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008
-8-
That means, for example, the question of control
of gold. That is obvious. As long as nobody asks
me whether we are off the gold standard or gold
basis, that is all right, because nobody knows what
the gold basis or gold standard really is. If you
want a definition of the gold standard, read my
friend Robey's story in the New York Evening Post
of last night. I think it is about as good a defin-
ition as there is. It is quite short and if you
would like to hear it, I will read it to you. It is
a pretty good document.
AUDIENCE: If it really tells us what the gold standard
is --
THE PRESIDENT: It is pretty good. It doesn't say whether
we are on or off it.
Declaration of the national moratorium has
raised the question in many minds as to what
constitutes a gold standard. More specifically
many people have wondered whether the United
States by this action has suspended the gold
standard in a true sense. The Treasury officials
and some of the bankers maintain that we have not.
Obviously, the answer to the question rests upon
one's conception of what it is necessary for a
country to do in order to maintain a metal standard.
This is a problem which can be answered with
definiteness. Over a long period four things
have come to be recognized as requisites of a gold
standard. When a country is complying with these
it is on the standard. When it does not it is
off the standard.
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"ocrText": "008\n-8-\nThat means, for example, the question of control\nof gold. That is obvious. As long as nobody asks\nme whether we are off the gold standard or gold\nbasis, that is all right, because nobody knows what\nthe gold basis or gold standard really is. If you\nwant a definition of the gold standard, read my\nfriend Robey's story in the New York Evening Post\nof last night. I think it is about as good a defin-\nition as there is. It is quite short and if you\nwould like to hear it, I will read it to you. It is\na pretty good document.\nAUDIENCE: If it really tells us what the gold standard\nis --\nTHE PRESIDENT: It is pretty good. It doesn't say whether\nwe are on or off it.\nDeclaration of the national moratorium has\nraised the question in many minds as to what\nconstitutes a gold standard. More specifically\nmany people have wondered whether the United\nStates by this action has suspended the gold\nstandard in a true sense. The Treasury officials\nand some of the bankers maintain that we have not.\nObviously, the answer to the question rests upon\none's conception of what it is necessary for a\ncountry to do in order to maintain a metal standard.\nThis is a problem which can be answered with\ndefiniteness. Over a long period four things\nhave come to be recognized as requisites of a gold\nstandard. When a country is complying with these\nit is on the standard. When it does not it is\noff the standard."
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