Currency Value Quotes
At the time, there was no United States currency. Private banks in some of the states issued their own money. A dollar from Georgia might only be worth 75 cents in New York.
What the Prime Minister was trying to say is that the buying power had not been diminished suddenly for local and non-imported items.
President Richard Nixon, a conservative Republican did not agree with this view as it was he who led America to abandon the gold standard to back its money.