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Explains how wartime and postwar conditions altered trade and credit flows, why excessive gold could fuel inflation in credit and currency, and how the Federal Reserve Act’s authority to set discount rates related to controlling such risks. Traces institutional actions from 1914 onward, including gold exchange pooling, credit limitation proposals, wartime gold impounding, embargo measures, and the subsequent gold influx’s effects on prices and credit.",{"@graph":69,"@context":123},[70,84,106],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":40,"@type":76,"position":81},"https://docshare.wps.com/document/research-report/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/history-of-the-gold-policy-of-the-federal-reserve-system/325093/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/history-of-the-gold-policy-of-the-federal-reserve-system/325093.png","ImageObject",300,407,{"name":92,"@type":93},"Anda","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-10-31","2026-09-21",true,{"@type":102,"interactionType":103,"userInteractionCount":105},"InteractionCounter",{"@type":104},"ViewAction",13,{"@type":107,"mainEntity":108},"FAQPage",[109,115,119],{"name":110,"@type":111,"acceptedAnswer":112},"What central issue does the document call the “gold problem” of redistribution?","Question",{"text":113,"@type":114},"It describes the concentration of about half of the world’s monetary gold supply in the United States, compared with a much smaller share earlier, creating a redistribution problem.","Answer",{"name":116,"@type":111,"acceptedAnswer":117},"Why does the document emphasize preventing inflation arising from excessive gold?",{"text":118,"@type":114},"It argues that excessive gold in the United States could become the basis of credit and currency inflation similar to earlier episodes.",{"name":120,"@type":111,"acceptedAnswer":121},"How did the Federal Reserve System respond to wartime conditions and postwar changes in gold flows?",{"text":122,"@type":114},"It outlines actions such as arranging a gold exchange pool, safe keeping of national gold, proposing amendments to limit credit volume, impounding gold during the war, imposing a gold embargo, and then facing a major postwar gold influx.","https://schema.org",{"og:url":83,"og:type":125,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":127,"canonical":83},"index,follow",{"doc_id":129,"site_id":62},325093,1790144617,{"code":4,"msg":5,"data":132},{"doc_id":129,"user_id":133,"nickname":92,"user_avatar":134,"doc_module":4,"category_id":39,"category_name":40,"doc_title":65,"doc_description":67,"doc_content":135,"file_id":136,"file_url":137,"file_type":138,"file_size":139,"view_count":105,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":52,"language":140,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":141,"faqs":142,"seo_title":143,"seo_description":67,"update_tm":144,"read_time":145,"preview_page_count":4},962075006959,"https://ap-avatar.wpscdn.com/avatar/e0002397efbe92a78e?_k=1776741047341049297","97-84075-15Prather,Charles Lee  \nHistory of the gold policyof the federal reserve  \n[n.p.]  \n1929  \nRESTRICTIONS ON USE:  \n# COLUMBIA UNIVERSITY LIBRARIESPRESERVATION DIVISIONBIBLIOGRAPHIC MICROFORM TARGET\n\n## ORIGINAL MATERIAL AS FILMED-EXISTING BIBLIOGRAPHIC RECORD\n\n Reproductions may not be made without permssion trom Columbia University Libraries.               \nTECHNICAL MICROFORM DATA  \nFILM SIZE:            mm  \nREDUCTION RATIO:      1/:/  \nMAGE PLACEMENT:IA 1 IB 1  \nINITIALS:tB       \nDATE FILMED:5-7-97      \n           23918                 \nTRACKING\\#:  \nFILMED BY PRESERVATION RESOURCES,BETHLEHEM,PA.  \n## HISTORY OF THE GOLD POLICY OF THEFEDERAL RESERVE SYSTEM\n\nx25  \nCHARLES LEE PRATHER  \nB.Ed,Eastern Illinois State Teachers College,1922  \nA.M.,University of Illinois,I923  \nAN ABSTRACT OF A THESIS  \nSUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIRE-MENTS FOR THE DEGREE OF DOCTOR OF PHILOSOPHYIN ECONOMICS IN THE GRADUATE SCHOOL OFTHE UNIVERSITY OF ILLINOIS,I927  \nURBANA,ILLINOIS  \nHISTORY OF THE GOLD POLICY OF THEFEDERAL RESERVE SYSTEM  \nBYCHARLES LEE PRATHER  \nB.Ed,Eastern Illinois State Teachers College,1922  \nA.M.,University of Illinois,1923SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIRE-MENTS FOR THE DEGREE OF DOCTOR OF PHILOSOPHYIN ECONOMICS IN THE GRADUATE SCHOOL OFTHE UNIVERSITY OF ILLINOIS,1927URBANA,ILLINOISI929  \nAN ABSTRACT OF A THESIS  \nFe\"27,1q3ope上  \nHISTORY OF THE GOLD POLICY OF THEFEDERAL RESERVE SYSTEM  \nThe presence of about one-half of the monetary gold supplyof the world in the United States at the present time,as com-pared with one-fourth in I9T4,¹gives rise to what is commonlyreferred to as the gold problem of redistribution.The accumu-lation of about two-thirds of this stock in the hands of the Fed-eral Reserve System further increases its importance and givesto the System the power to extend credit far in excess of busi-ness needs.2  \nBefore the war,trade and credit movements controlled thedistribufion of gold in such a way that no central bank wasever confronted with such a quantity of unnecessary gold as ex-ists in the United States today.Since the present situation islargely a product ofthe late war,it is expected that improvementin economic conditions in Europe will bring about a more equaldistribution of gold.  \nIn the meantime it has been and is considered highly desir-able to prevent the excessive amount of gold in this countryfrom becoming the basis of an inflation in credit and currencysimilar to that of I9T9 and I920.The duty of preventing suchinflation may be considered to have been given to the FederalReserve Board by the Federal Reserve Act when it was author-ized to fix its discount rates so as best \"to accommodate com-merce and business.\"g  \nSince its establishment in I9I4,the Federal Reserve Systemhas had an enormous infuence on the banking and monetaryhistory of the United States.During the latter part of I914 theBoard was instrumental in arranging a“gold exchange pool”inorder to cope with the abnormal exchange rates which resulted  \nfrom the outbreak of the war.From I915 to 1917 the reservebanks confined themselves largely to the safe keeping of a partof the nation's gold supply,with the purpose of being prepared forany emergency demand for gold that might arise.In addition theBoard desired to lessen the credit inflation which occurred dur-ing I916 and the first part of I917,due to the gold influx ofalmost one billion dollars.For this purpose the Board proposeda number of amendments to the Federal Reserve Act whichwould give the Board greater power to limit the volume ofcredit.  \nDuring the war the System impounded as much gold aspossible in order to have an adequate basis of credit expansionarising because of war needs.In order to help maintain thegold stock and handicap the enemy countries,a gold embargowas levied in September,I917.Following the removal of thegold embargo in June,I919,the United States lost S4o7,66,000in gold,but the net influx since has been more than $I,500;","cbCaid54dssHalty","https://ap.wps.com/l/cbCaid54dssHalty","pdf",302075,"English","# Abstract and Context\n## Gold redistribution and the “gold problem”\n## Inflation risks from excessive gold\n# Early Federal Reserve Actions\n## Gold exchange pool and wartime measures\n## Credit control proposals and gold embargo\n# Postwar Gold Influx and Effects\n## Predictions of price and credit inflation\n## Policies and outcomes","[{\"question\":\"What central issue does the document call the “gold problem” of redistribution?\",\"answer\":\"It describes the concentration of about half of the world’s monetary gold supply in the United States, compared with a much smaller share earlier, creating a redistribution problem.\"},{\"question\":\"Why does the document emphasize preventing inflation arising from excessive gold?\",\"answer\":\"It argues that excessive gold in the United States could become the basis of credit and currency inflation similar to earlier episodes.\"},{\"question\":\"How did the Federal Reserve System respond to wartime conditions and postwar changes in gold flows?\",\"answer\":\"It outlines actions such as arranging a gold exchange pool, safe keeping of national gold, proposing amendments to limit credit volume, impounding gold during the war, imposing a gold embargo, and then facing a major postwar gold influx.\"}]","HISTORY OF THE GOLD POLICY OF THE FEDERAL RESERVE SYSTEM | PDF",1789969662,25]