REPLACING GOLD
(Press Assn.-
ROOSEVELT'S PLAN CAUSES UPWARD PRICE TENDENCY SEEKING SOUND LEYEL
-By Tefegraph— Copyright) .
New York, October. 23 Seeurity and commodity prices rebounded sharply upward to-day on the announcement of Mr. Roosevelt's managed currency programme. The financial community professes dubiopsness concerning the Government's gold buying as a sound and pennanent monetary policy. Speculative interests, however, have interpreted the move as an inflationary tendency. Columns of comment on the President's move by financial authorities and economists reveal a tendency to j interpret it as an acceptance in I theory of the so-ealled "commodity ! dollar," long advocated by Professor I Fisher of the Yale University and other leading economists. It is be- ; lieved that once commodity prices are j brought to a satisfactory level i through aritficial means the gold con- ! tent of the dollar will be successively i manipulated to maintain their stabil- | ity. As one commentator expressed it, I commodities are to be the "sacred | cow" of the future instead of gold.
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https://paperspast.natlib.govt.nz/newspapers/RMPOST19331025.2.22.1
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Rotorua Morning Post, Volume 3, Issue 671, 25 October 1933, Page 5
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164REPLACING GOLD Rotorua Morning Post, Volume 3, Issue 671, 25 October 1933, Page 5
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