Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-09-30
Effect of Action on Gold
is Minimized by Americans

able as in adversely. 1t can be counted
on to carry on"
+ \ \ 4
"At least we can say that prospects
have not been darkened and that worse
conditions have been definitely avoided"
AYERS the Houston Chronicle, while the
Louisville Courier Journal holds that
"a lesson which the Britons seem In o
fair way of learning Is that they made
a grievous mistake when they inSti-
tuted the DOLE" observing that Tin adj
dition to a 10 per cent reduction Of
their doles the value Of their dole money
is to be diminished by the suspension
of the gold standard" The PhiladeI-
phia Inquirer concludes that "the men
who are now chiefly responsible for
England's destiny are plainly equal to
the task" The Lexington Leader points
out that England went on a gold
standard and restored the pound to par
when other countries, badly weakened
by the war, were repudiating internal
debts or scaling them down drastically
by pegging the unit of currency far
below the pre-war level"
Possible good results are foreSeen by
the Rochester Times Union, while the
Morgantown Dominion-News Is inclined
avert possible future collapse of Eng
lands credit position and her monetary
system should be applauded and should
be encouraging" The Omaha World
Herald, stating that "the world had
been shivering in apprehension for
weeks in the fear that just this would
happen records that NOW that 1t has
come to pass there are signs not only
Of relief but actually of buoyancy." The
Akron Beacon Journal remarks that
there Is pretty good understanding
between international financiers, and
the reputed calamity Of one age is the
life saver Of the next" The Rock
Island Argus observes that "the effect
of the new policy will be felt chiefly In
England and apparently there is no
cause for alarm elsewhere"
The Baltimore Sun asserts: Dur
ing the war all sorts of arbitrary bar
riers were placed in the way of the
international movement Of gold. And
the persistence of some of these, to-
gether with new banking and tariff ar
rangementS, has served to knock the
whole theory of gold as an international
stabilizer into a cooked hat" The
Topeka Capital advises that "it is well
to remember that Englands suspension
OF the gold standard for the pound
merely goes back to what existed prior
to the doubtful expedient in 1925 Of
borrowing from New York to re-estab-
lish the pound sterling" The Wor-
cester Telegram adds: There is con-
siderable body of authoritative economic
thought in Britain which has commended
all along that resumption of free gold
payments in 1925 was mistake. For q
time these theories are going to have
chance to prove their validity" The
Salt Lake Deseret News feels that "the
present misfortune of England and
Germany may mean more sound mon
etary system throughout the world for
the future" The Hamilton (Ontario)
Spectator suggests that if the crisis
brings about concerted world action at
will have served good purpose"
The Toronto Daily Star places upon
the United States and France. because
of their boarding of gold, the blame for
the overturn of the gold standard. and
charges that Great Britain cannot
support the whole gold structure If
those two great nations undermine it."