GOLD STANDARD

Dominion, Volume 26, Issue 15, 12 October 1932, Page 9

GOLD STANDARD

United States Position A POLITICAL ISSUE Republicans’ Intentions DOLLAR RAID COLLAPSES By Telegraph—Press Assn.—Copyright. (Rec. October 11, 7.5 p.m.) New York, Oct. 10. Although the European raid on tiie dollar, in winch French speculators apparently attempted to capitalise, President Hoover’s gold standard utterances completely collapsed to-day, with the franc exchange down 11 wilts to 3.92 J cents, to the franc safely below the gold export point, the recession of domestic security and commodity prices continued. Meanwhile the Republicans apparently intend to press the gold standard as a political issue. The “New York Times” Washington correspondent reports that Senator Reed has returned from Europe, and after a conference with President Hoover reiterated his contention that the standard had been severely endangered, blaming the inflation measures which had been pending in Congress. He added: “If the Democrats get control of the Government and pass these measures the United States will be thrown off the gold standard without any doubt” Discussing the European situation, he insisted that he had not discussed war debts, but he expressed the opinion that both Britain and France would meet their interest payments due on December 15.

He characterised the domestic fiscal situation as still serious and indicated that another attempt to enact a sales tax would be undertaken during the session of Congress starting in December.