The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1933-11-23
ADMINISTRATION Is
SILENT REGARDING
PLANS FOR FUTURE
Morgenthau to Discuss Situa-
ton With President At
Warm Springs
SUPPORTING BOND MARKET
Postal Savings and Other Dc.
posts Are Being Used
for That Purpose

"douul8tOl, NOV. ZJ.-VHJ-ksyIO~
technical debate failed to develop In
dications Of change Thursday in the
administrations monetary policy as
Henry Morgenthau. Jr., new acting
secretary Of the treasury, prepared to
talk over latest developments with
PresidentsR Roosevelt.
Morgenthau leaves Thursday night
for Warm Springs, Georgia, to keep
an engagement Friday with the pres
ident. The gold-buying plan viii be
discussed thoroughly, !
No authoritative official here had
forecast whether the decision at
Warm Springs would be for contin-
ued administration silence or q coun-
ter word -offensive to meet that set
off by DR.. O. M. w. Sprague's resig-
nation and criticism Of the policy as
leading to 'unrestrained imitation"
Sprague, in resigning as treasury
adviser, argued that gold-buying de-
preciated government bonds and that
II this were continued federal secure
ties could not be sold, making neoes-
sary the issuance OF new currency to
meet running expenses.
Morgenthau disclosed that money
deposited with the treasury from
postal savings. farm credit admins
tration. federal deposit insurance, and
debt sinking fund sources were being
used to buy governments, supporting
their price. The law specifies that
this money be invested in govern
ment securities. That will be done
through the Federal Reserve bank in
New York.
Word Battle Continues
The word battle over gold and ths
much talked Of commodity dollar
continued. The latest to align him
self with DR.. Sprague was James p.
Warburg, heretofore. at least, q par
ticipant in many economic discuss
sions with the president.
In Philadelphia, Warburg, q bank
er. said he must express reluctant"
opposition to "some Of the methods
by which he (the president) seeks to
attain his goal, some Of the miscon-
ceptions that seem to becloud his
purpose"
At the same meeting Of the Ameri-
can Academy Of Political Science,
Professor Irving Fisher Of Yale, held
the presidents money policy Sub
stantially right" The objective, he
continued. Is Sterilization but not
Sterilization relative to gold nor In
terms Of foreign exchange"
Senator Thomas (Dem. -Okh.),
drafter Of initiation legislation. re-
marked at that meeting, too, that he
was "as much opposed" to Improper
initiation "as any money changer In
Wall Street."
Warm Springs. Ca, Nov. 23.-(R-
President Roosevelt went ahead
Thursday in fighting words with his
recovery campaign and more particu.
larly his dollar revaluation program.
He stood upon the words given over
the air Wednesday night to the Mary
land tercentenary in which he said:
May we, in our own fights for things
which We know to be right, fight as
ably and as successfully as he Nord
Baltimore) did 800 years ago.
For we have our own fights I'd
wage, not against the same foe which
he beat down, but against other foes
just as obstinate and just as power
full and just as intolerant Of things
we fight for today"
Aid for the silver industry Is be-
lieved to be the next step in the care
fully-guarded presidential program.
However. Roosevelt has the final word
on this complex experiment" to raise
the purchasing power Of the dollar
and he is saying nothing. But there
is reason to believe that the president
and Chairman Pittman Of the senate
foreign relations committee are not
far apart on their silver ideas.