Quote – From a statement issued by the unnamed “directors” of the U.S. Chamber of Commerce

No rule of thumb method ... can be devised which will fit all securities in all situations....It would produce even greater injury than the Federal Securities Act in retarding or preventing the follow of securities into new and refunding issues, which are indispensable if employment is to be maintained and increased and the huge burden on the Treasury is to be relieved.

“Exchange Control Held Deflationary: National Chamber Assails Bill As Forcing Liquidation of Bank Loans”, New York Times.

Monday, March 5, 1934