TO SEIZE GOLD

Taranaki Daily News, 16 January 1934, Page 7

TO SEIZE GOLD

PRESIDENT’S INTENTION dollar will be devalued details not yet revealed FEAR OF TRADE ADVANTAGE TREMENDOUS EXCITEMENT By Telegraph-—Press Assn.—Copyright. Rec. 9.45 p.m. Washington, Jan. 15. After a two-hour conference with forty Congressional leaders, the President, Mr. F. D. Roosevelt, announced that he would send a message to Congress to-morrow recommending that all the nation’s monetary gold be taken over by the Treasury, after which the gold content of the dollar would be devalued. The President declined to reveal details, declaring that if his plans were disclosed in advance the French and British' markets would have .an advantage over domestic markets. , The details are awaited with tremendous excitement. The extent of the dollar devaluation is the chief topic of interest, speculation ranging between fifty and sixty cents. SIGNOR MUSSOLINI CRITICAL. INFLATION WAY TO CATASTROPHE. Rome, Jan. 14. “Inflation is the road leading to catastrophe,” said Signor Mussolini, in the Senate, referring to President Roosevelt’s experiments. He added that the monetary manoeuvre could not ensure a lasting and effective rise in prices. Nevertheless, the American measures must not be judged hastily.