Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-03-31

having previously E&S#$$ %
been president of sA''A'-NN'A -
the Wabash Rail- rr.d.r,. r.,
road. u'i0 a. DeiAnO'
1t was also announced that Col. NJ
=. ttorty, vice president of the Inter-
national Telephone g. Telegraph Co, had
peen elected vice president of the as
ISOLATION. Mr.. Rorty was formerly
president of the National Bureau Of
Economic Research.
Other officers of the association are
vice president. Henry A. Wallace, edi-
TOR OF Wallace's Farmer, Des Moines,
Iowa; treasurer, Francis H. Sisson. vice
president of the Guaranty Trust Co,
New York; executive vice president.
Norman Lombard; secretary, Charles W.
5lrtWell; honorary vice presidents. Mich
olaS Murray Butler, William H Croker,
, John w. Davis, Robert w. de Forest,
George Eastman, John v. Farrell Ar.
thur T. Hadley, John Hays Hammond.
Myron Z. Herrick, Charles Evans
hughes, David Starr Jordan, Otto H.
kahn, William G. Lee, Frank o. Low
den, James H. Rand, jr.; Henry M
Robinson and James Speyer.
Delano Statement.
The following statement was issued
by MIR. Delano:
In accepting the position of presi-
dent of the Stable Money Association.
which do in spite of the pressure of
other duties, wish to state to my asso-
c1ates in the association, to those who
are supporting its work, and to the
rapidly increasing number of citizens
who are now interested in its objective,
the grounds on which I assume the
responsibility of this office:
First: find myself in agreement
With the men in this and other countries
who rate the problem of finding a cur
rency OF something like uniform pur-
chaslng power. as one of first rank in
Importance among the great questions
the world faces today.
Mr.. owen D. Young, after recount
ing his experience as member of the
first Dawes commission, recently said:
Never before had I realized how the
stability of money goes to the very basis
OF life, and that, when any sudden
change affects the purchasing power of
money, it touches every kind of moral
question and every kind of obligation
Sir Josiah Stamp, head Of the Lon
don Midland & Scottish Railway, a
director OF the Bank of England, and
now with Mr.. Young on the second
Dawes commission, says: The problem
OF the price level is the most important
single problem of our age it
is the most bitterly practical of all
questions
Second: I agree with those who be-
lieve that an informed public opinion
on economic problems is essential to
the attempt to solve the problem of
Sterilization of the purchasing power of
the monetary unit and the closely al
lied problems Of the sterilization Of in
dustry, the prevention of unemploy-
f1r1 -
conflicting economic interests, both ma
tional and international.
Refers to Warburg.
mot long ago Mr.. Paul M. Warburg
said: Success or failure Of this great
democracy in its struggle with its
economic and social problems will large
ly depend upon the degree of under
standing our masses and their leaders
gain concerning these topics. Economic
research and the dissemination of
economic truths is, therefore, a task of
the greatest moment. I do not know
of any other that would outrank it in
Importance
Third: Contact with the work of
the Stable Money Association during
the past year, as vice president. and
a knowledge of the personnel, the
sources Of support and the definite
methods of work, have revealed to me
a high order of intelligence and eff
f1ciency and genuine public spirit.
Fourth. In full appreciation of
those who have courageously and I'M
selfshly borne the brunt of the work of
calling attention to this subject, arous-
ing interest in it and throwing light
upon it, it clearly appears to me to be
the duty now of all citizens to lend
their help to the movement in every
possible way.
Fifth. In view of the undoubted
fact that the basing of the financial
structures of our own country and of
the other countries of the world upon
common foundation, namely, gold,
creates international economic rela-
tons, deem it important that such
relations should receive attention. I
cannot help thinking that the present,
when my predecessor as president of
this association, DR.. E. w. Kemmerer,
is engaged in China in his eleventh
commission to help to put in order the
finances of national governments, and
when distinguished representatives of
the United States are now joining with
similar representatives of other coun-
tries to solve great postwar financial
problems, Is an opportune time to ad-
dress ourselves to this question.
sixth. I would emphasize my con-
viction that the necessity for progress
In this matter is an open mind and the
interchange of information and exper-
fence on the part of Government Of
f1cials, business executives and their
financial advisers, economists in our
universities, bankers and leaders in all
the walks of life, and I have faith
that, with the present remarkable group
Of supporters as a beginning, the asso-
citation will receive such additional NOR
al and financial support as will enable
it to measure up to its task"