The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1933-07-05

spontaneous origin published herein.
All rights Of republication OF all other
matter herein are also reserved.
Hard-Boiled Diplomacy
America was treated to new style
of international diplomacy Monday
when President Roosevelt told the
world economic conference that he
would not consider any efforts to
stabilize currencies at this time.
This bold and fortnight action
puts the next move up to the Euro
pean gold-bloc nations which have
been attempting to rescue their cur
rencies through the medium OF the
economic conference. It answered
their threats that they would not
play, except upon their own terms,
with counter-statement that their
terms are definitely rejected. BY
this means the issue is directly
joined and we soon shall see whether
the high protestations made at the
opening of this world gathering were
expressions from the heart or merely
words.
President Roosevelt's declaration
was the hardest boiled piece Of
craftsmanship by an American leader
In many years. It is almost impos-
sible to remember when anything so
truculent in tone has been addressed
by any representative of this govern
ment to any foreign power. II this
world conference is really an inter-
national poker game, as frequently
has been suggested, America called
the bet OF France and her allies in
no uncertain terms. We shall now
see who. il anyone. was bluffing.
\ 4 y
II this action by President Roose-
velt means showdown 1t is just as
well. His is unquestionably the best
hand. America entered the confer
ence with the deck stacked in its IA
vor. Most Of the economic and fl
nancial factors support the American
stand. Recent developments in Eur
ope give us about an even break in
the politics. The president, there
fore, is holding four aces against q
rather disreputable collection of
deuces on the part of France and her
allies.
Our Gallo brothers say their stand
at London Is dictated by q deter
nination to remain on the gold
standard. II they had said hope"
rather than determination, the dec
laration could be taken at face value
If the United States persists In its
course, regardless Of the outcome of
this meeting of world powers. the
gold-standard Is doomed in France
and every other nation.
The reason for this is simple
enough. The vagaries of foreign
exchange are such that pressure may
be exerted against the currency Of
any naticn. Whenever it becomes
profitable to do so this pressure is
brought to bear. It Is becoming
profitable, by reason Of the rapid
fluctuations, to turn French francs
into gold. The more francs are sold
the more profitable it becomes to
Sell them, because the desire to sell
exceeds the desire to purchase
Eventually France will find herself
called on to deliver more. gold than
she has. When that time comes
France abandons the gold standard.
The same system was worked
against American currency less than
q year ago, at the time when Ex-
President Hoover later declared We
were within 10 days Of going off the
gold standard. France was largely
responsible for the exercise Of thai
pressure. Now the shoe Is on the
other foot and it Is pinching terribly
She can take 1t or leave it, but We
ere going to make no sacrifices tt
keep her on the gold standard wher
we have abandoned 1t ourselves, vol.
UNFAIRLY and blithely.
\ X y
At most OF the important worlt
gatherings which the United State.
has attended, we have played thu
part Of Santa Claus. It does us NJ
harm to recognize that fact.
When the powers gathered at Yer.
sailles after the World war. President
Wilson concentrated on making tn.
world "safe for democracy" Franc,
and the other victorious nations con.
centrated on reparations and the &C.
QUESTION Of dermany's colonies. Nov
we find democracy in as much peri
as ever while we hold the bag TO
the war debts as the indirect result
Of the PREPARATION arrangement.
In 1922 we had a naval disarma
ment meeting at Washington. In
grandiloquent gesture, we agreed t.
sink several battleships then build
Ing and did make them targets 10
aerial bonbess.
The rest Of the world applaudee
as.Mx-i~ -1e- :,