There is thus very good reason expect that during the first few dificult months after the free export of gold has been restored by England all assistance that is neces sary to avoid possible inconvenience jand dislocation—through the imposition of high rates for money in London in order to protect the Bank of England's gold reserve—will be readily given by New York. In fact, there is some danger that America's anxiety to the gold standard re-established in England and throughout Europ may lead to too much policy of spoonfeeding, producing a position, dominated by ingenious and artificial arrangements rather than the free play of economic forces, which the only sound basis on'which the restored gold standard can ultimate stand.
The great benefit of the old monetary system on which America, England and most of the great monetary powers used to work before the war, was that it was to great extent automatic, money rates being raised and lowered in the different centres according to the inward and outward flow of gold; when this is 0, the busines [community knew, more or less, what to expect and could make its plans accordingly: and it is to this state fof things that it is most desiratl to return instend of trying to evolve system under which the international money market will be dominated by the ingenuities of central banks, the promotings and effects of which it would be extrem ly difficult to foresee. The spoon-feeding process may be a tempora Jary necessity, though the ood old banking rule is still true, that the best way to keep gold is to be prepared to part with it readily on mand: but the less spoonfeeding is used and the sooner it is dropped, the sounder the position will be in the end,
Text read from the printed page and cleaned; old type leaves the occasional error.