The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1931-06-22
SPEEDY ACTION
is NECESSARY,
SAYS STIMSON
International Farley Would
Serve as Check on
Success, He Thinks.
APPROVED IN ENGLAND
President Determined That
Politics Will Not Play
Part in Plan.
Continued from Page II

announcing TO the world one of the
most striking international actions
of the United States since entering
the World war.
Purpose of this action is to give
the forthcoming year to the eco
nomic recovery of the world and to
help free the recuperative forces al
ready in motion in the United States
from retarding influences abroad"
President Hoover enphatically de-
clared he still is opposed to cancel
lation of the war debts.
Bank Run Starts Action
Only the gravest dangers in Ger
many would have promoted Presi-
dent Hoover to take this step, foI
until recently the administration
was averse to discussing the situa-
ton at ali. But run on the Ger
man Reichsbank since June has
drained gold out so rapidly as to
cause the gravest concern.
Furthermore, the Bruening gov
eminent barely was clinging or
serving as a thin partition between
the allied world and the rapidly
growing nationalist or Fascist group
which was threatening to seize the
government on a platform of wal
debt Reputation.
MORE
While Stimson at the state de-
partment was emphasizing that Mr..
Hoover's remedy depended for its
success upon speedy application, it
was being revealed at the White
House that the President inaugu-
rated his project June 5, five days
after the beginning of the Reichs-
bank run.
Helped by Cabinet Officers
Financial advisers, cabinet officers
and diplomats have co-operated
with Mr.. Hoover in the last fort
night in bringing the project to the
stage reached Saturday evening
when the president startled the
world with moratorium pronounce
ment.
e Stimson, Secretary of Treasury
Mellon, and Under Secretary Mills
met with Mr.. Hoover at the White
House on June 5.
The official version of develop
rnent of the project as related to-
day, indicates Mr.. Hoover at that
time suggested to these three that
the plan as announced Saturday
apparently would be necessary. His
suggestion was identical it was said
today. with the formal announce
nent issued by the White House.
The President continued his daily
conferences on his mid-western
speaking tour. The White House
long distance phone bill went UP
and I'D and up. President Hoover
was getting in touch with con-
gressional leaders throughout the
country to obtain in advance their
sanction to program which
ultimately must be passed on by
congress.
Time Is Important
Time was the important element
and it was considered impossible to
delay remedial measures until De-
cember, when congress next will be
In session. While absent in the
midwest, Mr.. Hoover kept in touch
by telephone conversation with
White House aids.
( Mr.. Hoover was pictured today as
determined from the beginning that
any action taken must be on a non
political and nonpartisan basis. Fol
that reason, as soon as he received
information corroborating his view
of the situation, he began confer
ences with Democratic leaders. The
President considers their repeatedly
unanimous acceptance of his pro-
,.posal as a patriotic attitude.
The President is said to be very
much gratif1ed by the response he
has received, and especially by tnt
effect the proposal is said to have
had on commodity markets, all Of
which are said to show returning
Confidence.