time. In September 1931 Britain abandoned the gold standard and devalued sterling by 30 percent. This created a crisis for Siam since most of its foreign exchange was held in sterling. The Minister of Finance kept Siam on the gold standard by linking the currency to the US dollar, but debate about this policy raged within the government into 1932. One impact of this policy was that Siam's rice exports became more expensive than competitor exporters, negatively impacting revenue. In mid-October 1931 the king returned from a trip to Canada and the US and ordered Prince Devawongse Varoprakar, the Minister of Foreign Affairs to prepare a constitution. The task of drafting this document was given to the American Raymond B. Stevens and Phaya Sri Wisarn Waja. In March the following year they submitted an "Outline of Changes in the Form of Government" together with their comments. Prajadhipok originally planned to announce the new constitution to the nation of 6 April at the opening of the Memorial Bridge to commemorate the 150th anniversary of the Chakri dynasty. These proposals met strong opposition from Prince Damrong and other royal members of the Supreme Council and despite his own misgivings that to not proceed would result in a coup against his government, the king ultimately did not make the planned announcement. On 20 January 1932, with the country deep in depression, the king convened a "round table" meeting to discuss the many competing arguments and to agree on how to tackle the crisis. From this meeting it was agreed to make large cuts in government spending and implement a retrenchment programme. Two weeks later on 5 February the king addressed a group of military officers and spoke at length about the economic situation. In this speech he remarked "I myself know nothing at all about managing finances, and all I can do is listen to the opinions of others and choose the best...If I have made a mistake, I believe I really deserve to be excused by the people of Siam". No previous monarch had ever spoken so honestly. The speech was widely reported and many interpreted his words not as a frank appeal for understanding and cooperation, but as a sign of weakness and proof that the system of rule of fallible autocrats should be abolished. Revolution of 1932 A small group of soldiers and civil servants began secretly plotting to overthrow