Evening star., 1933-07-06
,Finiis.


hopes on June IL, is on the rocks. To-
day its adjournment, recess or suspen-
sion, or whatever device is finally
adopted to proclaim its demise. will be
formally voted. Gold bloc countries
headed by France and -stabilization
countries grouped around the United
States will fold up their respective tents
and call it day-a sorry day, it is
much to be feared, for the immediate
future of international cooperation
either in the field of economics or other
directions, such as disarmament.
Eleventh-hour efforts to salvage the
wreckage caused by President Roose-
velt's brusque refusal to consider the
minor issues" of temporary currency
stabilization proved unavailing. The
President. while standing firmly by
his guns, sent the conference a sec
ond and more conciliatory message
on Wednesday, urging that restoration
Of world price levels for industry
and agriculture, ways and means
for preserving the stability Of this
adjustment, once achieved, and the
part which gold and silver should then
play, were all subjects deserving OF
exploration" and warranting continued
discussion by the conference. But Lon
don was not persuaded. The confer
ence decided to admit itself defeated
by a violent collision of the monetary
policies Of the gold and non-gold gov
ernments and brand the existing differ
ences between them insoluble for the
moment.
There is talk, which today.s develop
ments will probably convert into some
definiteness, of calling the conference
of for period of two months or more,
its recall to depend entirely on when
President Roosevelt deems the Ameri-
can recovery program has progressed to
a point permitting this country to re-
sumo the discussion. Spokesman of the
frustrated gold bloc said in London
early today that 1.-The more temperate
tone" of the Presidents later message
will facilitate the reconvening of the
conference in an atmosphere Of sympa-
thy, which could not have existed as
long as there were violent divergences
of views among the delegations"
All this is water over the dam now.
1t is the pulsating present and the i'm
mediate future only that count. Upon
them the energies of the United States
Government, President Roosevelt makes
indubitably plain, are henceforward to be
concentrated, to the exclusion of all
else. Unabashed, he dedicates the
country to policy Of unqualified "eco-
nonic nationalism," despite his as
severations to European statesmen IN
April and May that in such a course,
if generally pursued by the world, the
American people envisaged naught but
continuance of international economic
chaos. Whatever has occurred In the
meantime, Mr.. Roosevelt is candor per-
sonified in notifying Europe that the
United States is embarking upon a
course which, it has finally concluded.
is for its own best good. He advises
other countries to do likewise. In such
sovereign procedure, each padding its
own canoe, the President now sees the
surest promise Of salvation for all.
Recriminations here and abroad are
not likely to subside with the eclipse,
partial or total, Of the international eco
nomic sun which rose SO promislngly
over the Thames a bare three and a
half weeks ago. But the acrimonious
business of distributing the blame for
failure will not improve matters. OF
far more importance is the task OF
craftsmanship, in America and Europe
alike. to see that the devastating con-
sequences of conference debacle. so
freely predicted in advance, do not at
tain foreshadowed dimensions.
The world has not gone to the
dogs. and will not, unless common
sense utterly takes flight from mems
minds here and lover there" Even
while statesmen were f1oundering and
ouibbling at London, conditions In
nearly every country, notably our own'
were on the mend. As lately as yes
terday. with the conference about to
crash, the London Times pointed out
that "the American experiment has so
far succeeded In raising American
prices without producing any defla-
tionary effects abroad. So long as this
remains the case no really disturbing
results to the outside world are likely
to be caused" Perhaps President
Roosevelt will feel that this admission
from the oracle of British orthodoxy
proves, as Mr.. Walter Lppmann points
out in a dispatch from London, that
"the need for immediate stabilization
was not nearly so important as 1t has
been made to appear"
It is not too early for Americans to
express one fervent hope, that If
and when the conference IS renewed
their Government will have . policy
which 1t can state and maintain
through spokesmen who will not be
subjected to the spirit breaking vicissi-
tudes which Secretary Hull and his
colleagues experienced in London. The
United States should not, in its own
interest, be called upon to endure a
succession of such shocks to its pres
tige as it has just suffered.