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31 -6-
Yet, they talk on the other side about our being vague
and they have been off for nearly two years. Now,
that is the easiest way of explaining it. We are
not ready to export gold. We are not ready to make
any kind of an agreement by which we would morally
obligate ourselves to export gold at this time and
we are not ready to go along on the creation of some
kind of stabilization fund which might obligate us to
export gold. Now that, really, is the whole thing in
a nutshell.
Q It was suggested that central banks might operate in that
situation independent of the Government?
THE PRESIDENT: Central banks on the other side? I haven't
the slightest idea.
Q And the Federal Reserve Board on our side?
THE PRESIDENT: That brings up the question whether the
Federal Reserve Bank in New York legally has the authority
to speculate in exchange.
Q Do you think it has?
THE PRESIDENT: Probably not, because the money of the Federal
Reserve Banks belongs to the constituent banks that make
up the Federal Reserve Bank in the district.
Q How are we to use this?
MR. EARLY: You first said it was off the record and then
as not coming from any official source?
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"ocrText": "006\n31 -6-\nYet, they talk on the other side about our being vague\nand they have been off for nearly two years. Now,\nthat is the easiest way of explaining it. We are\nnot ready to export gold. We are not ready to make\nany kind of an agreement by which we would morally\nobligate ourselves to export gold at this time and\nwe are not ready to go along on the creation of some\nkind of stabilization fund which might obligate us to\nexport gold. Now that, really, is the whole thing in\na nutshell.\nQ It was suggested that central banks might operate in that\nsituation independent of the Government?\nTHE PRESIDENT: Central banks on the other side? I haven't\nthe slightest idea.\nQ And the Federal Reserve Board on our side?\nTHE PRESIDENT: That brings up the question whether the\nFederal Reserve Bank in New York legally has the authority\nto speculate in exchange.\nQ Do you think it has?\nTHE PRESIDENT: Probably not, because the money of the Federal\nReserve Banks belongs to the constituent banks that make\nup the Federal Reserve Bank in the district.\nQ How are we to use this?\nMR. EARLY: You first said it was off the record and then\nas not coming from any official source?"
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