GOLD STANDARD

Hawke's Bay Tribune, Volume XXII, Issue 256, 12 October 1932, Page 8

GOLD STANDARD

AMERICA’S POSITION

A POLITICAL ISSUE.

COLLAPSE OF DOLLAR RAID. New York, October 10. Although the European raid on the dollar, in which French speculators apparently attempted to capitalise Mr Hoover’s gold standard utterances, completely collapsed to-day with the franc exchange down 1 1-8 t0'3.92 5-8, safely below the gold 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 Iseed, who has returned from Europe, after a conference with Mr Hoover, reiterated his contention that the gold standard was severely endangered, blaming inflation measures pending in Congress that that time, He added: “If the Democrats get control of the Government and pass these mea sures the United States will be thrown off the gold standard without any doubt.”

Discussing the European situation, Senator Reed declined to predict Anglo-French action on the Lytton report. He insisted that he had not discussed their debts, but expressed the opinion that both Britain and France would meet the interest payments due on December 15. He characterised the domestic fiscal situation as still serious, and indicated that another attempt to enact the sales tax would be undertaken during the session of Congress starting in December.,