Drive to Reinforce Confidence in Dollar
Confidence in the American dollar, at a low ebb a year ago, has been increasing steadily in recent months. President Kennedy and Treasury Department officials have stated firmly and repeatedly that the dollar will not be devalued, and their assurances have been reinforced by a substantial reduction of the deficit this country has been running in its international accounts. No gold left the country in the four weeks ended Oct. 10. However, the gold stock of the United States has declined by $822 million so far this year—an amount almost equal to the total of $877 million for the entire year 1961. To guard against renewal of the outflow of gold and further buttress the dollar, monetary and fiscal ...