Salt Lake Tribune | 1918-11-29 | Page 4 | Would Maintain the Gold Standard

WOULD MAINTAIN ! THE GOLD STANDARD; i LONDON, Nov. 28. Conditions neces- I sary to the maintenance of an effective : gold standard should be, restored without delay after the terms of peace are signed, reports a committee headed by Lord ; Cunliffe, which was appointed to con- i sider currency and foreign exchange ! problems after the war. The committee 1 said: I "Unless the machinery which long experience ex-perience has shown to be the only ef- fective remedy for an adverse balance of trade and an undue growth of credit is once more brought into play, there will be grave danger of a progressive credit expansion which will result in a foreign drain of gold menacing the convertibility con-vertibility of our issue and jo jeopardizing jeopardiz-ing the international trade position of the country." To maintain the gold standard the committee recommended cessation of government borrowing as soon as possible, possi-ble, establishment of an adequate sinking fund out of the revenues and the raising of the Bank of England discount rates.