USE FOR HOARDED GOLD

Hawera Star, Volume LII, 7 July 1932, Page 5

USE FOR HOARDED GOLD

CURRENCY EXPANSION SOUGHT AMERICAN SENATOR’S PLEA AID TO FARM PRODUCTION RELIEF OF UNEMPLOYMEINT (United Press Association—By Electric Telegraph Copyright.) WASHINGTON July 6. “We> must immediately pass laws /expanding the- currency and further extending credit or return in the autumn faced with tlie proposition of devaluating the dollar,”, declared Senator W. E. Borah, chairman of the Foreign Relations Committee, when tlie United States Congress! was reconvened to-day after the holiday recess. Deflation was strll advancing, continued Mr Borah, and inflation was necessary to relieve agricultural employment. “We have sufficient gold to justify upon a sound basis a currency expansion to the extent of billions of dollars if necessary,”, he said. “We have more than one-third of all the gold in the world, hut it iis hidden and hoarded, an,d refusing to help in this great national crisis, the country is. left paralysed.”