Business: What It Can Mean to the Average American

"I HAVE the same feeling about gold that I get when I read the society pages," said Los Angeles Drug Salesman Peter Davis, 28, last week. "What goes on in high society has no effect on my life—and that's the way it is with gold." Well, that is not quite right. And though the precise effects of the recent gold crisis upon Davis and millions of other Americans remain speculative, one thing is certain: the whole business is going to hit where it hurts.

As a direct result of the gold emergency, the Federal Reserve Board has already raised the discount...