The permanent
welfare and security of every class of our people ultimately
depends on our attainment of these purposes.
Obviously, and because hundreds of different kinds of crops and
industrial occupations in the huge territory that makes up this
Nation are involved, we cannot reach the goal in only a few months.
We may take one year or two years or three years.
No one who considers the plain facts of our situation believes that
commodity prices, especially agricultural prices, are high enough
yet.
Some people are putting the cart before the horse. They want a
permanent revaluation of the dollar first. It is the government's
policy to restore the price level first. I would not know, and no
one else could tell, just what the permanent valuation of the
dollar will be. To guess at a permanent gold valuation now would
certainly require later changes caused by later facts.
When we have restored the price level, we shall seek to establish
and maintain a dollar which will not change its purchasing and debt
paying power during the succeeding generation. I said that in my
message to the American delegation in London last July. And I say
it now once more.
Because of conditions in this country and because of events beyond
our control in other parts of the world, it becomes increasingly
important to develop and apply the further measures which may be
necessary from time to time to control the gold value of our own
dollar at home.
Pages:
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53