The Secretary said it was impossible to adopt a "pay as you go" policy at present. He declined to estimate the cost at which the government will be able to obtain money it tax exemption on government securities is removed. He admitted, however, that the cost might rise slightly.
Mr. Morgenthau reiterated that he had no fear of inflation, "With President Roosevelt here for another term, Mr. Morgenthau said. we can take the necessary steps when abnormal price trends appear and we are going to watch every minute. We will keep the cost of living stable.
Text read from the printed page and cleaned; old type leaves the occasional error.