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13 -4-
along the same general line. It puts us on a par with
other nations and it 1s hoped eventually that it will
aid somewhat to raise prices all over the world. How-
ever, as to what the actual details of that will be or
the methods to be pursued, we don't know yet. There
have been half a dozen different suggestions made. That
is one of the things we are talking about.
Q Can you explain the process by which this would tend to
raise commodity prices here at home?
THE PRESIDENT: Here is a simple illustration: There are a.
good many commodities which are sold in terms of world
trade. Well, for instance, cotton. Cotton is sold on
a gold basis and, with the dollar where it has been, it
works out to a certain number of cents. Therefore, if
the dollar were to sell off 10%, the price of cotton in
terms of dollars would go up 10%.
Q Mr. President, you said the decision was reached Satur-
day. Haven't there been some licenses to export gold
since Saturday?
THE PRESIDENT: No, that is purely a mechanical thing. In
other words, the only licenses that have actually been
issued since Saturday were those which had been verbally
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"ocrText": "155\n13 -4-\nalong the same general line. It puts us on a par with\nother nations and it 1s hoped eventually that it will\naid somewhat to raise prices all over the world. How-\never, as to what the actual details of that will be or\nthe methods to be pursued, we don't know yet. There\nhave been half a dozen different suggestions made. That\nis one of the things we are talking about.\nQ Can you explain the process by which this would tend to\nraise commodity prices here at home?\nTHE PRESIDENT: Here is a simple illustration: There are a.\ngood many commodities which are sold in terms of world\ntrade. Well, for instance, cotton. Cotton is sold on\na gold basis and, with the dollar where it has been, it\nworks out to a certain number of cents. Therefore, if\nthe dollar were to sell off 10%, the price of cotton in\nterms of dollars would go up 10%.\nQ Mr. President, you said the decision was reached Satur-\nday. Haven't there been some licenses to export gold\nsince Saturday?\nTHE PRESIDENT: No, that is purely a mechanical thing. In\nother words, the only licenses that have actually been\nissued since Saturday were those which had been verbally"
}