Show Shades of Statecraft Editors Editor's Nole Opinions Note r ole ole-O Opinions expressed in this column are those of the writer They may mayor or may aL not be those of The Chronicle By RICHARD WOOTON A CASE of shutting the time barn door after A the horse is gone is Frances France's recent monetary change Devaluation and amid absorption absorption absorption tion of or gold reserves into the time national treasury came caIne late However Oer we ve do not criticize the time French Fr for a policy of better la late ate te than never ne Shutting time the door now nay at least prevent the barn from being blown lown down n Though huge amounts of gold have lave already been lost the time ne new policy will ill probably put the time French Fl monetary system on a stronger foundation Our nation shut shit the time barn door loon three years ago While French reserves during the last three years decreased by approximately approximately eight billion hillion francs the time reserves of Continued on Page 7 Shades o of f Statecraft Continued from page 3 the United States under our our present present pres pres- ent administrations administration's monetary policy policy policy pol pol- pol- pol icy increased steadily At present our gold reserves approximately equal the entire reserves reserves s of the rest of the world How opposition candidates candidates candidates can can- can criticize a monetary policy with such results is hard to understand except for the fact that they are opposition candidates Devaluation Explained An economic lecture class could be no less interesting to most people people people peo peo- than the economics of deval a- a tion Yet if you were to tell teU a person person person per per- son that every dollar he had might become worth only four fifty-four cents cent he would be instantly alarmed Or Orif Orif Orif if you ou showed him that devaluation devaluation devaluation tion could greatly reduce his debts and correspondingly increase the value of his property then I si sm would replace his former I apathy These conditions are theoretically theoretically the thc present with ith devaluation Like Lil House Building What has been going goin on under devaluation and centralization of gold reserves might be held analogous analogous analogous analo analo- r gous to building a house gold representing representing rep rep- t resenting the foundation foundation currency currency the superstructure A builder knows that a foundation of certain size can safely support a superstructure superstructure superstructure super super- structure of certain size If a t larger house is wanted either a larger foundation must be he provided provid provid- ed or else a Ji lighter superstructure built To facilitate enlargement of or orthe the nations nation's currency the administration administration administration adminis adminis- has done clone both I It t has acquired acquired acquired ac ac- ac- ac gold for a larger base and ancI has made the currency lighter by cutting the percentage of gold represented represented represented rep rep- resented b by it Recent monetary policies have undeniably laid a foundation for limited currency in in- ion I |