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goods. I hope that eventually each country in the
world will have a currency which will be stable within
its own domestic purchasing power.
Now, if you arrive at that objective in the world,
automatically almost the exchange value of those curren-
cies in terms of other currencies will become more or
less stable. Then there is the other side of the
picture: As I said, some of those countries are very
much concerned with a temporary exchange value of
their currencies in terms of other currencies and they
seek to have us enter into a thing which is not really
on the Agenda at all and that is an agreement between
five or six nations out of the 66 present to set up
some kind of a fund, a special fund, temporarily to
control the exchange fluctuation. Now, our primary
objection to that method, if we are asked to participate
in that fund, is that morally we would be obligated,
in case that fund called for large withdrawals of gold
from this country, to let down the bars on the export
of gold that we have in this country. Well, we are
not willing to do that at the present time. We have
seen, for example, the fact that England has been,
socalled, off the gold standard for a year and ten
months, and they are not ready to stabilize yet. We
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"ocrText": "004\n31 -4-\ngoods. I hope that eventually each country in the\nworld will have a currency which will be stable within\nits own domestic purchasing power.\nNow, if you arrive at that objective in the world,\nautomatically almost the exchange value of those curren-\ncies in terms of other currencies will become more or\nless stable. Then there is the other side of the\npicture: As I said, some of those countries are very\nmuch concerned with a temporary exchange value of\ntheir currencies in terms of other currencies and they\nseek to have us enter into a thing which is not really\non the Agenda at all and that is an agreement between\nfive or six nations out of the 66 present to set up\nsome kind of a fund, a special fund, temporarily to\ncontrol the exchange fluctuation. Now, our primary\nobjection to that method, if we are asked to participate\nin that fund, is that morally we would be obligated,\nin case that fund called for large withdrawals of gold\nfrom this country, to let down the bars on the export\nof gold that we have in this country. Well, we are\nnot willing to do that at the present time. We have\nseen, for example, the fact that England has been,\nsocalled, off the gold standard for a year and ten\nmonths, and they are not ready to stabilize yet. We"
}