Abstract

Everybody's Business
Hutchison, Keith | October 21, 1950 issue

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This article focuses on the political strife between Tommy McCabe, chairman, of the Board of Governors of the Federal Reserve System and Johnny Snyder, Secretary of the Treasury on the fight for the credit-control of the United States. The conflict started when Snyder landed a heavy blow by announcing' that when some $13.5 billion in certificates and bonds matured on September 15, 1950 and October 1, 1950 holders would be invited to accept in exchange 1.5 per cent thirteen-month notes. These were the same terms as were offered in connection with June 1, 1950 and July 1, 1950 maturities, and they advertised the Treasury's determination to hold the line on short-term interest at all costs.

See Also:

MCCABE, Tommy; SNYDER, Johnny; CREDIT control; MONETARY policy; ECONOMIC policy; CREDIT -- Management; UNITED States
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