Evening star., 1933-07-05
RESENT "UNFORTUNATE TONE"
Hone to Salvage Conference Fades as
Result of Roosevelt Note.
BY Jay G. HAYDEN.

Result of Roosevelt Note.
BY JAY G. HAYDEN.
BY Radio to The Star.
LONDON. July 5 (NAN While
responsible leaders were making stren-
uous efforts today to prolong the eco
nomic conference sufficiently to insure
it a decent burial, the CONSERVATION
produced by the message President
Roosevelt threw at the feet of 65 ma
tions has increased rather than dlmln-
ished.
J. H. Thomas, member Of the British
cabinet, expressed the foreign view at
the Dominion day dinner Monday
night. when he characterized the Presl-
dents statement as the cruelest re-
buff ever received by responsible states
men"
The repercussions in business may
he even more pronounced The more
the Roosevelt announcement Is Stuoleo
the more it is regarded as declara-
tion of economic warfare on the part
of the United States. Trade and BANK
ing centers everywhere are WORKING
frantically In preparation to meet the
attack.
Canada May Change.
Thus Premier Bennett threatened
that unless the United States agrees TO
currency stabiliZation Canada may 1or-
sake the currency union Whlch no"
binds the two countries. He said that
unless currencies generally could be
stabilized, then the British Empire
should stabilize its own.
This statement could have no other
Implication than that Canada Is con-
sidering the pound sterling rather than
the dollar as the measure OF It's cur
rency value in the future.
The CONSERVATION the President pro-
duced in his own delegation in London
equals that in any foreign quarter The
original announcement was that Secre-
tary Hull would explain the American
position and on Sunday he drafted the
statement and submitted 1t by cable to
President Roosevelt.
You can easily imagine the shock
the Secretary Of State received when
the message came back entirely differ
ent with the peremptory order to make
it public forthwith Even more dis
turbing to the delegation were the
closing words of the Presidents mes
sage The monetary philosophy eX-
pressed was radically different from
anything he had previously said
Ask Roosevelt for Text.
AS soon as the delegates read the
message on Monday. they assembled in
a solemn conclave trying to make up
their minds what to dc about It, Par
ticularly hard was the Roosevelt stipu-
lation of the dollar: Which does not
greatly vary in terms Of commodities"
and which "a generation hence will
have the same purchasing and debt
paying power as when first established.
All were agreed this meant the dollar
was based on something else besides
gold and accordingly it was utterly at
variance with the plan OF gold and
silver bimetallisrn Introduced at the
conference by Senator Pittman and
with the few propositions all the Amer
lean delegates have been strongly
pressing.
Having determined that the Pittman
resolution must be withdrawn, the dele
gates attempted to draft substitute
along the same lines as the Roosevelt
message. After an hours wrangling as
to just what the President meant. how
ever, the task was abandoned and
cable was dispatched to the President
asking him to please supply the text Of
the resolution expressing his ideas for
presentation to the conference.
The annoyance Is particularly pro-
nounced among the technical advisers
such as Assistant Secretary OF State
hlOlCy, 1N1 " dlpul hil4 LII. d6uC
who, in addition to disagreeing with the
Presidents thesis, see themselves super
seded by new and more radical brain
trust" These men suspect the PreSi-
dent has fallen under the influence OF
Prof. Warren of Cornell, who long has
been advocating commodity dollar and
to completely eliminate gold.
"Unfortunate Tone"
Having canvassed the Presidents mes
sage without reaching any conclusions,
the Americans scattered among the for
eigners for the purpose of getting their
reactions. When they returned to the
meeting all reported the same thing
that he feeling was no so much be-
cause of what the President has said, as
the way he said it. They found the
Europeans bitterly resent what they
termed the unfortunate tone"
AS the Conservative Financial News
expressed it lone kind word might have
held the conference, but President
Roosevelt could not deny himself a
gibe at Europe's unbalanced budgets
and his yelled attack on the French
was resented even by those who argue
that NJ Bonnet forced stabiliZation
price too early in the day"
After asserting that President Roose-
welt jettisoned the proposals reducing
trade barriers and the stabilization Of
currencies this paper urges the confer
ence to be continued long enough to
determine whether America is now
opposed also to reducing tariffs and
other trade barriers. Even every old
woman might be content with changing
her mind twice." this paper declares
On the other hand, j. M. Keynes,
defending President Roosevelt in the
Daily Mail, declares he is magnificent
ly right in forcing decision between
two divergent policies. The Economic
Conference will be farce unless 1t
brings this divergence to head"
Mr.. Keynes all along has been a
leader Of the minority in Great Britain
which urged that country follow the
American lead in depreciating its cur
rency as means of boosting prices to
relieve unemployment