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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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