- 3 May 1925 (Creation)
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King’s College, Cambridge.—Has written to Snowden proposing an amendment (to the Gold Standard Bill) repealing Section IV of the Bank Act, 1844. He overlooked the importance of this point in his article in this week's Nation.
King’s College, Cambridge
3 May 1925
In my article in this week’s Nation, which you may have seen, I made a bad mistake and gave the Treasury more credit than they deserve. I forgot Section IV of the Bank Act, 1844, which they are not proposing to repeal. This Section obliges the Bank of England to buy gold bullion in unlimited amounts at £3-17-9.
Thus all the dangers, which in my article I thought they were avoiding, they are in fact inviting.
If an amendment could be carried on Monday, repealing Section IV of the Bank Act 1844, it would be an enormous improvement.
I have written a letter to Snowden on the same lines as the above. If you agree with me, I wish you would go round to see him on Monday morning.
J M Keynes