Then we come to the more particular causes of the
need to stop the outflow of gold from Great Britain. Foreigners judged us by our Budget prospects, by the Unemployment Insurance Report, the May Economy Report and . other tell-tale words and facts. Hence in part came the " run " on London for all the gold that the Continent could demand. France and the United States, completely confident in our solvency, gave us credits to help us meet the " run." By our change of Government and passing the Budget Resolutions we thought to satisfy ourselves and the world that we should surmount the crisis. But the " run " continued. On Friday in last week it Was more violent than ever, and that night it was realized that it must be stopped. The Cabinet met_ and prepared the notice that on Monday Parliament would pass through all its stages a Bill suspending the Bank's obligation to maintain the gold standard. This was done without serious opposition. The Stock Exchange was closed with universal approval, but the banks were open for business as usual. Many of the Bourses of the world were also closed temporarily.
