CALL TO WORLD

Taranaki Daily News, 15 February 1933, Page 7

CALL TO WORLD

ECONOMIC CO-OPERATION PRESIDENT HOOVER’S PLEA BACK TO GOLD STANDARD POSSIBLE WAR DEBT ‘SWAP’ NEED FOR STABILISATION By Telegraph—Press Assn.—Copyright. Rec. 7J5 pan. New York, Feb. 13. A call to the world to re-establish itself upon the gold standard as the only means of avoiding “an incipient outbreak of economic war" was made tonight by the President (Mr. H. C. Hoover), coupled with the suggestion that a “swap” on war debts might be acceptable to gain this end. Mr. Hoover was addressing a Lincoln Day gathering of the United States Republican Club. Mr. Hoover asserted that the answer could only be found, and found quickly, through the re-establishment of the gold standard among the important nations. He said it was not necessary from an international point of view that the nations forced off the gold standard should be restored to the former gold values; it would suffice if it “only fixed a stop.” To do this, he said, it was only necessary to have strong, courageous action on the part of the leading commercial nations. If some sort of international financial action was necessary to enable the banks to co-operate for the purpose of stabilising currencies the nations should have no hesitation in joining in such an operation under proper safeguards. “If some part of the debt payments to us could be set aside for temporary use for the purpose we should not hesitate to do so,” continued the President. “At the same time the world should endeavour to find a place for silver, at least in enlarged subsidiary coinage. If America is asked for sacrifices on debts she should have in return assurances of co-operation that will positively result in monetary stability and the restoration of world prosperity.’’