Evening star., 1933-06-20
SIX NATIONS BACK
/ i. s. SILVER PLAN
Germany, Italy, India, China,
| Mexico, Ireland Support
T Proposal.
CONTINUED From First Page }

she wanted to know more about them
before accepting.
Senator Pittman was so greatly en-
couraged by the reception of his resolu-
ton that during the lunch recess he
told his colleagues he thought it would
be adopted with a few minor changes.
In quarters close to the American
delegation, however it was being freely
said today that Secretary Hull, as an
ardent believer in international CO.
operation, is keenly disappointed in the
turn of events which render 1t impos-
sible for his delegation to commit
themselves on many important queS-
tions because Of the American internal
program.
It was understood, however, that the
Secretary was hopeful that the ground
work was being laid in tentative discus
progress on international problems when
the American prise-raising program has
been achieved.
The favorable way In which the reso-
luton was greeted had the effect of
Quieting discussion of an unofficial pro-
posal, emanating from the gold stand
ard bloc, that the conference adjourn
until America had agreed to some form
Of stabilization.
Gold advocates, headed by France,
indicated they saw in the resolution
material with which they could foster
a campaign to force the United States
to stabilize.
Talk of compelling adjournment still
persisted in some quarters, but the gold
bloc was equally interested in studying
ways and means of effecting its ends
through the Pittman resolution
Assaults on the quota system pro-
tecttng home markets, invented by
France and under which American in
tArests have suffered, have been made
thus far by four countries-Italy, Bel
gium, Poland and Turkey. The most
recent recruit to the opposition is Tur-
key, which today presented q proposal
calling for the gradual abolition Of the
system.
Want Assets Freed.
The French, who want to discard the
quota system only after production is
regulated and markets are stable, ex-
pressed surprise that their old friends,
Belgium and Poland, have taken
strong stand against such trade re-
Etrictions
CzechoslovakiY, Rumanla, Yugo-
Rlavia, Bulgaria, Latvia and Poland,
acting as a unit, lodged proposal with
the conference secretary for monetary
naturalization funds with view toward
supplementing the normal flow of short
term capital and dislodging frozen as
sets in the Balkans. The group also
asked for a European public works
scheme and for agricultural credit
banks.
The normalization fund proposal was
an outgrowth of the Stresa conference.
at which these countries suggested that
such q fund be provided through a
large credit to be negotiated with the
principal powers, which would give
smaller countries central banks suffi-
cient working funds to thaw out credits
and permit the normal flow Of trade.
Just before the subcommittee on
permanent monetary matters convened
DR.. Victor Keinboeck of Austria, head
of the committee, held an earnest con-
versation with Senator Pittman and
Warburg.
When the Austrian banker called the
committee to order he announced, 'I
think we should concentrate the dis
cusssion on Senator Pittman's pro-
posals."
Will Require Time.
The Navadan, taking the floor, made
1t clear at the outset that the French
assumption that his resolution meant
that America was to return to the gold
standard Immediately was entirely
erroneous
This plan" Pittman told the COM
nlittee, lis entirely satisfactory to our
delegation, and meets with the approval
Of the President Of the United States"
He pointed out that the American
resolution specifically proposed a re-
turn to the gold basis "as quickly as
practicable"
1T must be kept in mind" he con-
tinued, that an agreement as to many
Of these propositions will require time"
While Senator Pittman did not re-
fer to American internal affairs. his
hearers interpreted his remarks as max
ing it clear that the United States is
not ready Immediately to adopt plan
for a return to definite monetary
standard.
The Uruguayan delegation expressed
qualified approval Of the Pittman plan
but thought the suggestion to reduce
the monetary reserve to Is per cent was
dangerous.
They proposed a minimum OF 33 per
cent reserves, in which they expressed
q willingness to use a small amount Of
silver.
Explains Reserve Clause.
Pittman asked and obtained the right
b let Warburg take the floor for the
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