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Government to back deposits in closed banks and boost confidence
Central Press reports Senator Borah urges government to pay off a large portion of frozen deposits and guarantee all future bank deposits to restore public confidence. Leonard Ayres supports using existing money and credit by valuing bank assets and lending to that total, while noting inflation risks and a small 1933 wheat crop. Train fares this summer drop to 20 year lows as bus lines gain traction.
MENTIONED IN THIS ARTICLE
New York
William E. Borah
Idaho
Federal Reserve Banks