Evening star., 1933-05-14
u. s. BELIEVED TOO BUSY
FOR WORLD LEADERSHIP
Europe Expects Initiation to Provide New
Set of Problems at Home and Leave
Big Tasks to Britain.

Goldenweiser and Herbert Feis, con-
corning whom one French banker re-
marks:
These distinguished theorists are
perhaps convinced that they have put
the world on the path to salvation and
that Carter Glass was doddering when
he begged the Senate, on the basis Of
all past experience, to prevent the de-
valuation of the dollar"
The general impression today, there
fore, is that the United States Is start
ing on a hazardous course whose out
come Is impossible to foresee, but which,
in any case, will be dangerous to the
other powers only to the extent 1t tends
to prolong the depression.
Europe generally believes that con-
trolled imitation is impossible. The re-
markable recent boom in American
commodities and securities Is regarded
as the usual flight of money into things
under fear of imitation.
But how, then, it Is asked, can the
United States stabilize before June IL?
For, if it stabilizes, prices may fall
again and the whole purpose OF mf1a-
ton will be defeated and, II 1t does not
stabilize what is the use OF trying to
hold the World Economic Conference
to talk tariffs?
It is feared, therefore. that President
Roosevelt has started something he III
understands. namely, imitation, which
will entail, before he is through, many
surprises Europe's policy in these cir
cumstances is for the present. and Is
likely to continue to be, to wait and see.
Herriots Chances Drop.
The chances of Edouard Herriot'S S
overthrowing the present French pre-
mier, Edouard Daladier. next week are
diminishing rapidly. The Daladier gov
ernment, if it stays in power, is most
unlikely to pay either the December or
the June war debt installment to the
United States. Great Britain may pay,
it is thought but Great Britain Is pos
Sibly getting ready to stabilize again,
whether the United States does or not,
thereby re-establishing its world flnan-
cial supremacy.
The United States. Europeans think.
will be obliged. in the long run, to make
an easy war debt settlement on the basis
of something like dime for dollar. as
foreseen at the Lausanne Rcparatlons
Conference year ago.
The Roosevelt plan for simultaneous
Gevaluation of currencies seemingly has
been abandoned. French opinion is op-
posed to it and there appears little
United States can agree on ratios.
Until the dollar is stabilized, it will
be impossible to abolish the quota sys-
tenn or reach a practical agreement tor
lowering tariffs. Something may be
done in the way of producers agree
ments to restrict the output Of certain
commodities, but all this is still vague.
AS for remonetizing silver, Europe is
opposed to the idea. which 1t regards
as merely another form of imitation and
a highly dangerous one. Silver is largely
a by-product Of lead and copper mines,
it is said. A rise In its price would
overstimulate its production and also
put into circulation China's large silver
boards, with the result that the price
would soon break again and the whole
new system promptly disorganized.
Thus. contrary to earlier expecta-
tions, it now is thought that not the
United States but Great Britain will
give the real lead and direction to the
World Economic Conference.
tCopyright, 1893, by Chicago Daily News J