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<p>[QUOTE=&quot;itmtrader, post: 1994311, member: 33626&quot;]<p style="text-align: left"><span style="color: #000000">Obviously, the new rediscount rate has not been established for the reasons which prompted its advance from 4 to 4¾ in November, 1919. The gold position of the Reserve system was then seriously endangered; now it is tremendously strong, its ratio of gold to notes and deposits being at present 75.8% and 79% for the New York Bank. Yet we now have too much gold for our own good, and much of our present stock of the yellow metal should be re-exported as soon as circumstances will allow, lest either lack of...</span></p> <p style="text-align: left"><br /></p> <p style="text-align: left"><br /></p> <p style="text-align: left"><span style="color: #000000"><a href="http://www.time.com/time/magazine/article/0,9171,881385,00.html#ixzz1oKniWIOv" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://www.time.com/time/magazine/article/0,9171,881385,00.html#ixzz1oKniWIOv" rel="nofollow"></a></span></p><p>[/QUOTE]</p><p><br /></p>

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