Evening star., 1933-11-25
AL SMITH IN OPEN
ROOSEVELT BREAK
Denounces "BoIoney" Dollars
and Declares He Is for
Gold Standard.
BY the Associated Press.

BY the Associated Press.
NEW YORK, November 25-Alfred
E. Smith broke openly yesterday with
President Roosevelt's monetary pro-
gram, declaring he was for sound
money and return to the gold
standard.
IT am for gold dollars as against
boloney dollars" said the former Gov
ernor in an editorial to be published
in the December issue of the New Out
look
Il am for experience as against ex-
pertinent. If I must choose between
private management Of business and
management of Government bu-
reaucracy, 1 am for private manage
ment.
Favors Old System.
''If I must choose between the lead
ers of the past, with all the errors
they have made and with all the self
isnness they have been guilty of, and
the inexperienced young college pro-
fessorS who hold no responsible public
Office, but are perfectly ready to turn
130, 0,000,0 Americans into guinea pigs
for experimentation I am going to be
for the people who have made the
country what it is.
And say this with full knowledge
of the fact that there are many things
in the old order of society which 1
should like to have changed and which
do not applaud or even condone."
Portions of Smiths editorial were
made public at the Office of the New
Outlook The former Governor who
recently was a guest at tea at the
White House, was not present.
nf ho of
ated a sensation in New York, with
afternoon papers displaying it under
large headlines. Smith was not in his
Office and attendants there declined to
say where he could be located.
Hope in Party.
The statement expressed Smiths per-
sonal disbelief that the Democratic
party is fated to be always the party
Of greenbackers, paper money printers,
free silverites. currency managers. rub
ber-dollar manufacturers and crack
pots
"If 50, the issue Is more than a parti-
san one," Smith continued. because |
We are dealing today with the party |
which actually holds responsible govern
n1ent Office, which is not merely advo- |
eating cure-alls in a campaign, but |
which has in its hands the present
welfare of 130,000,000 people and the
future of our most cherished American
institutions
II am too old now to be regular just |
for the sake of regularity.
What we need in this country is |
absolute dependability in our money |
standards. It is the only thing which !
will restore confidence. The latest fiscal !;
moves of the administration have un-
dermined public confidence They have |
created uncertainty.
uncertainty paraiyzes business. dis |
courages private initiative. drives money |
into hiding and places the entire bur-
den of sustaining the population on the |
central government.
Playing on launches"
I'VE are told that there is new |
theory of government abroad. 1t is |
the theory that the executives are quar-
terbacks on foot ball team who do not |
know minute in advance what signal |
they will call next. They determine
the plays on the basis of lunches
"Of course, this is just another name
for opportuniSn. There Is nothing new
in it. 1t never pulled a great modern
industrial nation out of a depression.
What the people need today is what
the Bible centuries ago described as
the shadow of a great rock in a weary |
land That was what Grover Cleve-
land represented to the people in his |
day-a symbol Of strength and firm
ness. of GOODNESS. of rocklike integrity
in the midst of shifting sands, heat |
and desolation.
I'm the absence of anything definite
ly known to be better, I am for re-
turn to the gold standard"
The editorial was titled: Sound |
Money. An open letter to the members
of the Chamber of Commerce of the |
State of New York"
1t was written in response to re- |
quest for his views from the officers |
of the chamber which recently went |
on record as favoring immediate re-
turn to the gold standard.
Sound Money Man"
Il know that in writing this letter I |
am inviting the charge that I have !
gone Wall Street." Smith concluded. |
"Well, this is not the first time that I |
have taken the unpopular side of |
great national question. Put me down. |
therefore, as a sound money man and |
as being with you in your campaign:
Release of the extracts from the edl- |
torial was authorized by Frank A. |
Tichenor, publisher, who said in a
statement:
Since going TO press, the situation |
which Gov. Smith discusses has become |
so critical that we do not believe that |
the natural limitations of periodical
publication should be permitted to stand |
in the way of what we consider the |
public's right to quick access to vital |
thinking on this important subject"
The committee for the Nation issued |
q statement in answer to Smiths edi-
torial in which it charged the former |
Governor with failing to look at the |
record" before he opposed the Presi-
dents monetary policy
The statement termed the Govern
ment's policy Of remaining on the gold |
standard before March after 81 ma
tions had found it impossible to do So
as "the greatest monetary experiment"
which it said, resulted in the collapse |
''of our entire banking system"
These are facts and not 'boloney,'"
the statement said, and it concluded:
Rebuilding to really sound money |
and a proper medium of exchange is too |
complex problem to be dismissed with |
the fplthet 'bOlonty' bllnaV returning
to the old gold standard is not the solu-
ton Insight and constructive states |
manShip required-