Evening star. [volume] (Washington, D.C.) 1854-1972, 1933-04-23
Plan Proposed
tOCheck Fall |
of Prices. |
CRISIS PICTURED
BY MACDONALD.
Cancellation Is First
Need of Nations,
Says Premier.
BY G. GOULD LINCOLN.

International agreement on cur
rency, to stabilize monetary sys-
TENS and exchange between ma
lions, loomed large on the horizon
at one of the principal avenues OF
attack upon the world economic
depression last night, as President
Roosevelt and Prime Minister
Ramsay Macdonald of Great
Britain completed their first full
day Of conference.
The currency question, pushed
to the fore by the sudden recent
withdrawal of the United States
from the gold standard when
President Roosevelt clamped down
tight on shipments of gold from
this country, is not one, however,
that may be settled alone by the
United States or England, or by
them both together, Mr.. Mac
Donald said in an address de-
livered at the National Press Club
yesterday. 1t calls, he said, for an
International agreement by the
nations of the world.
Herriot Due Here Today.
What the representative of France,
M. Edouard Herriot, former premier,
win have to say when he reaches Wash
ington on this subject Of an interna-
tional agreement regarding currency
will be of considerable Importance. Re-
ports from France are to the effect that
the French government will cling to
the gold standard and is hopeful that
other nations may be persuaded to re-
turn to that standard. M. Herriot Is to
reach Washington late today, and 1t is
expected he will be IN conference with
the President tomorrow.
The line of attack, as it seems to be
developing Is to bring about a decrease
in the gold basis for currency in order
to cause imitation and to check the fall
of commodity prices. An increase IN
prices, it is argued, will bring more
production, more employment and
thereby re-establish buying power.
Drive Continued.
While the President was pressing
forward in his talks with the British
prime minister regarding the economic
situation, the administration forces IN
Congress continued their drive to put
through the Senate the Roosevelt IN
f1ation program for this country.
This program the Republicans are
vigorously attacking and it may be the
middle or last of this week before the
measure can be brought to vote.
Mr.. Macdonald, addressing the mem
bers of the National Press Club, made
a strong plea for international eco
nomic disarmament. He discussed the
withdrawal of the United States from
the gold standard and admitted that
1t may have made the situation more
difficult. At the same time he hit
sharply at talk of retaliation" on
either side Of the Atlantic Ocean. HIS
ment and he pointed out to the press
the responsibility that lay upon it at
the present moment.
Discusses Gold Crises.
when we were coming over" said
Mr.. Macdonald, "a great crisis broke
out. When we left Southampton we
had no warning Of 1t at all. When
we landed in New York it had broken.
These crises create very, very delicate
international reactions. They can't be
helped. Nobody can be blamed for
them" I
The Prime Minister in vivid language
recalled the crisis which finally ended
with Great Britain's going off the gold
standard, the drains upon the gold re-
sources Of Britain from outside and the
high costs of production in relation to
the value of the commodities.
when we went off," he continued,
I'VE saved the situation. And we did
not fall off; we gradually slipped of.
A very great difference. at any rate
psychologically. The struggle we put
up to maintain our position is re-
membered to this day by every nation
in the world that was watching us and
that was involved in that crisis. But
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