The midland journal. (Rising Sun, Md.) 1885-1947, 1933-07-14

"a'o were excited and an
~ cry. Their delegates
IN London got together and declared
unanimously that immediate stabiliza-
ton of currencies by international
agreement was imperative, and that
without that 1t would be useless to
continue the conference.
The American delegates. despite
many specific stories of dissensiOn In
their ranks, were declared by Secre-
tary Hull and others to be in complete
accord and acting entirely in con-
formity with the instructions and
wishes of President Roosevelt Sena-
tor James Couzens of Michigan, the
lone Republican In the delegation. de-
livered significant speech before the
monetary subcommittee in which he
urged immediate action to raise prices
and tighten the debt burden as
means of helping solve the world crisis.
He said. however. that he did not
believe prices could be raised suffi-
GENTLY to bring about the proper
equilibrium with the existing debt
burden.
While prices must be raised and
the debt burden lightened, Mr.. Couz-
ems said, this must not be construed
as an invitation to debtors able to pay
to scale down their Indebtedness.
certainly 1t is not an invitation to
default" he said. at emphasizes the
necessity for organizing creditors
throughout the world. Of establishing
some form of permanent body to act
In an advisory capacity between or.
ganized creditors and organized debt
ors to study by what means the neces-
sary adjustments may be brought
about with the minimum of delay and
injustice"
Mr.. Couzens declared that the United
States does not believe prices can be
raised by monetary means alone. Pur-
chasing power must also be increased.
he said, and America Is acting on that
belief by instituting the largest pro-
gram of public works ever undertaken
In the history of the world.
DRIME MINISTER MACDONALD
1 was scurrying about in desperate
effort to save the conference. and after
the meeting and pronunciamento Of the
gold bloc he had a talk with Georges
Bonnet Of France and then called Mr..
Hull and other American delegates
into conference. He showed them that
they would be held to blame II the par
ley failed, and the Americans resented
what they considered to be an attempt
thus to force President Roosevelt to
alter his position that the dollar should
not be stabilized until there has been
q substantial rise In commodity prices
and wages in the United States. Mr..
Hull told Macdonald that the question
Of immediate sterilization of curren-
cies is beyond the Jurisdiction OF the
American delegation.
Since Mr.. Hull refused to do any.
thing about immediate currency stab
lllzation. the monetary subcommittee
decided to report favorably on Sem
ator Key Pittman's gold resolution,
which provides. among other things.
for withdrawal OF the yellow metal
from circulation and reducing the gold
eoverage OF central banks to 25 per
cent. II inserted a statement that
such monetary changes must not be
taken as an excuse for unduly build
ing up a larger superstructure of
notes and credits"
There was fear throughout Europe
that the Developments would compel
all nations TO abandon the gold stand
ard. and this was given force By the
announcement that EstOnla had taken
that step. other Baltic countries, II
was expected. would follow suit.
CEN. HUGH 3. JOHNSON. admin.
~ lstrator OF the Industrial recovery
act. opened hearings on codes sub
mltted for government control before
an interested crowd In the Depart.
ment Of Commerce building In Wash
Ington. the first one 10 he taken up
being that offered By the eotton-tex.
tile Industry which was described In
this column a week ago.
In his blum manner General John.
son introduced hls deputy. W. l. Al
len. and bis counsel. Donald Richberg.
and the latter laid down the rules Of
procedure 10 be followed. watch were
rather disconcerting 10 many % his
hearers After explaining the manner
In which codes would be received
from Industrial groups. ar. Rlchberg
said that the hearings we're lntended
to produce facts only. and that no
oral arguments uInen questions az lac
would be- permitted. n any interest,"
felt Us legal rights were being tram
Piled. " must be eonlenf to present a.
plea privately In writing to ths "a.
mlniStrntlan. asrorsiing "a this raj