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 concert throughout. However this may be, it is most fortunate that the American inquiry produced this evidence of Governor Strong's which will, I think, some day take its place with our Bullion Report of 1810 as an historical document of quite exceptional interest. On our side of the water, we were satisfied with the majestic reticence which at the half-yearly meetings of the Bank of England provides

and Parliamentary discussion of the Treasury Minute of December 15, 1919, was confined to a few back-bench bleatings. Fortunately, our American cousins "wanted to know," and Governor Strong told them all about it. Everyone interested in these matters should read his evidence in full in the "Hearing before the Joint Commission of Agricultural Inquiry, Seventy-Seventh Congress, First Session, Under Senate Concurrent Resolution 4."

Here he must be all too briefly summarized. He said that during the period of speculation and rising prices the Federal Reserve Bank's policy was to endeavour by every means at its command to arrest this development, but the atmosphere of those days created difficulties. "The people had economized for two-and-a-half