THE GOLD STANDARD

Otago Daily Times, Issue 21773, 12 October 1932, Page 7

THE GOLD STANDARD

POSITION IN AMERICA

RAID ON DOLLAR COLLAPSES:^

(United Press Asst^clnUon.) (By Electric Telegraph—Copyright.) NEW YORfc, October 101 »£ (Received Oct, .11, at 9 ,p.m.) V Although the European raid on the dollar, in which French speculators apparently attempted to capitalise Presi- ' _ dent Hoover’s gold standard utterances, completely collapsed to-day with thefranc exchange down 1 1-8. to 3.02 5-8, safely below the gold point, the recession of domestic security and commodity prices has continued. Meanwhile, the Republicans apparently intend to press the gold standard as a political issue. The New York Times’s Washington • correspondent reports that Senator Reed, who has just returned from Europe, had a conference with President Hoover and reiterated his contention that the standard was severely endangered, blaming the inflation measures thdt were pending in the Congress. He'.added: . “If the Democrats get control of the Government and pass these measures the Unit’d States. will be thrown off the gold standard without any doubt.” In discussing the European situation he declined to predict the action of Britain or France on the Lytton report. He insisted that he had not. discussed war, debts, he expressed the opinion that both Britain and France would meet the interest payments that, were due on December 16. He characterised , the domestic fiscal situation as still serious, >. and he indicated that another attempt to enact a saUs tax would be undertaken during the session of Congress which ’ would start in December. •.