Show FRANCE GOES OFF gald GOLD STANDARD american anglo french frenel agreement atte apts Is stabilization see freer trade prospects dictatorships st 11 ar are holding out a 1 37 ca nhwilliam ni WILLIAM ichy achy 4 ar three tye ax I 1 the at agabo isable j gapoff UA poff li he hotd kep ep t a d aln 1 oc I 1 afi ench 0 J V ra statS so 0 clr hnz ilife I 1 ri bj nam c fo doces ica ar td ep e p q ri rilea lej andai at lart I 1 beij mp fia has s amp bmp e I 1 anade nn ade ethe the aad esar id I 1 in th the i of Prem er n aad ap ta us 11 IT popular c iiii Jar vont front government p 1 0 o y ae i ns hal at overa ov e r a appt tary or 61 11 av I 1 con contradicted W III fe evy years ye ars there e 7 is now hoa oco n y ducart earth 11 1 will e ex X t P 4 filda na cap e he m movement ve fart started lit faai n a ln dg V vel ar ling thattie tha Uhe gold standard ay iy symbolized b sf safety tp a and d s e dri ewas was nal necessary sr 41 stabilize aab lift worl world tr trade e borig ge were flider 0 of fear five years ago I 1 w when I 1 i n Great britain left gold in ahe cur own banking the farrio dw I 1 holiday and abre more that 40 cents was taken out of our dollar when britain benl off the gold standard in 1931 our stock markit market became panicky N now in S 11 ds i lw irand goes s off t the aap is actually a stimulant to pr ces on the ehan th shehan it v 1 N K origination of bt gold Stan dald t trigo Thel gold id s standard t an 4 ag d which loii J digap 1 feared m I 1 so short a twit aasc agag etere ir i tere i an d in gr ja t 71 i u r t V M vic vinceni n iu aural riol Frenc frencha afi hn fan Ister of finance announced prance is De deserting the gold Stan standard britain since since the end 0 ot the napoleonic 0 e awa from onic wars during tu the benoy erio from thai tune unil the IT 1 lugof the borla orld war england became the worlds s leading figure in an camm commerce erce and finance and aad her liefa prosperity iio hii was a standard for comp comparison grison I 1 it bb became alie th e kopul popular dr belief this p pros r da due in large frieds measure are to engla england h a t steady retention of the he gold standard by the early part of the present century nearly very every e im important 0 nation iri tile world orld fahd had followed En glands lead by setting up a currency which at at any any tipa tim Coryer convertible tible into the precious metal l tt 1 it gave a man a sense pense of bl security of course to know at any time he could walk into a batik with h P paper a per money and ad ec exchange jit jor for s gold the importance of this tradition by ayt the e tima 1 leip of iaci th world war had fiad been i the passing D dirig deca decade dei today it as to convince millions of fyme Ws ars arid workers and their families that shattering the 1 bring panic tha is why the bluni blum plenty bof boar ag age to forsake gold atta time fake the present n t when the nation flutters on the verge of communism world war smarted d I 1 au natt offs soon found tit it sary to use their gold reserves reserves for the purchase of munitions end other var ar materials they began borrow frig large amounts rind norfe ati thear apua nd credit golc I 1 re sevas not sustain such sucha masury and the he gold gald disappear edi i in which war jil the franc dropped J t one fifth its former value am the arman j balue mark any value wai e eyer ver eind and B belgium ain andu W cutai rencie z ici ey 4 i suffered sufi ered evan the lie almighty p sterling waw wavy ered bred iri ih value 1 jap an L last to Still stabilize li the p popular copular anio opinion 11 im il poetical and economic circles was chaotic abal be cured it the it a could on cemore resia tia hii great as the fleet turn af afdera q r 1 1 long ard 4 ploll i W 1926 she bound sterling anc amore more 1 av at its 60 old gem 1 V pt 11 inflation hia had periled perilea france Pran cei t but ut she succeeded iri returning p we t ald standard with her raue warah twenty bev dent cent af I 1 fg kalua oft of 1193 cents in the was the ast of the big nations which had been enan in abe 4 war to st stabilize abillie HJ e t ahe gald standard which fa followed owed the war however wa s chort wita by japan an had accepted ft rtha t ka depression tad already ady begun janal it soo soon became apparent that he jae g stati dard was i p 1 an aca forthe FT worlds lus f the storm clouds broke 4 tope rope in may mai of 1931 the kredit anstatt Ans LAns talt If freet tailed ed y all europe 94 44 fe aa born I 1 c cover cove jath immediately ka german germany was besieged J by amerie cap cyr editors in a few short months h e er reserves d dwindled at agitate wh chic ih h compelled hail alpo s ami payments e t ts upon her foreign short term debt b t i VS U S leaves bold 01 old i I 1 I 1 ingream In Great britain t chife banks had taken most of the th worlds or short lerm deposits it had ha lent a large iril sharell share oti tm out ouan long term to ger any in ili the th e crisis rss britain Is fau forim bank run suddenly dent 0 on h her ne r hands hand in september of ata ban was f aco ao suspend u en ip bittl ament ent in gold 00 nations sp had he little choice in the tet but wet erfe e compelled tw to foil r ain 0 off t h gold standard suspending S V 4 ing their own wr gold pay it mente en R ws I 1 byer the arld world there was apt iet upa da aha chain in of nations actions bound to greay britain by links finks of currency cour countries which ie remained on the gald standard im med mediately medja lately tely found themselves liem selves at a disadvantage with them the 9 roup group led by britain prices went down in the goldei france and other t ferm earp balances in tai th ta states began taking their got gold 1 out ou of th this is coun country tri withdrawals of golc worried american banks which were also hurt huit by th the fallings falling price commo commodities cities and aies confidence in the banks bank was point in many years the bank holiday followed then them this nation decided to leave th the gad standard as about three nations had before it the th e anly ahl nations remaining on ehg th a at that time were france belgium the netherlands and switzerland belgium was w as the next to give in she came into too m much uc h edition with kith great britain ain an in ahe worlds merce on 09 april 1 1935 she devalued r her currency t germany italy hold out i gold was now leaving the bank of france daily in wholesale quantifies although it was apparent that devaluation of the franc could alleviate frances plight the act was the people cabinets were elec elected tedon on the strength of their vows to defend the franc devaluation accomplished aver avera a large dissen dissenting vote in the senate aswell as in the tha chamber of deau meant jt e repudiation athe bf the policy 0 f r independence behas has ft fostered f e re i thel jhc thc agreement agte ag ement between i e n it the he united states great britain and F prance rance although it does not hot quits quite bina aup to actual stabilization is seen abroad abroad as something of a bright spot in the dark sky which overcasts over casts fear ridden europe today it IsO is thought ought that the agreement will pie preclude clude any competitive cur rency debasement and will lead to a more cb co operative spirit in international trade with improved condition with respect to tariffs gold production up british and american experts are still without agreement on the exact values value of their currencies expressed in terms of each other the agreement does not put great britain back on the gold standard or fix rates kates of exchange what is is attempted is a stabilization of the pound and the dollar this would have the same effect as the return of britain to gold for the value of the dollar is is fixed in terms of gold and thit that of the pound is fixed in relation to tb the dollar i it I 1 is sonly only a year ago that neville chamberlain great britaina Brit ains chancellor of the exchequer decla declared aed that stabilization was as uni un thinkable he said there had to be a rise rise in in commodity prices a lifting of many restrictions on trade al and add a prevention of tle the fluctuations in the price of gold not no t all of his provisions have been met commodity prices have gone up but there are more restrictions 0 on n trade today than there were then there is is still no indication of a regulation of the price pace of gold as a matter of fact production of the metal etal has been on the increase and its prices price seems jeffis due for a drop unless some means of artificial fixation is is devised europe generally regards the stabilization move as a good thing the situation an the continent has been tense for some time now and the new move seems to jo be something of a ray of hope it may succeed in prying open some of the barriers created by extreme eco nationalism some countries especially those whose governments are arb directed by dictators might find their over pat biotic nationalism melting somewhat under the stimulus of a freer trade and a lending nationalistic barriers fill fall of course it cannot be paid aid at the present time that certain bertalli countries of europe are destined to a return ot of economic good neighborliness that compares with the american anglo french agreement rearmament has been going on steadily until inadi many batha of iha other nations seem bent on complete national self suf fici ency at all costs the pim pim ol of ta 1 amu W I 1 M N i t M 3 4 h V 4 jha P or tal leads to the S alfort ro K Y this contain more than 9 in gold tacie tta tu t kover ly he fie peoris Peo ai dauge a ail bete the socialists s and 1 0 o hi m the blumhart slum Blum party part Lalic fr its 19 a little disgruntled anyway because aluia has not in a ito b ring bring the v the prosperity which wh 1 1 ch it 1 is s nav evident i was bip expected eclid 16 to carh come e overnight when hen the laval was turned diat oit doe r VIA a and hd italy alone among enia jec powers have ha not formally announced di devaluation valuation nevertheless s they haye ha ye in i reality curren ples which ar are largely artificial artificia 1 1 italy if she join the pound dallar ta have to as af aae ume ga ons striving ifor for 1 greater liberality I 1 in world trade a and nd the alleviation allevia fion rone monetary tary limitations that hamper world trade this face to face with d bourse course Is for i a country such as germany for instance to make itself capable of producing everything its people need including raw materials serials te rials where then is the need for freer trade militarism and economic freedom simply do not go hand in hand it is the democratic powers who lead the way to stabilization and the dictatorships who form the chief obstacles with economic stability in europe the expansion which soine some dictatorships eye would not be possible this does not mean th atthe dictatorships ships have banded together in i a group against a group composed of democratic nations mussolini and hitler ill tl er would indeed be beatr strange i ange bedfellows bed fellows and the three great democracies aref are f far a r from united in a political bloc A union |