217

certain amount of gold which had been recovered by France and 

that had originally been shipped and deposited in the Bank of England 

by the French Government as a war credit. There was getting to be 

some tension of mind in Europe because France was beginning to put 

her house in order for a return to the gold standard. This situation was 

one which called for some moderating influence.

MR. KING: Who was the moving spirit who got those people together?

GOVERNOR MILLER: That is a detail with which I am not familiar.

REPRESENTATIVE STRONG: Would it not be fair to say that the fellows 

who wanted the gold were the ones who instigated the meeting?

GOVERNOR MILLER: They came over here.

REPRESENTATIVE STRONG: The fact is that they came over here, they 

had a meeting, they banqueted, they talked, they got the Federal 

Reserve Board to lower the discount rate, and to make the purchases 

in the open market, and they got the gold.

MR. STEAGALL: Is it true that action stabilized the European currencies 

and upset ours?

GOVERNOR MILLER: Yes, that was what it was intended to do.

CHAIRMAN MCFADDEN: Let me call your attention to the recent 

conference in Paris at which Mr. Goldenweiser, director of research for 

the Federal Reserve Board, and Dr. Burgess, assistant Federal Reserve 

Agent of the Federal Reserve Bank of New York, were in consultation 

with the representatives of the other central banks. Who called the 

conference?