As a second step toward a better world of gold, U. S. Secretary of the Treasury Henry Morgenthau Jr. this week announced that the U. S., Britain and France had reached a temporary agreement for the exchange of that metal in the course of trade. Though Secretary Morgenthau called this pact, secretly negotiated by transatlantic telephone, a "new type of gold standard," it was really nothing more than a technical extension of the U. S.-Franco-British agreement of last month to use their respective stabilization funds to steady the dollar, the pound...

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