On 6 May 1931 he was called before the bar of the senate to give his views on the Commonwealth bank bill. He replied to the many questions asked fully and patiently and with such effect that it was said that the bill was dead before he left the chamber. An experienced reporter described it as the finest performance he had ever seen in parliament. Gibson, while disclaiming any intention that the Commonwealth bank should dictate to the government, was determined that no efforts should be spared to prevent inflation; in this he was successful.