The Kennewick courier-reporter. [volume] (Kennewick, Wash.) 1914-1938, 1933-07-20

~ ceeu LII oSSoA u1SS
with his own ideas,
President and those probably
Roosevelt are the ideas or
most of his fellow countrymen as
we'll His effort was not entirely
successful, for the leaders OF the
gathering decided 1t was best for
the conference to take a recess for
m indefinite time. A steering COM
mittee was instructed to meet later
to consider reconvening the parley.
What the President first did to
the conference was in the form of
a note, read to it by Mr.. Hull, be-
ginning:
II would regard It as a catastro-
phe amounting to world tragedy
Il the great conference of nations
called to bring about a more real
and permanent financial stability
and a greater prosperity to the
masses of all nations should in adj
vance of any serious effort to con-
slider these broader problems allow
itself to be diverted by the proposal
Of purely artificial and temporary
experiment affecting the monetary
exchange of few nations only.
"Such action, such diversion,
shows a singular lack of proper
ton and failure to remember the
larger purposes for which the eco
nomic conference originally was
called together"
Scathingly abiding to the "fet-
fishes of so-called international
bankers" Mr.. Roosevelt continued
that national currencies should be
planned, with the objective Of CIV
Ing to those currencies a continu-
ing purchasing power which does
not greatly vary in terms of the
commodities and needs of modern
civilization. -. When the world
works out concerted policies in the
majority Of nations to produce bal
anced budgets and living within
their means, then we can properly
discuss better distribution of the
worlds gold and silver supply to
act as reserve base Of national
currencies."
Delegates Of the gold bloc nations,
led by France, were angered both
BY the Presidents attitude on sta
bilization and by what they consid-
cred his dictatorial manner, and
Prime Minister Macdonald was
grievously disappointed. The con-
ference leaders met and after lot
OF exceedingly plain speaking adopt
ed a resolution to adjourn, which
was what the gold bloc insisted
upon. Secretary Hull alone, still
hopeful and clinging to the inter-
nationalist doctrines which the
President had abandoned, argued
Tor continuance of the conference
and finally persuaded the other lead
ers to withhold the adjournment
resolution until further word had
peen received from Mr.. Roosevelt.
Inc Presidents second commune
catl0n was more conciliatory in
tone but showed no disposition to
retreat from the position he had
aken. He asserted that the raising
ana stabilization of commodity
prices was the major objective and
tne exchange value of the dollar in
terms OF foreign currencies a minor
consideration. There was no men,
uon OF tariff reductions.
delegates of France, Holland, Bel
gum, Italy, Poland and Switzerland
the chief gold standard nations
met Informally and formed none
eary pool which pins all their cur
.eneles one to another. They also
uecided In principle to form an
economic union.
HE wheat committee of the eco
nomlc conference alone accom-
pushed something. It announced
.nat the United States, Canada, Aus
aalia and Argentina, the great
wheat producing countries, had ac-
sep.ea the American plan for re-
NJ or acreage and production.
.,a ane agreement is subject to the
assent OF importing countries to
to ne provisions for abolition of GER
.aia regulations concerning milling
n," u quotas. The purpose of the
- Is that wheat should be raised
th,. natural growing countries and
ts a, european efforts to foster ar
"i production be abandoned.
SpEAKER HENRY T. RA1NEy
:. expressed the general Thought
~ IAN americans when he said that the
d on of foreign nations which
t;n anu That the United States con.
:. ae 10 give them trade advantages
a, ~ real cause of the difficulties
=. tne London conferences He do
in afeo the whole country was back
cu.u .ne PRESIDENT in his stand on
currency matters "
Speaking at the rpdenendence