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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.

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EXHIBIT 3

Circulation statement of United States money June 30, 1931

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

EXHIBIT 3A

mount 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 edit is approximately as follows, in terms of dollars:

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Total gold and silver in world and United States imported net gold over ports from 1914 to 1931.

otal gold in world.

otal silver in world..

om 1914 to 1931, United States imported net gold over exports...

5.

6.

EXHIBIT 4

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ports and exports of merchandise, calendar years 1914 to 1930, inclusive, and from January 1 to September, 30, 1931

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

Imports of merchandise

$1,789, 276, 001
1, 778, 596, 695
2,391, 635, 335
2,952, 465, 955
3, 031, 304, 721
3,904, 364, 932
5, 278, 481, 490
2, 509, 147, 570
3, 112, 746, 833
3,792, 065, 963
3, 609, 962, 579
4, 226, 589, 263
4, 430, 888, 000
4, 184, 742, 000
4,091, 444, 000
4.399, 361, 000
3,060, 908, 000

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4,808, 660, 000 4,865, 375, 000 5, 128, 356, 000 5, 240, 995, 000 3,843, 181, 000 11, 619, 281, 0001, 842, 509, 000

377, 772, 000 680, 633,000 1,036, 912, 000

841, 634, 000 782, 273, 000

1 223, 228, 000

Total, 17 years and 9 months.

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Preliminary, subject to correction.

Following the panic October, 1929, exports fell off about $3,000,000,000; imports

I off over $2,000,000,000 from 1929 to 1931.

1913.

1914

1915.

1916.

1917

1918.

1919.

1920.

1921 1922

1923 1924.

1925.

1926. 1927

1928

1929 1930.

1931.

EXHIBIT 5

Purchasing power of the dollar expressed in terms of wholesale prices

[1926=$1.000]

Year

Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.

A verige for year

$1.422 $1.433 $1.431 $1. 435 $1. 451 $1. 449 $1. 439 $1. 435 $1.416 $1. 420 $1. 427 $1.447 $1.433
1. 458 1. 464 1.471 1.479 1.484 1.484 1.486 1.437 1.425 1.471 1.481 1.486
1. 458 1.458 1. 466 1.456 1.499 1.464 1.443 1.458 1.464 1.425 1.395 1.351
1.299 1. 274 1. 244 1. 224 1.212 1. 206 1. 199 1.175 1. 151 1.098 1.027 1.008
.979 957 929 .876 .829 .820 .813 .801 .810 .818 .814 .814
.800 .815 791 779 .781 .775 .758 .745 727
.734 .734
.744 .770 .762 .752 .739 .737
709
.693 709 706 692
634
750
693
.877 .953
.977 1.011 1.040 1.071 1.071 1.070 1.071 1.063 1.062 1.076
1.094 1.076 1.078 1.073 1.041 1.038 1.006 1.014 1.007 1.004 .995 .993
.980 .968 .957 .962.981 .997 1.016 1.022 1.003 1.006 1.016 1.019

.637 .631 .604 .598 .601 .603 .620 .644

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1.028 1.043 1.054 1.046 1.031 1.030 1.018 1.009 .985
.972 .962 .960
.981.984 .971 .959 .962.967 .965.957 .967
.965 .979 .996 999.995.995 1.055 1.010 1.003 1.006 1.016 1.021
1.035 1.043 1.058 1.067 1.067 1.066 1.063 1.050 1.036 1.031 1.034 1.033
1.038 1.037 1.042 1.027 1.014 1.025 1.017 1.011 .999 1.022 1.034 1.034
1.029 1.034 1.026 1.033 1.044 1.037 1.020 1.024 1.026 1.038 1.059 1.062
1.071 1.086 1. 101 1. 103 1. 122 1.152 1.190 1.190 1. 188 1.211 1.244 1. 276
1.299 1.325 1.342 1.364 1.403 1.429 1.429

EXCHANGES

The total exchanges of interbank checks as shown by reports of clearing houses were: In 1929, $713,000,000,000; in 1930, $628,000,000,000; in 1931, $462,000,000, 000-over 40 times all the gold in the world.

The velocity of the dollar and the efficiency of the banking system and the use

of checks is thus exhibited.

It will be observed that these transactions fell off from 1929 to 1931 by $250,000,000,000, or over 35 per cent.

There was an adequate cause.

The following chart shows the fluctuations in the purchasing power of the dollar in the wholesale markets, based on the general commodity index of the daily wholesale prices of 550 commodities, each one weighted in accordance with its relation, volume, and importance.

This table is the exact reverse of the chart of the general-commodity index.

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EXHIBIT 5A

PURCHASING POWER OF THE DOLLAR EXPRESSED IN TERMS OF WHOLESALE PRICES

(1926 - $1.00)

100

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60

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40

1928 1929 1930 1931

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.

80

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