The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1932-06-07
WORLD FARLEY
. ON ECONOMICS
STRIKES SNAGS
Many Subjects Are Taboo;
Europe ShunS Talk of
Disarmament.
U. S. BALKS AT DEBTS
Monetary System Likely to
Be Main Topic at
Conference.
BY WILLIAM PHILIP SINIMS
Scripps- Howard FOREIGN Editor

WASHINGTON. June While
Washington attaches far more i'm
portance to the proposed world eco
nomic conference than has leaked
/ out. the whole thing is being i'm
periled by a dispute over the agenda.
where and when il shall be held,
and what countries shall participate.
Here. I am told. is what might
+ be called a composite agenda. inter-
nationally compiled from the lead
ing economic causes of the world
/ depression.
1. Faulty circulation OF gold.
2. Underconsumption, due to loss
OF purchasing power on the part of
/ the masses.
3. The demonstration. or cheap
ening, of silver, upon which at least
half the population OF the globe de-
ponds for purchasing power.
4. Unsettled business. due to fear
Of another war.
s. Preparations, war debts. taxes,
and other burdens. due to past and
possible future wars.
6. Tariff walls and other barriers
to trade.
Touchy on Many Subjects
While these admittedly are among
the principal economic causes of the
worlds troubles, some of them are
touchy items with this or that ma
ton. Accordingly such nations won't
play If the others insist on the taboo
subjects.
While the United States is an for
disarmament and that sort of thing,
Europe isn't. And though Europe
thinks it would be a fine idea to dis
cuSs reparations and war debts, with
the United States as part of the
problem at hand, the administra-
ton can't see it that way
BY a process Of elimination, there
fore, it would seem that the none
tary system of the world, or lack of
such system, would be the most i'm
portant item on the agenda of the
conference, if and when it is held.
This, in turn, means that if it
is to get anyhere at all. China,
Latin America, India and Russia
must be represented, as we'll as the
United States and the other prin-
cipal world powers.
AS matters stand. there is little
more than $1,000, 100000 gold
money in the world. The United
States and France. with only one
twelfth the earths population, have
cornered approximately 10 per cent
of it.
Great Britain and the Dominions.
Germany, Italy Russia, the Bal
kans, Mexico, Central and South
America. China, Japan, India and
the East Indies all of them to-
gether, have a bare 80 per cent Of
the yellow metal.
Meanwhile, Silver, which for 5000
years has been the medium of ex-
change for half the people on earth,
has become almost worthless.
Go Back TO Barter
In the mad scramble for gold.
boarded in two countries mostly. it
became dearer and dearer. and
commodities correSpondingly cheap
er and cheaper. In many parts of
Europe and the far east, people
nave resorted to barter. Money has
disappeared.
Last year, by unanimous vote, the
senate asked President Hoover TO.
call a world conference to stabilize
silver and once more give it money
power. Nothing came of it, how
ever. 1t was said that Europe was
cold to the project. Today, how
ever. Europe. and particularly Great
Britain, seems more favorably dis
posed
Opinion here is distinctly that
something must be done along the
lines suggested World ailments
can be cured only by world rene
dies, Senator Borah declares, in
effect. And he adds. This eternal