Evening star., 1933-11-19
CURRENCY POLICIES
CAUSE FIRST BREAK
WITH j. S. CHAMBER
Former Supporters of PreSi-
dent Among Those Who
Now Oppose Money Plan.
SPEECH BY ROOSEVELT
SEEN AS HIS ANSWER
Silver Advocates Press Demand for
Reconciliation as Trade Lead /
ers Ask Return to Gold.

On the ground that President Roose-
velt's fiscal policies have developed
widespread confusion and disquiet,"
the Chamber OF Commerce of the
United States declared war on his none
tary program yesterday and demanded
an immediate pledge by him to return
TO some gold basis, not necessarily the
old one, and an "unmistakable declara-
tion that Government securities will not
be driven to lower levels by reason Of
monetary actions"
The board of directors Of the cham
Der, voting unanimously in the largest
meeting since Spring, declared tha at ma
tionai recovery would be retarded in the
absence of such reaSsurances, including
announcement of intention to avoid
monetary experimentation, greenback-
ism and fiat money" 1t challenged the
practicability of the Presidents efforts
to raise prices through measures solely
monetary in character.
1t marked a departure in the attitude
of organized business, as represented by
the Chamber of Commerce, toward the
Presidents emergency program. While
some Of the emergency measures put
through Congress last Spring and Sum
mer were contrary to Chamber of Com
merce policy, the organization made lit
tie or no protest, in line with the gen.
eral spirit to stand behind the PreSi-
dent. Henry I. Hartman, president Of
the Chamber of Commerce was a prin-
cipal advocate of the N. R. A. and do
mestic allotment legislation. He was
In the vote yesterday.
Led by Sargent.
Fred W. Sargent, president of the
Chicago & Northwestern Railway. stood
with Sllas Strawn, Chicago lawyer and
Hoover Republican, in pressing the
sound money resolution to unanimous
vote. Sargent, though nominally a Re-
publican, was an enthusiastic support
er of the President up to recently.
President RooseveIt's speech in Geor-
gia yesterday morning, delivered almost
coincidentally with the action taken by
the board of the Chamber of Com
merce, was construed by some of the
business men in the city as an express
sion of determination not to be de-
tered by such protestations. The Gov
ernment's gold-buying program re-
AAldA1C0 Va N0d4lg at "a now
ever, with the Reconstruction Finance
Corporation price at $3356 (below the
world price, for the fifth consecutive
day.
In some quarters the continued fail
ure to raise the gold price in Washing
ton was construed as an indication of
increasing caution after a week of de-
clinlng prices for Government securi-
ties, abandonment Of the Federal Re-
serve systems open market operations
and a withdrawal of support from the
market.
In quarters which usually reflect the
Presidents viewpoint, his scoring of
tories and mules" in his speech at
Savannah, Ga, was said to be directed
at the school of thought reflected by
the chamber of commerce meeting.
Experiment Brings Action.
Chamber of Commerce directors said
this school of thought had been gaining
ground steadily in the last month. Pre-
viously the national chamber had been
threatened with a schism in its own
ranks when members began protesting
that it was not aggressive enough in
opposing the concessions granted or
ganized labor in the development of the
N. r. A. The revolt asserted itself
in moves for the formation of a more
aggressive agency of organized business
at Washington. The dollar control eX-
pertinent, directors said, brought it
sharply to the surface.
The result was an exceptionally large
attendance at the bimonthly meeting of
the board which opened Friday. The most
the national chamber previously had
done in this direction was in its sound
money resolution adopted at its annual
convention, in similar expression at
its directors meeting in Colorado
Springs in September and the stand it
took for modification of the securities
act.
. The directors of the chamber in their
resolution, according TO the Associated
Press. held that "our 'onsideration of
the various aspects Of the economic and
financial situation leads us to the con-
clusion that the question of a sound
nationary monetary policy is para
mount"
1T is Of transcendant Importance
because the monetary policy not only
affects all other financial issues but the
whole economic welfare Of the nation"
the resolution read.
Confusion" Protested.
THE chamber is committed by aC-
tion Of its membership TO support the
maintenance Of the integrity Of our
currency, the restoration and continu-
ance of the gold standard, with a fixed
gold value Of the dollar properly de-
termined, the balancing of public
Continued on Page 2. Column A.