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Show HOOVER IS FOR GOLD BASIS Pressure For Silver Grows, Despite Administration's Attitude ; Adjustment of Currency Is Ilue Topic. RV RAYMOND ( lAI'I'KR ' .WASHINGTON, Dec. 22 (U.R) President Hoover will fitand to the end behind the gold standard. No credence is given here to reports circulating in many foreign countries that the United States is about to follow fol-low England and Japan and desert gold as the foundation of its currency. cur-rency. Officials refuse to dignify such reports with of fie ia 1 denials. They are classed here as foreign propaganda. . ! Silver Move (ialns Despite this stand, however, pressure is growing for diluting the currency system, for shifting to bimetallism, bi-metallism, or, in some way, biing-ing biing-ing Hi I ver into the currency foundation. foun-dation. Some senators and congressmen are hearing from their constitu-j constitu-j ents. Senator Dill, Deni., Wash., for instance, offered in the senate a letter which ussertnd that Sweden, i since going off gold last Septem- her, has bei-n ;ih!e to cut wood pulp from M I'"1 down In $32. Swedish Swed-ish exchange is off 31 per cent. That is, she ran sell an order of i;uiid-; in America for jtii) and get H rs:irlly (he same amount of Swedish Swed-ish fiirreney for it as she would ha vi- recived by selling the lot for .$1111) he I'm going off the gold :.landa d. Grout. Britain's pound has declined de-clined from about $4.85 down to $3.3!). That difference can be sliced off the price of articles exported to America and the British seller will at ill receive the same amount of British money for his sale. Canada's exchange, though technically tech-nically still on a gold basis, is off about 18 per cent. The same is true of numerous countries which have gone off the gold standard. In all, 23 have done this. Efforts to meet this by raising the tariff through the flexible provisions pro-visions are beginning. The senate has ordered the tariff commission to investigate the effect of the Can-adlpp Can-adlpp exchange situation on imports im-ports of wood pulp. The other method suggested is to adjust the American currency. Dill is one of its advocates. He says tariff relief would only be temporary tempor-ary and would be nullified by subsequent sub-sequent Inflation abroad. Administration belief is that it will be better in the long run to ride through the present difficulties difficul-ties clinging to the gold standard. Officials believe Britain's inability to stay on gold has resulted in the American dollar's displacing sterling sterl-ing as the great international trading trad-ing medium. It probably will mean, if the opportunity is developed, that American international bankers, and their representatives all over the world, will displace British bankers as the money brokers of international trade everywhere. |