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EXHIBIT 2A ALL FEDERAL RESERVE BANKS

CHART J.

MILLIONS OF DOLLARS

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O
'14 1915

1916

1917 1918 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 Figures for 1914-1918 are for last report date of each month; beginning with 1919 they are daily averages. Deposits are net through February, 1921, total after that month.

Reserve notes and bills and securities fell after stock market panic of October, 1929.

Exhibit 3 Circulation statement oj United States money June 30, 1931

[P. 146, Report of the Comptroller of the Currency, 1931)

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Gold coin and bullion.
Gold certificates
Standard silver dollars.
Silver certificates.
Treasury notes of 1890
Subsidiary silver.
Minor coin..
United States notes
Federal reserve notes
Federal reserve bank notes
National bank notes.

Total June 30, 1931.
Comparative totals:

May 31, 1931.
June 30, 1930
Oct. 31, 1920.
Mar. 31, 1917
June 30, 1914.
Jan. 1, 187).

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(1,701,514,389)
$4, 955, 921, 258 83, 696,078, 099 $1, 701, 514, 389 $156, 039, 088 $1, 776, 690, 378 $61, 835, 014$1, 259, 842, 230 $896, 822, 030 $363, 020, 200
530,958, 327 498, 497, 281 494, 688,776

1, 701, 514, 389 705, 004, 8411
(493, 349, 026)

996, 509, 548

3, 908, 505 41, 461,046 7, 135, 008 34, 326, 038
(1, 239, 750)

493, 349, 026 116, 200, 102 377, 148, 924
308, 619, 365 5, 692, 865

1, 239, 750

1, 239, 750
126,887, 033 4, 607,053

5, 692, 865 302, 926,500 29, 779, 482 273, 147, 018
346, 681, 016 3,523, 480

4, 607, 053 122, 279, 980 4,886, 964 117, 393, 016
2, 101,578, 450 1, 402, 130

3,523, 480 343, 157, 536 43, 730, 245 299, 427, 291
2,973, 962
42, 487

1, 402, 130 2, 100, 176, 320 391, 747, 538 1.708, 428 782
697, 004, 446 17,890, 685

42, 487 2, 931, 475

2,929, 378

2,097

17, 890, 685 679, 113, 761 30, 750, 408 648, 363, 353
9,079, 623, 698 4, 227, 734, 850 2, 196, 103, 165 166, 039, 088 1, 776, 690, 378 98, 902, 219 7,047, 992, 013 2, 228, 058, 715 4,821, 933, 898
8,782,098, 264 4, 199, 237, 014 2,192, 766, 980 156, 039, 088 1,760,532, 278 89, 898, 668 6. 775, 628, 230 2,073, 352, 798 4, 702, 275, 432
8,308, 664, 064 4,021, 936.763 1,978, 447,640 156, 039, 088 1,796, 239, 236 91, 210, 800 6, 263, 074, 941 1,741, 086, 979 4.521, 987, 962
8, 479, 620, 824 2,436, 864,530 718, 674, 378 152, 979, 026 1,212, 360, 791 352, 850, 336 6,761, 430,672 1.063, 216,060 5,698, 214, 612
6, 396, 596, 677 2,952, 020, 313 2,681, 691, 072 152,979, 026

117, 350, 216 5, 126, 267, 436 953, 221, 522 4,172, 945, 914
3,797, 825, 099 1,845, 569, 804 1,507, 178, 879 150,000,000

188, 390, 925 3,459, 434, 174

3, 459, 434, 174
1,007, 084, 483 1 212, 420, 402 21,602, 040 100,000,000

90, 817, 762 816, 266, 7211

816, 266, 7211 * Per esplta Oct. 31, 1920, was $62.21.

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the United States (total). la 29the United States (total)...

EXHIBIT 4

et over $2,000,000,000 from 1929 to 1931. Jalowing the panic October, 1929, exports fell off about $3,000,000,000; imports

EXHIBIT 3A

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(P. 148, Report of the Comptroller of the Currency, 1931]

from January 1 to September, 80, 1931 sporta and exports of merchandise, calendar years 1914 to 1930, inclusive, and

The l'nited States. nedit is approximately as follows, in terms of dollars: The per capita circulation in paper currency backed by gold, silver and/or

Anorunt of gold and silver held by the United States and various European countries

exports.. its silver in world. Total Rold in world marts from 1914 to 1931. from 1914 to 1931, United States imported net gold over Total gold and silver in world and United States imported net gold over

3,600, 744, 275

4,781, 741,000 $11, 522, 579,000

1. 18

Gold

Silver

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EXHIBIT 3A

Amount of gold and silver held by the United States and various European countries

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The per capita circulation in paper currency backed by gold, silver and/or credit is approximately as follows, in terms of dollars: The United States.

$33. 39 France..

64. 90 Germany

20, 35 Great Britian.

40. 62 Russia..

1. 31 China.

1. 18 Total gold and silver in world and United States imported net gold over ?xports from 1914 to 1931. Total gold in world.

$11, 522, 579, 000 Total silver in world.

4, 781, 741, 000 From 1914 to 1931, United States imported net gold over exports

3, 600, 744, 275

EXHIBIT 4

Imports and exports of merchandise, calendar years 1914 to 1930, inclusive, and

from January 1 to September, 30, 1931

(P. 148, Report of the Comptroller of the Currency, 1931)

Imports of merchandise

Exports of merchandise

Excess of exports over

imports

914. 915. 916. 917. 918 919 920 921 922 923 924. 925 926.

$1, 789, 276, 001 $3, 113, 624, 050
1, 778, 596, 695 3, 554, 670, 847
2, 391, 635, 335 5, 482, 641, 101
2, 952, 465, 955 6, 226, 255, 654
3, 031, 304, 721 6, 149, 241, 951
3,904, 364, 932 7, 920, 425, 990
5, 278, 481, 490 8, 228, 016, 307
2, 509, 147, 570 4,485, 031, 356
3, 112, 746, 833 3,831, 777, 469
3,792, 065, 963 4, 167, 494, 080
3, 609, 962, 579 4, 590, 983, 845
4, 226, 589, 263 4, 909, 847, 511
4, 430, 888,000 4, 808, 660, 000
4, 184, 742, 000 4, 865, 375, 000
4,091, 444, 000 5, 128, 356, 000
4. 399, 361,000 5, 240, 995, 000
3,060, 908, 000 3, 843, 181, 000
11,619, 281, 0001 1,842, 509, 000

$1, 324, 348, 049 1, 776, 074, 152 3, 091, 005, 766 3, 273, 789, 699 3, 117,937, 230 4,016,061, 058 2, 949, 534, 817 1, 975, 833, 786

719, 030, 636 375, 427, 117 981, 021, 266 683, 258, 248 377, 772, 000

680, 633, 000 1, 036, 912,000

841, 634,000

782, 273, 000 1 223, 228,000 28, 225, 823, 824

727

928
929.
930.
931 (9 months)

Total, 17 years and 9 months..

60, 163, 261, 337 | 88, 389,085, 161

| Preliminary, subject to correction. Following the panic October, 1929, exports fell off about $3,000,000,000; imports ell off over $2,000,000,000 from 1929 to 1931.

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EXHIBIT 5A

PURCHASING POWER OF THE DOLLAR EXPRESSED IN TERMS OF WHOLESALE PRICES

(1926- $1.00)

200

200

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PREPARED Y
US. DEPARTMENT OF LABOR
BUREAU OF LABOR STATISTICS

WAS, SNGTON

60

1914 1915 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930

1931.

40
40

The dollar fell from over 140 to 60 following the expansion of credit during the war and rose again to 140 plus following contraction
of credit in 1929-1931.

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