19 JANUARY 1924, Page 2

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words in deprecation of the criticism that what is happening in France is a warning to us against " the dangers of inflation," and therefore " against departing from the gold standard and trying to stabilize our currency." Nobody admits more readily! than we do the dangers of both unreasonable inflation and unreasonable deflation, but really the situation in France is not the right stick with which to beat currency reformers. France, like us, aims at returning to her gold standard.

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