Evening star., 1933-05-07

OF Ull6 fIOOSeNclI
administration not to redeem In 100
cent gold dollars the interest payments
on Government bonds held abroad.
National business spokesmen disapprove
of action by the United States, which,
in their opinion, may result in weaken
ing respect for contractual obligations
everywhere. The argument is that un-
less this country agrees to redeem In
full at the earliest practicable moment
every gold promise it has made, to the
last grain of exact weight and fineness
recompense for the failure, our claim
to the sanctity of the s11. .00O. 900, 900
of war debts owed us by other countries
Is seriously undermined.
Henry l. Hartman, president OF the
Chamber of Commerce of the United
States, was asked by this writer to
specify the outstanding feature Of the
organizations annual meeting.
New Era Foreseen.
"Unquestionably," he replied, ''the
conspicuous note was the realization
that we are living in a changing world,
a consciousness that the old order is
gone and that new deal Is here.
Every ofIcial action the chamber took
at its twenty-first annual session, vir-
tually every thought privately voiced by
members, testified to this. There was
general recognition that paths long
trodden must, perhaps. be deserted for
other and even untried roads II our
hopes Of economic rehabilitation are to
be gratifled. :
In other words, there was definite
belief that we must proceed on the trial
and error system to find out what is
best and then retrace our steps, If
necessary.
Business men, as one came in con-
tact with them in Washington last week,
sensed that it is in this spirit that
President Roosevelt is seeking the way
out of the valley Of depression In which
the country and the world have been
houndering for four years" O.
The Chamber of Commerce has moth
ing but acclaim for President Roose-
yelt's three requests OF industry
% to maintain wages at their present
level and increase wage scales IN con-
formity with the rise, in commodity
prices; (2) to bring order out chaos in
the industrial system by cooperative
action against unfair method Of com
petition and "cut-throat prices" and
.l3) to view recovery In terms OF the
whole country rather than terms OF a
particular industry.
more Than Satisfied"
"As we interpreted the Presidents
address at our closing banquet" said
Mr. Hartman. lit was an appeal to in
dustry for Self-regulatlon. He laid upon
us the burden of responsibility for re-
adjusting producing conditions on lines
fair and equitable to all concerned, in
oIuding labor, and seeing to it that the
minority does not thwart the will Of
the majority in any given industry.
Business is more than satisfied to pro-
Ceed along these lines We have the
power and the will for self-regulation.
We welcome the readiness of the Fed
eral Government to intervene, il neces-
sary, to keep the recalcitrant In step, If
need be-"
The head Of the Nations largest
phalanx of business interests was in
Vited to give his opinion Of imitation.
rs contemplated by the legislation just
enacted in Congress at the administra-
tion'S behest.
ITO be remembered above ALL" said
Mr. Hartman, sis the fact that the
provisions of the so-called Thomas
amendment to the farm bill are permis-
give and not mandatory. They clothe
the President with authority which he
Is not bound to exercise. We found
among chamber leaders a widespread
conviction, which I personally share to
the full, that while Mr.. Roosevelt may
use some of these powers, he will never
abuse them.
All OF us realize the gravity OF SUCH
q step as would be denoted by reduc-
.tion OF the gold content Of the dollar to
80 cents. But we are satisfied that
~heither this nor any OF the other dis
cretionary powers to be vested in the
President will be utilized to any extent
.that could jeopardize the soundness OF
our money system.
Roosevelt Pledge Cited.
'"The President is pledged to sound
ness We do not think he will violate
his pledge Had imitation been left to
the mass control of Congress, many
would have been filled with grave fears
of the consequences. All Of us recognize
:the need Of high prices. We believe
these can be brought about through the
medium of the minimum wage, mini
tmum prices for basic commodities and
an elastic control of the hours of labor.
!. If imitation under presidential con-
troll can contribute to economic restora-
tion as many sound authorities contend
st can and will, American business will
be among the first to rejoice and, of
course, be the grateful beneficiary of
resultant improvement in conditions.
The world we live in has altered. Pro-
auction, as the technologist remind us,
has been revolutionized. We must
frankly and honestly discuss the prob
3ems which hare arisen, looking at them
with an open mind free of prejudice
: against change and free, too, from I'M