MONETARY POLICY

New Zealand Herald, Volume LXXII, Issue 22005, 11 January 1935, Page 9

MONETARY POLICY

NATIONS MAY CONFER AMERICAN MINISTER'S HINT VALUE OF CURRENCIES PROBABLE FIXATION By Telegraph—Press Association—Copyright (Received January 10. 5.5 p.m.) WASHINGTON', Jan. 9 The Supreme Court to-day continued the hearing of the case in which the validity is challenged of the action of Congress in voiding the gold clause in public and private securities. The suit has been brought by the holder of a single bond of the Baltimore-Ohio Railway Company. Complainant contends that an in : terest paymtent of 22 dollars should have been equivalent to the old gold value, or about 40 per cent more, and that in effect he has been deprived of property without due process of law. The Attorney-General, Mr. H. S. Cummings, in the course of his argument, intimated that an international monetary agreement was impending. He said: "Great things are afloat. The time will come when the United States will confer with other nations in regard to monetary and currency matters, fixing the value of currencies and making those arrangements which ■lire essential among > rilised nations if we are to live together iu peace and prosperity. Let nothing be said here which will make us, in these conferences, a cripple among the nations."