Much the same thing can be said of those who
are at work on public works projects, of those who
are getting emergency employment relief, and the
lads of the CCC. The growth of the Federal payroll
may be a dismaying phenomenon, but it has meant
the difference between hope and dsaster to these
millions.
After all it is pretty silly to complain about the
way Uncle Sam is supporting his nephews and
nieces, unless you can show, also, some other way
in which those whom he is supporting could be
cared for.
TESTING AMERICA’S GOLD STANDARD.
Recent gold shipments leaving New York for
Europe on a straight exchange basis without any
impediment from Washington is in itself clear proof
pf the validity and flexibility of our present "fold
standard. Under our $35 price for an ounce of gold
we are willing and ready to sell as well as to buy
the metal when the status of the exchanges justifies
such a transaction. The present movement has
supplied a real test of the Administration's policy
ind it has been answered emphatically. Instead of
my refusal or even hesitation as to granting an
export license, there is an open outward gate at
need. The suspicion abroad has persisted otherwise.
There is a supplementary answer, as well as a
sequel to the first one. It is supplied by the foreign
exchanges, with the pressure upon the dollar de
cidedly relaxed. The effectiveness of our gold price
.5 demonstrated beyond any further question in
'oreign places.
FORESTS AND RAINFALL.
