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157 13 -6- the record, the general thought is that we have got to bring commodity prices back to a recent level but not to the 1929 level, except in certain instances. Well, you take for instance city real estate in 1929. Then it was altogether too high and you ought not to bring city real estate back to the 1929 level. That is ob- vious. On the other hand, farm commodity prices were comparatively low in 1929 and have been going down rather steadily for five or six years. So that it has got to be a definitely controlled inflation be- cause the man on the street does not understand it any more than the average banker understands it. It has got to be a controlled price level. Q Mr. President, is it still the desire of the United States to go back on the international gold standard? THE PRESIDENT: Absolutely; one of the things we hope to do is to get the world as a whole back on some form of gold standard. Q Can you tell us any of your plans for the opening up of closed banks? THE PRESIDENT: Mr. Woodin is going to talk with the Federal Reserve people about that today. I don't know what the

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    "ocrText": "157\n13 -6-\nthe record, the general thought is that we have got to\nbring commodity prices back to a recent level but not\nto the 1929 level, except in certain instances. Well,\nyou take for instance city real estate in 1929. Then\nit was altogether too high and you ought not to bring\ncity real estate back to the 1929 level. That is ob-\nvious. On the other hand, farm commodity prices were\ncomparatively low in 1929 and have been going down\nrather steadily for five or six years. So that it\nhas got to be a definitely controlled inflation be-\ncause the man on the street does not understand it\nany more than the average banker understands it. It\nhas got to be a controlled price level.\nQ Mr. President, is it still the desire of the United\nStates to go back on the international gold standard?\nTHE PRESIDENT: Absolutely; one of the things we hope to do\nis to get the world as a whole back on some form of\ngold standard.\nQ Can you tell us any of your plans for the opening up of\nclosed banks?\nTHE PRESIDENT: Mr. Woodin is going to talk with the Federal\nReserve people about that today. I don't know what the"
}