Evening star. [volume] (Washington, D.C.) 1854-1972, 1933-11-22

he was out of sympathy with the ad-
ninistration. I am only surprised 1t
did not take place sooner. I think the
sun will rise tomorrow and the next
day and the birds will sing"
Sprague had been in disagreement
with President Roosevelts money poll
cies since the World Economic Confer
ence ended in London last July. Dur
ing that meeting he urged that foreign
exchange be stabilized The President
refused. and it was explained then that
such a move might keep domestic COM
modify prices from moving upward.
There were others who said Sprague'S
objections were to have been expected.
approves the gold-buying plan, said In
New York, for instance;
THE sterilization urged by him after
his service in the Bank of England
would have tied our dollar to the Eng
lish pound 1t is hurniliating
that a servant of the Government
whose personal opinion would carry
comparatively little weight should dis
regard the obligations of his position
the service of the Government, behlno
closed doors talking to bankers IN New
England, he criticized the President
and attacked his policy.
Prof. SpragueS disloyal statement
confirms misgivings long held by Amer
lean industrialists and leaders OF agri-
culture regarding him"
The Committee of the Nation Is
headed by J. H. Rand, jr, New York
industrialist, and includes number OF
outstanding business leaders as men,
bers.
Sprague's primary objections to the
gold buying plan were that currency
depreciation alone will not bring the
price rise, and that bonds ARE an I'M
satisfactory investment when a govern
nent is determined to depreciate its
currency"
II believe" he added, you are faced
with the alternative either of giving up
the present policy or of meeting Gov
eminent expenditures with additional
paper money"
No Opportunity Offered.
1T is possible that there might still
be a meeting of minds had I been
accorded any opportunity to discuss
policies with you, Sprague wrote to the
Chief Executive.
But no opportunities whatsoever
have been afforded me since my return
from London in July, after your rejec-
ton of the arrangements to steady the
-
the World Economic) conference"
1t was just before that conference met
that Sprague came to the Treasury.
Previously he had been economic advi-
ser to the Bank of England. President
Roosevelt expressed himself then as ex-
tremely gratified at obtaining his serv-
Ices, adding that he was perfectly
good American"
For weeks it has been we'll known
&1at t,, Itco vr,ft y,
the administration on monetary queS-
tons Early in his career at the Treas
ury he invariably participated in White
House conferences on this subject, but
in recent weeks he has not attended
such meetings.
Interpreting the Roosevelt plan for in
creasing commodity prices throughout
the Nation by buying gold both here
and abroad as an effort to depreciate
the currency, Sprague expressed opposi-
ton to it and predicted failure
In his connection with the Bank of
England, Sprague was closely associated
with the operations or the British
equalization fund intended to protect
exchange markets.
His flrSt concern as an adminiStra-
ton adviser was with plans for the
London Economic Conference. Proceed
ing to the British capital, he worked
out a program for studying foreign
exchange during the conference This
plan was rejected by President Roose-
welt. 1t was to this that Sprague re-
ferred in his letter.
Previous to his services in England.
DR.. Sprague taught economics at Har-
vard. One of his students was Frank
lin D. Roosevelt.
Sprague disclosed that he took his
letter OF resignation to the White House
last Thursday, the day following the
announcement of Morgenthau's ap-
pointment as Undersecretary.
He explained that he delivered it for
the information of the President and
did not make it official at that time.
He hoped that the interim might bring
developments which would permit his
remaining with the administrator.
These failing to appear. he made his
resignation official yesterday.
Will Stay in Washington.
Sprague arrived at his office late in
the morning to spend several hours
planned to make this his last day in
his Office.
He said he intended to stay in Wash
ington for some months, having bought
home here.
Asked if he intended to take any
personal part in organizing public
opinion against the Roosevelt monetary
policy, he said he had been doing some
of the arousing" and that the organiza-
ton work was up to some of the big
executives"
In this connection, he mentioned the
board of the Chamber of Commerce of
the United States. which last Saturday
in resolution severely criticized the
Presidents gold-buying program.