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158 13 -7- details are. of Is it all right for us to use that line about controlling the price level? You had been speaking off the record. THE PRESIDENT: Yes, I think you can use that with the very definite thought in mind that we have got to raise the price level but, keep it from going too high. Q You spoke of some form of international gold standard. Does that imply the possibility of a lower gold content in the monetary units of the world? THE PRESIDENT: Well, I would not put it that way. One of the things they are talking about - the economic end of the conference - is a different gold ratio - a dif- ferent gold reserve to currency. You see, at the present time, the old standard was 40% and there is talk of changing that ideal 40% standard, which was the old ideal, to something else. Q Would you describe this as another step toward a con- toolled or managed currency? THE PRESIDENT: Currency? Yes, but I think you ought to couple with that the effort to get a more controlled credit, because the two go hand inhand. Q The public works program will fit in this general campaign sooner or later, would it not?

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    "ocrText": "158\n13 -7-\ndetails are.\nof Is it all right for us to use that line about controlling\nthe price level? You had been speaking off the record.\nTHE PRESIDENT: Yes, I think you can use that with the very\ndefinite thought in mind that we have got to raise the\nprice level but, keep it from going too high.\nQ You spoke of some form of international gold standard.\nDoes that imply the possibility of a lower gold content\nin the monetary units of the world?\nTHE PRESIDENT: Well, I would not put it that way. One of\nthe things they are talking about - the economic end\nof the conference - is a different gold ratio - a dif-\nferent gold reserve to currency. You see, at the present\ntime, the old standard was 40% and there is talk of\nchanging that ideal 40% standard, which was the old\nideal, to something else.\nQ Would you describe this as another step toward a con-\ntoolled or managed currency?\nTHE PRESIDENT: Currency? Yes, but I think you ought to\ncouple with that the effort to get a more controlled\ncredit, because the two go hand inhand.\nQ The public works program will fit in this general campaign\nsooner or later, would it not?"
}