Looks at the excess reserves of 1937 in the USA, which were well over $2 billion. Discusses what criterion can be used to determine the adequacy or excessiveness of the volume of money and what the prospects would be for further expansion if no action were taken. Concludes that on balance, probabilities appear to suggest that further expansion will occur unless checked, and that adequate monetary grounds exist, therefore, for taking action to prevent an injurious expansion of credit.
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