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10 -12-
In your inaugural message you said you were going to
stand for a sound currency.
THE PRESIDENT: I am not going to write a book on it.
Q Can you say how much the public works program will overcome
the five billion dollar deflation which you have mentioned?
THE PRESIDENT: That is very hard to tell. You can figure
it twenty different ways. I don't know.
Q Has any consideration been given to paying off deposits
in closed banks or, rather, to facilitate the paying
off of deposits?
THE PRESIDENT: Yes, we are talking about that now.
Q Couldn't you allow us to discuss this on our own author-
ity, what you have stated about inflation and deflation?
You said it was off the record.
THE PRESIDENT: It has been printed lots and lots of times.
There is nothing new in it. We know that a great many
of the measures have been deflationary and we know too
that a few of the measures have been somewhat infla-
tionary in the sense of giving people work. But we
know that we have not got to the point of equalizing
and that we probably must do more. I don't like the
word "inflationary" because no two people agree on the
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"ocrText": "128\n10 -12-\nIn your inaugural message you said you were going to\nstand for a sound currency.\nTHE PRESIDENT: I am not going to write a book on it.\nQ Can you say how much the public works program will overcome\nthe five billion dollar deflation which you have mentioned?\nTHE PRESIDENT: That is very hard to tell. You can figure\nit twenty different ways. I don't know.\nQ Has any consideration been given to paying off deposits\nin closed banks or, rather, to facilitate the paying\noff of deposits?\nTHE PRESIDENT: Yes, we are talking about that now.\nQ Couldn't you allow us to discuss this on our own author-\nity, what you have stated about inflation and deflation?\nYou said it was off the record.\nTHE PRESIDENT: It has been printed lots and lots of times.\nThere is nothing new in it. We know that a great many\nof the measures have been deflationary and we know too\nthat a few of the measures have been somewhat infla-\ntionary in the sense of giving people work. But we\nknow that we have not got to the point of equalizing\nand that we probably must do more. I don't like the\nword \"inflationary\" because no two people agree on the"
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