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Former New York Mayor John F. Hylan as president of the World Monetary Reform League railed against bankers in 1933 to no avail.



"Former Mayor John F. Hyland of New York Thirsday urged government control of credit and currency expansion to overcome the 'utter selfishness' of big bankers who, he said, have brought the world 'to the verge of bankruptcy.'

Appearing as the president of the World Monetary reform League, Hylan told the senate committee which is seeking ideas for ending the depression that the bankers are not satisfied with control of the monetary gold but additionally 'have set out to secure control of the production and distribution of the necessities of life.'

'Pyramiding paper money on too small a volume of gold reserve and the bolstering of bankrupt countries with the wealth of the country has resulted in the breakdown of the people's wealth,' Hylan said.

He suggested that the secretary of treasury could 'remedy this deplorable condition' by issuing treasury notes not redeemable but interchangeable with gold. These notes would be used to redeem or purchase United States bonds and pay other government obligations.

Hylan characterized the federal reserve system as 'the most efficient credit and national wrecking machine, if viciously operated, that was ever invented.'

E.D. Duffield, president of the Prudential Life Insurance company told the committee economic recovery was being retarded by failure to balance the budget and fear that there might be currency inflation.

Senator La Follette, Republican Wisconsin, did not see how Duffiled's suggestions for budget balancing and halting inflation...could be carried out.

'As the situation becomes more desperate,' La Follette said, 'there is more agitation among the public for an inflationary approach to the problem. My colleagues and myself see it in our mail. We cannot stop the public from talking inflation or the next congress from considering it.'

Duffield replied that, 'if congress would assure the country that it intended to carry out the platforms of both parties and assure it that there would be no radical changes in the money system it would eliminate fear and restore confidence.'"

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