Members of Congress should not be alarmed because the President's devaluation power has expired, for it was a privilege that Congress had no constitutional right to grant to the President. Practically all our trouble is due to the Gold Reserve Act and the monetary power given to the President and the money changers in his temple.
Gold is the international standard for money.
If any changes are to be made in the value of gold, it must be agreed to by every nation in the world. It should be obvious to everybody that nothing but confusion will come from constant changes of grains of gold in the dollar. It is indeed unfortunate that we have tied our dollar to a fixed gold content, for had we simply abandoned the gold standard and continued international trade in grains of gold, as we are now doing and will always do, our industries and business would have been protected. Had we abandoned the gold standard entirely, all international transactions would have been conducted on the old gold standard of 25.8 grains of fine gold. This would mean that all commodities would be sold to foreign nations at the prevailing price in our market, and United States bonds would be sold at 1OO cents gold to the dollar, or at 25.8 grains of gold to the dollar.