Evening star., 1933-02-15

being on the road to spendthrift and
prodigal affairs"
Leon Joined a number Of other
witnesses In advocating nlonetization OF
silver He suggested purchase OF AGO.
600. 900 ounces or more by the Treasury
and the issuance of silver certificates.
He said that. through the British
exchange equalization fund for pur-
chasing gold currencies in the open
market, England had "the control Of
dollar exchange and consequently the
control of American prices"
Says All Are Victims.
THAT which Britain would not for
one minute countenance from America
she practices every minute upon
America with disastrous consequences
to every phase of our economy" Leon
said Every man, woman and child in
this country is the victim of this ruth
less policy"
Debt cancellation is avowedly Brit
aims immediate objective because, u
Leon continued, "if America can be
saddled with the debts, American in
dustry must foot the bill through fu-
ture taxes, which thereafter will have
to be figured in the American cost of
production. With this cost of produc-
tion thus raised, American industry
would henceforth be permanently han
dicapped when competing with British
industry in the world markets.
If the debt cancellation policy Is to
succeed, debts must be made to appear
to Americans to be the one insurmount-
able obstacle in the way Of their pros
perity
Depression Intensified.
"By way of superinducing this feeling
among Americans, British policy is in
tensifying the American depression by
driving Down gold (dollar) prices. Gold
and silver being the only two interna-
tional instruments of exchange, Britain
uses them as her implements of price
destruction, through the exchange
equalization fund in the West and the
Indian silver-dumping policy in the
East"
Leon advocated a presidential en-
barge upon exports of gold or prohibi-
tive fee for taking the yellow metal out
OF this country, and said that American
maintenance of a free international gold
market was "for the benefit of alien ex-
ploitcrs at the expense of our prices and
at the sacrifice Of our economy"
Urges Silver Purchase.
To remonetize silver, Leon suggested
Treasury purchase Of s200,000,o0o in
silver at not more than so cents per
ounce.
This could be financed by expanding
the silver certificates of the Treasury,
Leon said, or by using part of the gold
now held as a reserve for gold oertifl-
Gates and United States notes, which he
said would leave the currency with a
gold coverage OF approximately IS per
cent.
BY thus remonetizing silver. Leon
said, in this fashion "the last important
available stock Of silver, now held in the
Indian treasury and said to approximate
200, 10000 ounces, would be removed
from the worlds markets"
1t would restore the purchasing pow
er OF the Orient, he said, and, provided
Britain will work with us to raise prices
and restore international trade" ar
Anglo-American understanding could be
reached to put the pound back to its
former gold basis.
Roosevelt to Get Data.
ALI the information elected from the
$50 men prominent in every field Of
enterprise who have been asked to give
their views will be turned over to Pres
ident-elect Roosevelt for his guidance
in attacking the depression
The four witnesses heard yesterday
were James H. Rand, jr., president of
the Remington Corporation Dr..
Herman F. Arendtz of Boston, former
Harvard economist; Paul Block, pub
Usher, and George N. Peek, member of
the War Industries Board.
Among the things which were urged
to help the country were reconciliation
Of silver on gold base, economy and
a balanced budget and higher prices for
agriculture
Rand proposed a central corporation
OF 1000 or more leading manufacturers
and merchants to provide money for
to expand their stocks by as
much as rs per cent, this to be followed
by a pledge from business to put at
least 100000 men back to work.