62 WORLD ECONOMIC AKFAIHS rnrt i

and monetary stability was imperilled, tlioy said, }>y the continuance
of uncertainty. Stabilization wan admittedly out of the picture for
the moment, but at least a reassuring declaration would check the
speculators and arrest the wilder rumour*. On the 30th June, there-
fore, as a result of conversations among the different parties, a com-
promise declaration was drawn up and submitted to the President.
The.following is the text of the draft:

Draft Joint Declaration by the (lorrnnncHlx of the Couitlricfi on ihc,
Gold Standard and by tfivw which arc not on- the (Jot<[ Standard.
L The undersigned Governments agree that:
(a) it is in the interests of all concerned that stability in the inter-
national monetary field be attained as quickly as pracl ieahle.
(6) that gold should be re-established as the international measure
of exchange value, it being recognized that the parity and time at
which each of the countries now off gold could undertake to stabilize
must be decided by the respective Governments concerned.
II. The signatory Governments whoso currencies are on the gold
standard re-assert that it is their determination to maintain the free
working of that standard at the existing gold parities within the frame-
work of their respective monetary laws.
III. The signatory Governments whose currencies arc not. on the gold
standard, without in. any way prejudicing their own future ratios to
gold, take note of the above declaration and recognize its importance.
They re-affirm as indicated in Paragraph I above that the ultimate
objective of their monetary policy is to restore, under proper conditions,
an international monetary standard based on gold.
IV. Each of the signatory Governments whose currencies arc not on
the gold standard undertakes to adopt the measures which it. may deem
most appropriate to limit exchange speculation, and each of the other
signatory Governments undertakes to co-operate to the, same end.
V. Each of the undersigned Governments a green to ask its central
bank to co-operate with the central banks of the other signatory ( {ovorn-
raents in limiting speculation in the exchanges and, when, t he t imc comes,
in re-establishing a general international gold standard.
VI. The present declaration is open to signature by other ({overn-
ments whether their currencies are on the gold standard or not.
•
It will be observed that the first clause of this declaration repeated
the words of Senator Pittman's resolution.
On Saturday, the 1st July, the President informed Mr. Hull that
he had rejected the joint proposal cin its present form '. The Confer-
ence might thus have been excused for expecting from the President
some amendment indicating in what form it would be acceptable.
Iiistead, Mr. Hull presented, on the 3rd July, the following denuncia-
tory statement, which the President himself had substituted for the
diplomatic draft suggested by the Secretary of State.