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    "label": "Fifth Draft, Wages and Prices Speech",
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    "contentType": "document",
    "title": "Fifth Draft, Wages and Prices Speech",
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            "logicalDate": "1945-10-01",
            "month": 10,
            "year": 1945
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    "seq": 9,
    "pageIndex": 0,
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    "ocrText": "140\n\"MATIONAL\nARCHIVES AND\nFIFTH DRAFT\nREGQROS\n- 9 -\nSERVICE*\nIncreased earnings mean nothing to business under these conditions. War\nbonds, insurance policies, pensions, annuities, bonds of all kinds, shrink\nin value and their incomes dwindle in buying power.\nTherefore, we must above all else, hold the line on prices. Let\nus hold vigorously to our defense against inflation. Let us continue\nto hold the price line as we have held it since the Spring of 1943. If\nwe depart from this program of vigorous and successful price control,\nif we now begin to let down the bars, there will be no convenient stopping\nplace. An ever increasing spiral of prices and wages will soon be under-\nway with disastrous consequences for all of us.\nAfter the last war, this Nation was confronted by much the\nsame problem. At that time we simply pulled off the few controls that\nhad been established, and let nature take its course. The result should\nstand as a lesson to all of us. A dizzy upward spiral of wages and\nthe cost of living ended in the crash of 1920 -- a crash that spread\nbankruptcy and foreclosure and unemployment throughout the Nation."
}