The Economy: The Patient Patrician

FOR years, U.S. Presidents could imagine few worse political nightmares than having to ask Congress to devalue the dollar. Any such act was certain to stir up a chorus of accusations that the U.S. was acquiescing to a devastating loss of international power. Yet, when the Nixon Administration last week submitted to Congress the Par Value Modification bill, which will devalue the dollar 8.57% by raising the price of gold, its prospects for relatively swift passage were all but certain. The man most responsible for anesthetizing the issue in Congress—and thus allowing an unavoidable economic adjustment to take place—is a thoughtful,...