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10 -10-
money, that we are faced with the problem of offsetting
that in some way. I would not say "inflation of the
currency", because that is not the necessary meaning.
You see, upon the closing of the banks I put away some-
where around four billion dollars. It was probably
locked up before, but people did not know it. Now it
is locked up and people do know it. That is defla-
tionary. The effect of outting very nearly a billion
dollars off the Government payrobl - the veterans,
cutting down of departments and cutting off the 15%
of employees' pay - would probably run to perhaps not
quite a billion dollars but very nearly that. It means
that much loss in the flow of money. That is defla-
tionary.
Now, on the other side of the picture, we have
C.C.C. giving employment to about 250,000 people in
the forests and on works of various kinds. That is
only $250,000,000 as an offset, and then there is
$500,000,000 as an offset on direct relief to the
States. That means that we have not yet caught up
with the deflation that we have already caused, and
tharefore, of course, we are going to talk about
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"ocrText": "126\n10 -10-\nmoney, that we are faced with the problem of offsetting\nthat in some way. I would not say \"inflation of the\ncurrency\", because that is not the necessary meaning.\nYou see, upon the closing of the banks I put away some-\nwhere around four billion dollars. It was probably\nlocked up before, but people did not know it. Now it\nis locked up and people do know it. That is defla-\ntionary. The effect of outting very nearly a billion\ndollars off the Government payrobl - the veterans,\ncutting down of departments and cutting off the 15%\nof employees' pay - would probably run to perhaps not\nquite a billion dollars but very nearly that. It means\nthat much loss in the flow of money. That is defla-\ntionary.\nNow, on the other side of the picture, we have\nC.C.C. giving employment to about 250,000 people in\nthe forests and on works of various kinds. That is\nonly $250,000,000 as an offset, and then there is\n$500,000,000 as an offset on direct relief to the\nStates. That means that we have not yet caught up\nwith the deflation that we have already caused, and\ntharefore, of course, we are going to talk about"
}