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010 -10- there is not such freedom of import and export of gold does the currency of one country fall to any substantial discount in relation to another currency. Well, of course on that question of the foreign trade in gold, for a good long time as a matter of actual fact the United States has been the only country on the gold standard. France has been theoretically on a gold standard, but nobody in France can go and take a bill to the bank and get gold for it and as far as imports and exports go in France, it has been govern- ment controlled. The same thing holds true in Switzerland and Holland and it is only up to last Sunday night that we have had free trade in gold, and now we haven't. Q Shall we get ready to revive the term of "Controlled inflation?" THE PRESIDENT: I wish somebody would invent a new term. I don't know what it is. Q May I ask if the long-time settlement of the banking situation is inter-meshed with the world economic conference? THE PRESIDENT: I should say on that -- background information --- so far as banks go within the United States, no. So far as international exchange goes, yes. I think that is the easiest way of putting it. In other words, the opening of banks and the maintaining

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198099
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    "ocrText": "010\n-10-\nthere is not such freedom of import and export\nof gold does the currency of one country fall\nto any substantial discount in relation to\nanother currency.\nWell, of course on that question of the foreign trade\nin gold, for a good long time as a matter of actual\nfact the United States has been the only country on\nthe gold standard. France has been theoretically on\na gold standard, but nobody in France can go and take\na bill to the bank and get gold for it and as far as\nimports and exports go in France, it has been govern-\nment controlled. The same thing holds true in\nSwitzerland and Holland and it is only up to last\nSunday night that we have had free trade in gold,\nand now we haven't.\nQ Shall we get ready to revive the term of \"Controlled\ninflation?\"\nTHE PRESIDENT: I wish somebody would invent a new term.\nI don't know what it is.\nQ May I ask if the long-time settlement of the banking\nsituation is inter-meshed with the world economic\nconference?\nTHE PRESIDENT: I should say on that -- background\ninformation --- so far as banks go within the United\nStates, no. So far as international exchange goes,\nyes. I think that is the easiest way of putting it.\nIn other words, the opening of banks and the maintaining"
}