BR TO W.W. NORTON & COMPANY, INC. / WARDER NORTON, 10 MAR. 1933
BRACERS 47064. TLS. Norton papers, Columbia U.
Proofread by A. Duncan

47, Emperor’s Gate,
S.W.7.
10th March 19331

Dear Warder,

Thank you for your letter of March 1st. It is clear that all questions of future books of mine had better stand over until we see what Roosevelt can do.

If you will allow me to say so, I disagree with you as regards the gold standard, both on a matter of history and on a matter of currency theory. We did not go off the gold standard as a matter of policy; on the contrary, the National Government was formed for the express purpose of defending the gold standard. We went off the gold standard because the French were in a position to force us off. All reputable economists had known for a long time previously that it would be to our advantage to go off the gold standard, but no banker had believed them. The situation at present in the United States is, I believe, precisely similar. Gold is a fetish about which the bankers have woven a mystic robe to produce prostrations of ignorant worshipers. I believe that if you remain off the gold standard and indulge in a moderate inflation, your troubles will soon be ameliorated.

I am glad to hear that you had no losses during the last six months. At the same time it is not very cheerful to receive exactlya nothing for half a year’s work. I cannot help thinking that America has now touched bottom, and that things will soon get better.

Yours sincerely,
Bertrand Russell

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  [document] Proofread against a microfilm printout of the original.

Textual Notes

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  exactly replaced actually