GOLD INFLOW TO U.S.A.
NO NEED TO WORRYi
TREASURY OFFICIAL'S VIEW
(By Telegraph—Press Association —Copyright.!',
WASHINGTON, March 23.
The Secretary of the Treasury, Mr. Morgenthau, in a 25-page letter in reply to a request by the Senate Banking Commiltee for an exposition of the American position on the gold question, said:—"There need not be any fear that the metal, of which the United States now holds over 15,000,000,000 dollars, or mofe than half the world's monetary stock, will cease to be the standard of value in international exchange, thus leaving the United States caught." Mr. f Morgenthau said that the United States was likely to receive approximately one billion dollars of gold yearly from abroad till conditions settle, but the inflow need not worry America. Recovery, he said, was the only cure for the gold flow, and international recovery was the only means of correcting- the maldis* tribution of the world's gold. He insisted that the President's power to change the value of the dollar was essential to national security. The old monetary concepts were no longer tenable and it would be ruinous to return to the old valuation as before the New Deal.
Mr. Morgenthau stated that the President had no present intention to reduce the price of gold s from 35 dollars an ounce.
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Bibliographic details
Evening Post, Volume CXXVII, Issue 71, 25 March 1939, Page 9
Word Count
216GOLD INFLOW TO U.S.A. Evening Post, Volume CXXVII, Issue 71, 25 March 1939, Page 9
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