The Waterbury Democrat., 1932-10-19

Washington, Oct 10--PresideHt
| Hoovcr's statement in his Des
Noines speech that the United
States was within two weeks OF be.
| ing forced off the gold standard,
according to the secretary OF the
treasury, and that his administra-
ton had saved the situation, had a
repercussion in Europe in the form
| Of g. raid" upon tho value OF the
dollar, and also brought caustic re-
plies from Senator Carter Glass OF
Virginia, Senator Cordell Hull OF
Tennessee, both of whom are men,
bers of the Banking and Curren.
cy committee of the senate. Both
OF these senators recognized az
financial authorities, presented
facts tending to discredit the state
ment of the president as q fgment
OF his Imagination. Senator Glass
said:
tions last spring and summer
ninistration privately or pub
IicIy express tho slightest con-
Germ for the gold standard.
II any such phantom disturbed
dhe mind OF the president or
any of his advisers they with
held the fact from those of us
with whom they professed 10 be
in frank and uncOnceaied dis
cussion on vital legislative
measures"
senator Glass declared further
that nothing done by congress or
seriously contemplated came any
where near threatening such an
evil consequence az certain meas
ures proposed by administration
authorities.
Senator Watson of Indiana, re-
publican leader OF the senate. came
| to President Hoover's support with
a. statement that the president had
called a. conference last February
az which the gold Withdrawals
were discussed. and asserted that
Senator Glass was present. SEN
ator Watson said that 1--WE had at
that time only about $3.50. 100000
of free gold" while closes to for
eigners and hoarders were going
on at the rate OF Sl50.00o.ooo a
week."
Commenting on this statement
the New York Times says:
1.-THE record shows that the net
export OF gold did not average even
S25, 900, 900 year In February,
and that the Federal Reserves
gold holdings decreased only $751;
4 2O8, 900"
The Times also quotes a state
ment by DR. Julius Klein OF the de-
partment of commerce that be-
tween last October and last May.
"our gold situation stayed pretty
much In statu quo"
The Times also cites the with
drawsl or earmarking OF $747.5so,-
900 gold at the Federal Reserve by
the panic stricken banks OF conti-
mental Europe during the hve
weeks following England's suspen-
sion of gold payments the prev.
Gus September. and adds "but hhht
specific, raid had ended" DR. Klein
points out, "at the beginning OF
November and the Federal Re-
serve had gained gold substantially
in the next five months"
Senator Hull declares that Pres'-
dent. Hooyer's statement about the
United States being In danger OF
being forced Off the gold standard
"pia ceg him high In the list OF raise
alarm statesmen" Senator HUI
saws that he has been unable mus
far to secure from the White
House the date OF the two-weeks
period which the president cihins
TO have had in mind. He cites the
figures In the Federal Reserve Dull
letin Of last March. M follows:
makes crystal clear the fact
that during this February
neriod. while our free gold
! smountsd TO S41e.000.ooo on
February "a, the available gold
resources from which 70 meet
all demands from witndrhwmi
Mt home and abroad amounIsa
we had around 81 900 .0oo, 900 OF
additional gold held by the
treasury and by private aksn-
| eies that could have been made
available, and could have bor-
rowed AZ least $1,000. 100000 o.
g ola from fro "nsias.rso.ssai;.aesil biii was
/ enacted, on February. y Iast
W. had lost only af0s. 100000
| during the previous six weeks
! ar an ayernge Of f2f,500,060 for
the two weeks prior to Fsbr"-
| After stating that the hank sit.
uati0n was well IN hand ann tnh,
on December J, 1891, the ,osn'
sf,ort-terrn foreign balances heIa W
MOTHER ACCOMPANIES SKIP
PR
Portland, Ore. fup)-Disdainink
carpeted siippered security ashore.
while. haired Mrs Amelia RUSH.
Norwegian woman. travels the
seven seas IN the fast freiKbtsf
pklppsreh nv her son. FROM ms
bridge Of the motorshlp, fsrvanK.
ar, when itw mn IN port here, hhf
rave views which included eiRaFsfi
Tor women ~ we'll M msn, no -
looms hut no prohibition sltbsr,
III Esporis from 0uatsmaIaH port
49, Aanl halR a ALla uAaI WME1