The midland journal. (Rising Sun, Md.) 1885-1947, 1933-07-21

fellow countrymen as
nooseVe" well. His effort was
not at first successful. for the leaders,
yielding to the demand of the gold
bloc, decided the conference should
take recess for an indefinite time.
This accorded with the views of some
of the American delegates, but Sec
rotary of State Hull. acting under in
structions from President Roosevelt,
fercely fought the plan and finally per-
suaded the bureau, or steering COM
mittee. to change it's mind. 1t then de-
clared it was firmly determined to pro-
coed with the work of the conference
and asked the various subcommittee
to prepare a list of questions that
could be usefully studied by the con-
ference, monetary problems being ex-
cluded by the gold bloc. AS tariff
problems also are out, it may seem
that the conference has lost Its first
rank Importance in world news for the
present. 81
What the President first did to the
conference was in the form of note.
read to it by Mr.. Hull, beginning:
II would regard it as a catastrophe
amounting to world tragedy If the
great conference of nations called to
bring about more real and perma-
ment financial stability and greater
prosperity to the masses of all nations
should In advance of any serious ef-
fort to consider these broader prob
lens allow itself to be diverted by the
proposal Of purely artificial and
temporary experiment affecting the
monetary exchange of a few nations
only.
"Such action, such diversion, shows
singular lack of proportion and fail
ure to remember the larger purposes
for which the economic conference
originally was called together
Delegates of the gold bloc nations.
led by France, were angered both by
the Presidents attitude on stabilize.
ton and by what they considered his
dictatorial manner, and Prime Minis.
ter Macdonald was grievously disap.
pointed. The conference leaders met
and after a lot of exceedingly plain
speaking adopted a resolution to ad.
Journ, which was what the gold bloc
insisted upon. Secretary Hull alone.
still hopeful and clinging to the inter.
nationalist doctrines which the Pres.
ident had abandoned, argued for con.
tinuance of the conference and finally
persuaded the other leaders to with.
hold the adjournment resolution until
further word had been received from
Mr.. Roosevelt.
The Presidents second communica-
ton was more conciliatory in tone
but showed no disposition to retreat
from the position he had taken. He
asserted that the raising and stabilize.
ton of commodity prices was the ma.
5or objective and the exchange value
of the dollar in terms of foreign cur
rencies a minor consideration.
Delegates of France, Holland, Bel.
GUM, Italy, Poland and Switzerland
the chief gold standard nations-met
informally and formed a monetary
pool which pins all their currencies
one to another. They also decided In
principle to form an economic union.
THE wheat committee of the econ
= omic conference alone accom-.
plished something. 1t announced that
fhn TTnitod No
and Argentina, the great wheat pro-
ducing countries. had accepted the
American plan for restriction of acre.
age and production.
The agreement is subject to the as
sent Of importing countries to some
provisions for abolition of certain reg
ulations concerning milling and quo.
tas. The purpose of the plan is that
wheat should be raised in natural
growing countries and that European
efforts to foster artificial production
be abandoned.
G PEAKER HENRY T. RAINEY ex-
~ pressed the general thought Of
Americans when he said that the
selfishness of foreign nations which
demand that the United States con.
tinue to give them trade advantages
Is the real cause of the difficulties
at the London conference. He de-
clared the whole country was back.
ing the President in his stand on
currency matters.
Speaking at the independence day
dinner of the American chamber of
commerce in Paris. Ambassador
Straus vigorously defended the Amer
lean economic policy. when we read
In the daily press" he declared. "of
some nations. whose friendship we de-
sire and who should he our friends.
that we are grasping. that, We are
selfish and that we are pursuing a
course unfavorahle TO world peace and