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things which would only add to the money supply and further depress the value of the dollar.
The credit restraint program in Its year of ^operation has gone a long way to * accomplishing that purpose. Non-essential lending has been cut down all over the country as well as in this area.
Other factors got into the act, too, of course. The Federal government clamped on some credit restraining restrictions; price controls had some effect; and most important, people relaxed their “scare-buying” assults on merchants’ shelves and began to increase their saving. The result was that, despite inflationary pressures, the dollar lost only a penny’s worth of purchasing power during the year.
Bankers aren’t claiming particular credit for halting inflation, and they warn that the year ahead may see inflation threatening again. But the country’s monetary authorities have-not hesitated—to^ salute the bankers for their help.
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