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Beardsley Ruml, former Chairman of the Federal Reserve Bank of New York, 1946 “...[with an] inconvertible currency, a sovereign national government is finally free of money worries and need no longer levy taxes for the purpose of providing itself with revenue… It follows that our Federal Government has final freedom from the money market in meeting its financial requirements… All federal taxes must meet the test of public policy and practical effect. The public purpose which is served should never be obscured in a tax program under the mask of raising revenue.” Beardsley Ruml, 1946 }}}