Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-09-30

Great Britain's decision to suspend
the guarantee of the standard value Of
the pound In gold is believed by many
Americans to be of temporary char
acter, and made inevitable by domestic
financial conditions, aggravated by the
drain Of the dole on the British treas
ury. Similar action by Scandinavian
countries increases interest IN sugges-
lions made that cooperation among
the nations will be required to restore
monetary conditions.
"The British government decided
against further temporizing with sit
uation that needed decisive action,
says the New York Sun, recognizing
that observers Of the temporary aban-
Comment of the gold standard are In
nearly unanimous agreement as to the
inevitability of the action" The Sun
also comments: "A revival of trade
throughout the world might hasten re-
turn to the gold standard. So might 9
revalorization of the pound, often urged
upon Great Britain by many OF her
own economists. The national pride
which in 1925 prompted return to the
pound of before 1914 is natural one,
but indulging it has meant burdens
which other European nations have not
had"
Optimism Is voiced by the Chicago
Daily News in the statement: IF the
British proceed with their courageous
budget reforms, their industrial ration
alization movement-which has en-
countered great reslstance-and their
proposed consolidation; II, further, tne
world takes recent object lessons to
heart and brings about substantial re-
duction of ornaments and removal OF
ill-advised trade barriers, Great Britain
is likely to return to the gold standard
in due time with minimum of hard
ships to capital and enterprise and OF
disturbance to the worlds economic
structure"
Recognizing hopeful comment" from
financial experts, the Philadelphia Eve
ming Bulletin remarks: IF the action
is a part of the program OF the new
national ministry to rehabilitate the
treasury, to rid it of its parasitical ex-
cesses and to balance the budget, and
temporary suspension is but a means
of working out that problem, the ultl,
mate effect will be for international
benefit. The action Of the British gov
eminent was made necessary by lack
of confidence, inducing the withdraWel
of capital. If the British financial
house can and shall be set in order with
promptness, that confidence can be re-
gained and gold payments can be re-
Sumed. There is suggestion of read
juStment of the pound sterling with
some measure of deValorization. But
that may not be necessary.
1--WE on this side of the water" de-
cIares the Atlanta Journal, care mind
full that in the trying years which have
followed the World War British honor
and justice never once have protested
or faltered on international debts, and
we salute today, with renewed conf
dence in its future, the empire whose
word Is its bond and whose tradition Is
SO goodly a part of our birthright."
Fortunately these acts do not seem
to have caused additional alarm in
other countries" AYERS the San Fran
cisco Chronicle, adding: con the con-
trary, they are approved outside. The
pound sterling falls lower because some
people cannot wait for their money.
Stocks drop in other countries because
British holders are forced to sell to get
money to use in the home land. But
after some nervousness the financial
world seems to think England has bet
tered her hold"
There is q feeling among fnanciers
that the step was logical and foregone
conclusion, and that the governments
prompt action Is proof Of its capabilities
in meeting serious situation" according
to the Oakland Tribune. The Charles
ton Is. CO. Evening Post offers the
commendation Fortunately Great
Britain has a capital greater than any
gold reserve--the spirit of It's people.
They have grit, they have determine
ton and they have patriotism. They
have sacrificed their pride in the pound
sterling to save their pride in the in
tegrity of British obligations. They are
facing problems graver than any in
their modern history, but they are fac
Ing them, not running away from them.
The British natiSp is never 80 admir-