AMERICAN GOLD CLAUSE CASE

Press, Volume LXXI, Issue 21402, 19 February 1935, Page 11

AMERICAN GOLD CLAUSE CASE

Decision Expected •Now GREAT PUBLIC INTEREST (UNITED PRESS ASSOCIATION—BY ELECTRIC TELEGRAPH —COPYRIGHT.) (Received February 18, 7.5 p.m.) WASHINGTON, February 17. As the week-end passed without the Supreme Court announcing a further postponement of its decision in the gold clause case, officials at Washington became confident that the verdict would be given to-mor-row, and they are now tensely awaiting this all-important judgment. In spite of the complete reticence of Administration officers, from Mr Roosevelt down, about what they will do if the decision is adverse, it is assumed that immediate action will be taken to prevent the disruption of the national financial structure, as it has been built on the New Deal monetary legislation. The Treasury's 2,000,000,000 dollar stabilisation fund is already operating to keep the dollar steady .on foreign exchanges. The unusual length of time which the court has spent in considering the arguments, and its unprecedented action in several times publicly postponing its decision, have produced nationwide excitement, which has been compared to that following the Dred Scott decision of 1856, which was one of the things precipitating the Civil War. The decision, if it is given tomorrow, will undoubtedly not be made known until after the close of markets, and if it is adverse it is believed certain that Mr Roosevelt will temnorarily close the New York Stock Exchange, and perhaps commodity markets as well.