Show national affairs by FRANK P LITSCHERT one of the most significant bits liveral ol of news from an economic standpoint given to the american people in it a long time was the announcement from new yorki york the other day to the effect that the shipping of gold to france and other countries 0 of europe principally holland and switzerland had come to an end the central banks and governments of these european nations it was announced have practically completed the calling hume home of 0 their gold deposits I 1 in n the un united 1 states a process which has las cover covered e many long weary months gol gold d may indeed n be shipped to europe b but ut it t zai will be principally earmarked gold that Is gold which has already been set alidel aside tor for shipment and which therefore Is not counted lit in and has no effect on the gold reserve ot of the united states although the immediate effect t ot of this announcement was the strengthening of the american dollar and ol of american confidence confluence in general the announcement has greater significance than this it means that the gold drain on the united states which started last october about the time great britain left the gold standard has been completed without in the least disturbing the integrity of the united states dollar or causing a ripple ot of unrest in the financial fatels ot of the united states during these months a billion and a halt half in gold has been shipped to europe america has r released it willingly and has so completely refuted and exploded the european charge that we were hoarding boarding gold all ali sorts of reasons have been given for the withdrawal ot of this gold from america the fact that it assur assumed ned great proportions immediately alter after great brt bart talat tain left the gold standard led many to believe that european financiers and gov erni enta feared that with britain off the gold basis uncle sam would follow suit gult then tile the various inflationary measures proposed in congress although they had little chanad of passing have been misunderstood in europe und and caused withdrawal of gold through tear fear that uncle saam might embark on an era of uncontrolled ib inflation trench banking authorities maintain that th action in withdrawing gold W vw i a good thing tor for both i france and nd the united states and nd rill result in a n better distribution of gold fold throughout ha world tor for trade expansion but arle so omi me ot of gold rann iol arad is great many financier believe it will soon oon aln to do that TNT tery anig it to 1 dit goult alt to 0 o tm a who the tb mj of gold has bee been remedied remeall ed to any great extent some of our own financial writers do not credit france with such unselfish motives in withdrawing gold from america aside irom from any tear fear of american stability they say that the french were actuated by selfish political motives they call attention to the fact that france race has been using her gold in europe as a political weapon tor for the past lew few years seeking to dominate the politics of europe by the yellow metal rather than by gunpowder and steel they charge further that the gold withdrawal was vas inspired in part by president hoovers moratorium corium lost last summer which the french did not at a all 11 like a and d which they held up as long as possible and by a desire on the part of the french to teach uncle sam a lesson and to show him that he should not try to run counter to french political alms whether this Is true or not and w whatever bal the motive may have been it now appears that the world has learned a lesson concerning the stability of american institutions and ot of the american gold dollar despite the lart fact that we nave have shipped this great hoard of gold to europe uncle sam still has an ample gold reserve and one which Is larger than he has enjoyed many times before even in the boom years of pros prosperity the european run on americas gold Is over and the confidence of europe in america has been restored if it was ever really lost which Is dou doubtful the only thing which can harm us now in the matter of the gold reserve Is a lack of confidence on the part of the american people themselves but if congress ge gets Is through gh in short order balancing the budget an and d averting the danger of inflation confidence luence 0 of americans will begin to grow rather t than ban to recede further |