Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-02-06
Hitchcock Asks
for World DOlla,
Confined from PAGE One

Sohtinned from Page One
ers. and it may also include the pur.
chase and sale of Government securities
of those nations owning stock in the
bank
The bank shall have power to issue
currency, to be known as the interha-
tional dollar, which shall be redeemable
at the main Office in New York or any
branch Office located In any country
managed by Board Of Directors. TWEEN.
ty-four in number, the assumption be t..
ing that the United States with 81 300. .
600. 900 Of stock, shall have thirteen Of
these directors.
Its power to issue currency shall
only be limited by the provision that
II must maintain reserve of 35 per
cent. Its obligations to pay its notes
on demand will be met IL 1t pays those
notes in gold or in the currency Of any
country where presented for redemp-
ton at the gold value Of such currency.
... Would Stabilize Exchange
International exchange would be sta .
bilized and gambling in international
exchange would be stopped, the Senator
said. because fluctuations would be
moderate and gradual" Importing and
exporting also would be safeguarded by
the Bank Of Nations, he added.
'.At present international commerce
10 almost in collapse" he asserted
I'm the United States today we are
In the midst Of great depression, and
II is due largely, If not entirely. TO the
fact that we are trying to do business
with the rest Of the world on cash
basis.
"When the country Is able to sci
eurplus products at fair value we have
prosperity. When that sale Is shut of
az 1t il now, we have depression and
adyersity.
Before his address, Senator Hitch
cock discussed various matters OF pub
lie moment. -.
"What is your view on the soldiers
bonus measurc:' he was asked.
'It is inevitable, he replied. land
will come now as an Administration
measure that has been belatcd. Per-
sonally, ] think it ought TO come be
causc undoubtedly there is an over
whelming public demand for it and be-
cause the men who served in the army
were taken by n draft law and required
20 make the sacrifice Of year to two
years service.
"Of course, there are men who come
from certain classes who easily coult
make the sacrifice, but the great mas
OF t0e ufuIteu Ul'll 'hHi' ll'l'' NV ~
duxtrial and furmer classes, 10 whom /
was real sacrifice I" accept s"o
month.
Senator Hitchcock remarked that thu
foregoing was rho substance Of what NJ
had told Philadelphia business ns"i
who came 10 attend the Chamber I"
Commerce luncheon and had asked hin
Uhv he favored the soldiers bonus. !
number Of them expressed opposition t.
'rwhat do You think of the result
of tie Conference on the l.imltatio'
f Of Armaments?' he was asked.
Senator, las great a success na wa
promised at the first meeting OF tn
Conference. but it has turned out IA
very notable international advance
For the time at least it has done AVA!
with the rather pressing question o
the Far East.
The Senator was asked why 1t ha'
NOT turned out as great n SUCCESS rs tn
lrst meeting promisSH. ;, . ;,
Peply, "made any land armament re
duction impossible. The resistance O
Japan made it impossible to settle th
siberian question satisfactorily and lei
that as a cause Of dispute between tn
United States and Japan
What will be the effect OF senate
Kenyon's retirement on the agriculture
hloc?"
~ guess I had better not go into tn
prophecy business" laughed the Sena
tor In reply. "Of course, Senator Ken
: Won was a thorn In the flesh Of tn
Administration. His motives have bee
vsriously interpreted. For one thin
he gratiHes long standing ambition.