Mr. McKenna and the Gold Standard
Mr. McKenna has consistently regretted the Treasury's decision to return to the gold standard in 1925. It was natural, therefore, that, in his address to the Midland Bank shareholders, he should virtually say, " I told you so," in his comments on our enforced departure from gold. He' declared that the choice lay between a soundly managed gold standard, obtainable only by well-ordered international action, and a managed standard without any metallic basis at all. The one is unfortunately impossible at present ; the other we Must make the best of. The thoughts CVCII of bankers seem to be turning more and more towards a co-operation of many countries, all off the gold standard and finding in sterling a common -link. The- United States and France, with their vast hoards Of gold, Will stand apart, and readjust themselves in their Own way to this new and unforeseen situation.
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