Evening star., 1933-07-03
RECOVERY PLANS
IN BANKING SCORED
Speaking at Virginia U. Fo-
rum, Edmund PIatt Hits
Methods of Administration.
BY the Associated Press.

BY the Associated Press.
UNIVERSITY, Va, July Stalking
vigorous issue with many Of the steps
taken by the administration in the
f1eld OF banking toward economic re-
covery, Edmund Platt, vice president of
the Midland Marine Corporation, New
York said here today that If 1882 had
not happened to be q presidential year,
the recovery begun then might have
continued without any serious inter-
ruption. so that we might have been
about where We are today"
Addressing the round table on money,
banking and the financial situation of
the University of Virginia Institute of
Public Affairs, on The Banking Out
look and Banking Problems" Mr.. Platt
said that during the past year, and
particularly the past six months, "sev-
eral things have happened that none
Of US believed could possibly happen. ="
Imitation Spread Cited.
"The first of these" he said, was the
rapid spread and apparent acceptance
of the imitation idea by large section
Of the country and by large majority
of the members OF Congress. the col
lapse of our banking system and the
failure of the Federal Reserve system,
and suspension of gold payments.
Scarcely less important was the passage
of the banking act Of 1888"
Personally" he said, Il feel that the
recovery then beginning lin 1882 would
have continued, barring the election, if
the Glass banking reform bill had been
put upon the statute books before the
adjournment Of Congress last Summer
in the form in which 1t was reported
from the Senate Banking and Currency
Committee in May"
Turning first to a discussion Of the
banking holiday. Mr.. Platt expressed
his opinion that 1t was q mistake to
have closed all the banks on the 4th
of March The general bank closing,
he said, placed an ovcremphasis on cur
rency and gold.
The speaker also denied that 1t was
ever necessary to suspend gold pay
ments or repudiate the contracts Of the
Government to pay its obligations in
gold, asserting that President Roose-
velt'S remarks in this regard were "Spe-
cious" and "ovcrsimplifying the matter" +"
Attacking the imitation movement,
Mr. Platt said, Il do not believe the
price level of 1926 can be restored with
out a very serious imitation, and it is
to be hoped that the administration Is
wrongly quoted in this matter and that
the goal actually aimed at may be much
more modest, so that We shall not again
be faced with another serious problem
of deflation.'
Trade Expansion Seen.
George jackson Eder, manager Of
the foreign securities division Of the
Standard Statistics Co., Inc, New York
addressing the Latin American rela-
tions round table, said that regardless
of economic nationalism or political or
economic theorizing. it is safe to pre-
dict that inter- American trade will con-
tinue to expand. and furthermore, that
so long as American inventive and
manufacturing genius remains alive,
this country will get as great a share
of trade as England, France and Ger
many combined"
One of the first moves Of the present
administration in the direction Of Latin
American trade, the speaker predicted,
will probably be in fixing a quota for
the importation of Cuban sugar and in
reduction of the regular tariff rate. He
listed a number of other trade conces-
sions with Latin America which he ex-
pected to be effected before President
Roosevelt has completed his eight-year
term Of Office"