GOLD STANDARD.

Manawatu Standard, Volume LII, Issue 268, 12 October 1932, Page 7

GOLD STANDARD.

ENDANGERED IN UNITED STATES. NEW YORK, Oct. 10. Although the European raid on the dollar, in which French speculator's apparently attempted to capitalise President Hoover’s gold standard utterances, completely collapsed to-day, with the franc exchange down 1& cents to 3.92 J cents to the franc, safely below the gold export point, the recession of domestic security and commodity prices continued. Meanwhile tlie Republicans apparently intend to press the gold standard as a political issue. The New York r Times’s Washington correspondent reports tliat Sena- 1 tor Reed lias returned from Europe, and after a conference with President Hoover reiterated liis 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 tliat> he had not discussed war debts, hut 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.