BACK TO GOLD

Evening Post, Volume CXV, Issue 38, 15 February 1933, Page 9

BACK TO GOLD

THE HOOVER PANACEA

WAR DEBT QUID PRO QUO

CALL TO THE WORLD

Unlteil Press Association—By Electric TeleGraph—Copyright. . NEW YORK, February 13. A call to the world to re-establish itself upon the gold standard as the only means of avoiding "an incipient outbreak?;of economic war" was made on Monday night by the President of the United States, Mr. Herbert Hoover, when addressing a Lincoln Day gathering of the United States Republican Club. Coupled with his call, the President made a suggestion that a "swap";on war debts might be acceptable to gain this end. , In his call for co-operation among the nations against depression Mr. Hoover asserted that an answer couldonly be found, and found quickly, 'through the re-establishment of gold standards among the.important nations. It was not necessary from an international point of view that the nations forced off tho gold standard be restored to former gold values, he said. "It will suffice if it is only fixed. To do this," he continued, "it'is only necessary to have strong and courageous action on the part of the leading commercial nations. If some sort of international financial action be necessary to enable the banks to co-operate for the purpose of stabilising currencies, the nations should have no hesi-tation-in joining in such an operation under proper safeguards. . V "If some.part of the debt payments to us could be set aside for temporary use for this purpose we should not hesitate to do so," the President said. "At the same time the world should endeavour to find a place for silver, at least in an enlarged subsidiary coinage: "If America is asked for sacrifices on debts," he concluded, "She should have in return assurances of cooperation that will positively result in monetary stability and the-restoration of world prosperity."