Show A SHOT HEARD EVERYWHERE i SHOT heard round the world was fired I A informally informally in in- yesterday when the president very formally yanked the lanyard on ou Americas America's s heaviest st artillery It signaled to all nations th that the United States had abandoned the gold standard The concussion was so great that en c thc the cabinet and members of congress had hadnot hadnot hadnot not been able sufficiently to gath gather r their wits to interpret the gesture to an nn eager eager corps of correspondents on m the qui vive vive to spread the ne news s' s There has been much big news hatched in in ill Washington since March 4 but nothing like this before It is daring bc beyond ond comparison with any coups in statecraft within the memory mem mem- or ory o of a generation ati Its Its' immediate repercussions repercussions reper- reper were worldwide in extent The one blast blas brought t into being controlled inflation through a managed currency the effect of which is cheapening of money and elevation of price levels it knocks the high spots off many trade barriers and paves the way for improved international trade j it it places silver as a a. world monetary metal in its most favorable situation situation situation situa situa- tion since and provides the groundwork i for r the realization n of the hopes of people the world over for the benefits which will follow reorganization of t the tho e monetary I program m with the white metal in its proper place t The failure of the president thus titus far to bim bimetallic avow his disposition to champion a standard is in no wise an unfavorable rable indica indica- ti tion n. n The he ivay way is open now for concerted world orld a action tion on silver silve very cry much Soo sooner er in all nIl likelihood than if the congress at this session session ses ses- ses- ses sion io had taken action in behalf of the metal for the United Stat States s alone economic conference With the forthcoming a tW Washington nearing as as a preliminary to the London meet of the thc powers there is j a strong dramatic element in the presidents president's unexpected action Almost as a mere incident to his press conference the news was given the world before the cabinet as a a. whole and the congi con con- gi te aware that that anything g whatever of this this' nature re was imminent T This Tiis jS was strategy i in statecraft of tho the highest highest high high- est cst order It places th the president as the representative rep rep- of this nation in a commanding position when he le interviews the representatives representatives' tives' tives of foreign governments with regard to matters matte s on the agenda of the thc world conference conference conference confer confer- ence to o convene probably in June This series bilateral ral agreements or at least exchanges of views views gives such advantage to America that the foreign ministries of all world powers are p placed ac d in a defensive position In this aspect t. t o of the situation the United States is arm arme armed with the powerful weapons of initia initiative ve and movement |