US Presidency
1961

Moreover, we hold large assets abroad the total owed this nation far exceeds the claims upon our reserves and our exports once again substantially exceed our imports. In short, we need not- and we shall not take any action to increase the dollar price of gold from $ 35 an ounce to impose exchange controls to reduce our handheld efforts to fall back on restrictive trade policies -or to weaken our commitments around the world. This Administration will not distort the value of the dollar in any fashion. And this is a commitment. Prudence and good sense do require, however, that new steps be taken to ease the payments deficit and prevent any gold crisis. Our success in world affairs has long depended in part upon foreign confidence in our ability to pay.