Evening star., 1933-02-22
ECONOMIC PARLEY
HOPE OF GALES
"Iron Man" of Mexico Sees
Business Recovery Through
World Conference.
CUERNAvACA, Morelos, Mexico. Feb

CUERNAVACA, Morelos, Mexico. Feb
ruary % tE1.-The world should pin its
hopes for business recovery on the
forthcoming London Economic Con-
gress, in the opinion of Gen. Plutarco
Elias Gales, Ex-President of Mexico,
who is busying himself here in the au-
tumn Of his life with agricultural,
horticultural and agricultural expert
ments and civic improvements.
The Iron Man" of Mexico, still rec
ognized as the chief of the Mexican
Revolutionary Party, with the country
in the hollow of his hand is firm in his
conviction that only unified action of
all nations will have any lasting eff
feet in business recovery.
Factors For Continuing Crisis.
Nationslistic feeling, high tariff walls.
and individual attempts OF nations to
better their economic position will only
prolong the world crisis, he insists.
The present world economic crisis
that began in the Autumn Of 1929" he
said, instead of decreasing Is increas-
ing daily with disastrous effects, re-
sulting in the closing of factories, aban-
doning of agricultural fields, millions Of
persons without work and essential ne
cessities OF life, apd consequent low
cred standard Of living Of the entire
world.
up to now peoples leaders, statisti-
clans, financiers and economists have
shown absolute cowardice in resolutely
facing the problems affecting the in
terests of humanity; the policy followed
by nations has been an absurd one of
retreat, attempts to close their borders
to trade: establishment Of all sorts of
barriers and difficulties to international
trade
I'm reality these experts should know
that the problem cannot be adjusted by
any single country working alone, but
that international cooperation Is nee
essary to obtain realization Of our aims.
Shortly there will be held in Lon
don an economic conference where
worldwide efforts to study and solve
the crisis and regain prosperity will be
studied. Perhaps at this conference will
be discussed the subjects of intergov-
ernmental debts. tariffs and other hin.
ORANGES and barriers to free world trade.
Places Money Question First.
while these vital matters should bs
considered simultaneously, the money
question comes first. We all believe
that the delegates to this conference
will come to the decision that inasmuch
as the world lacks adequate gold for its
commercial and industrial life, the re-
valuation of silver as money Is bound
to claim their attention.
IF the rehabilitation of silver az
money is decided on at the conference.
think one of the most important
steps to be taken Is to suppress the cir
culation Of all paper money of small
denominations.
In the United States millions Of one
and two dollar bills circulate. In France
and other countries small bills circu-
late in the millions. Suppression Of
these small bills would force into use
enormous quantities of silver and I'M
mediately increase the value of this
metal.
Scientific production has made re-
markable progress recently which has
, led technocrats to fear the future They
believe the machine will replace human
endeavor. This. however, is because
they have failed to take into account
the complementary science of the just
divisions of the fruits of production.
I'm order to accomplish this it Ia
| necessary to rehabilitate the consump-
ton power of the people, and to aid
them In the revalorization of their
products. To do this rehabilitation of
| money Is necessary.
Silver standard countries which
have abandoned or lost their buying
power would, with the rehabilitation OF
silver, return to the metal IN which
| they have confidence. Thus the pur-
chasing power Of India, China, Latin
America and certain European countries
would be re-estabhshed, which would
cause an increase in their international
trade, thus raising the value Of mer-
chandise and re-establishing industry
| and commerce.