Evening star. [volume] (Washington, D.C.) 1854-1972, 1933-04-23
:, MacDonald's Speech at Press Club
Declares President and Himself Have Begun Cooperation Which With Others
Aid the Present Distress of the World
Removed"

of my kith and my kin; am proud of
/ the part we have played in the history
of mankind. But If translate that pride
of mine, that nationality Of mine into
nationalist economics, if I engage in
the tragic delusion Of imagining that
Scotland, made economically self-con-
tanned, is going to make its contribu-
ton to the worlds wealth. then what
shall find Is this: That l shall both
impoverish myself and impoverish
my neighbors outside of my own
boundaries.
Wealth, happiness. contentment en-
high standards of life can only be
maintained by freely flowing inter-
national exchange. And how We are
going to devise that freely flowing ex-
change is to be the main purpose of the
International Economic Conference.
Representative Democracy.
Self-sufhciency in the economic field
on the part Of nations ultimately ends
in the poverty of their own people.
When I speak to an American audi
am speaking to an audience that be-
lieves in representative democracy.
And when you come to think about 1t
think you will agree with me that the
problem is not merely one Of economics
and poverty. Your people are now
educated The working classes of the
world are no longer serfs. They are
capable of thinking; they are capable
of understanding the reasons why and
wherefore.
Crush those people down by economic
failure to poverty and you do not
merely rear a stunted population, but
vor1 70 a royol,,fio,, {v, yo,,r y,ry,,,lo-
ton, an impatient population. a popu-
lation that will not dare to look upon
year after year the slow moving ma
chinery of democracy, that will rush 10
quicker and rapider methods.
Why? Because those methods
promise what they never can perform
to men without hope, men with broken
hearts, men who see life savings disap-
pearing, and people who have not got
long views. They are people who
Enthusiastically have short views.
And this conference, therefore, is not
only going to deal with the problem
of an economic machine that for varl-
GUS reasons has ceased to work effec-
lively, but indirectly this conference is
going to be a great steadying demo-
cratic power in the world, maintaining
liberty and self-respect at the same
time when 1t sets broken men and
women upon their feet.
There is tremendous responsibility
upon the press at the present moment.
When we were coming over, great
crisis broke out. When we left South
appton, we had no warning of it at
all. When we landed in New York, it
had broken. These crises create very,
very delicate international reactions.
They can't be helped. Nobody can be
blamed for them.
I remember our own. My friends, II
I live until reach the age of Methuse-
lah, I shall never forget that hectic
week end, the week end beginning with
enormous drains upon our deposits in
banks, not from inside the country, but
from outside-drains which we had to
meet in gold. Can you imagine that
in the early days of the crisis we said,
gayly and light-heartedly: Let it rip,
let it rip. We will 60 Of gold. There
are benefits in being of gold and we
will reap them"
My friends. that is doing the whole
genus Of the British nation a grave in
justice. We had honor; we had respon-
sibility; we strove to fulfill both. We
borrowed, borrowed, borrowed; but the
drain kept on.
Saved the Situation.
Finally the decision was taken. There
was no alternative. Before we went on
gold our costs Of production were too
high in relation to the value Of our
commodities. We were living under an
increasing and adverse drain. Nobody
can live long under that, and when we
went off we saved the situation. And
we did not fall OF; we gradually slipped
of. A very great difference, at any
rate psychologically. The struggle we
put up to maintain our position is re-
membered to this day by every nation
in the world that was watching US and
that was involved in that crisis But
when we were OF, can you blame US?
VIII any Of you put your hands on
your hearts and say you blame Us II
we said, Never again, II we can help it.
shall we go through the terrible days
Of that week end?"
Now, what Is the meaning Of that?
I hear some people using the ugly word
retaliation" To me the very sound
of retaliation Is repulsive. but what is
worse than the sound Of the word Is