chapter  XVII
10 Pages

Future of the Gold Standard

WHEN on September 2 I the suspension of the gold standard was announced, a large section of public opinion and a number of prominent experts believed that it meant the definite abandonment of the system not only in Great Britain but all over the world. It was taken for granted that sooner or later every country would be forced by circumstances to follow Great Britain's example. For a short while it seemed as if this assumption were to prove correct, but before very long it was realized that a number of countries were determined to remain on a gold basis, and that they were in a position to carry out their decision. Thus the hopes or fears-whichever was the case-of a universal abandonment of the gold standard proved to be unfounded.