE
Texas City
John Daykin
Fair Deal For L A Weather Outlook
Weather prediction for San Antonio notes a colder shift with morning lows near 40 degrees, down from Friday’s 45. A new United States Weather Service location is mentioned, with no more rain expected as clouds blow away for the weekend. Sunny San Antonio remains the mood despite the chill.
MENTIONED IN THIS ARTICLE
Teche Ter
J. H. Daybog
Savy Antonio
Jurboe
Golng South
United States
Weather Savenu
Stinson Fete
San Antonia
National State Bank Call Issued in Banks Meeting
The comptroller of the currency issued a call for the consolidation of all national banks at the close of business Tuesday December 21 The Federal Reserve Board and the FDIC issued similar calls raising the total to 13 512 banks including 5138 rational banks WA state banks in the Fed system and 7039 other banks rushed by the TIC The banking department called for all state banks to report status at year end December 31 In Bombay India Marwana Abdul Kalan Azad congress party president arrested under defense rules at Allalee station
MENTIONED IN THIS ARTICLE
Federal Reserve Syste
Spon Congress
Cas
Agaisest
Federal Reserve System
Ie Federal Reserve Board
Senate
Federal Reserve Banks
Washington
Jang—oTi
Deermbhoy
Federal Reserve Board
Federal Deposit, Insurance Corperaction
India
Bombay
Marwana Abdul Kalan Azad
All-India Congress Party
Defense of India
Allalee
Tallrend
British Attack At Bardia Opens
Cairo reports that British forces with Australian tanks penetrated defenses at Bardia, the Libyan port held by about 20,000 Italians. The action follows days of land and sea pressure in a broader offensive that pushed Gravianti’s forces back toward Cyrenaica.
MENTIONED IN THIS ARTICLE
Cairo
Egypt
vii—Brit Sh
Bardia
Rodolfo Gravianti
Sidi Harrant
Linya
Also Mentioned on This Page
Letous
77Th
Kansas
Secretacr
White House
U.S. Weather Bureau
L. A. Lights
Tours
FDR
New S.A
Cleut
Marson
Ly Edinburg
GorPilot Clark
Fansin
Bante Pe
Bex Entity
Neuse
Amity Jaft
Herbert King
Suertlts
Joe Pye
Anwk Halp
Kelly
Cade UK
Bethy
Harry Hopkins
British Post
Hopking
Commerce
Hine
Dhepking
WPA Adintalstrader
IRKH
Berlin
Enanon de Valera
Buller
Fineh
Cautes
Fiat Conse O
Trish Follove
C. BT
Donorevenue
Glesievin
Trelntul
Prengh UK
L.A
National
Dan
London
Che Bridin
Mallon
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