Evening star., 1933-06-26
Couzens Stirs Conference in
Speech Advocating Easier
Individual Burdens.
EMPHASIZES NECESSITY
OF ORGANIZED CREDITORS
Doesn't Mention War Obligations
India Will Cooperate on Pitt
man Silver Plan.
BY the Associated Press.

BY the Associated Press.
LONDON, June Ex-senator James
Couzens of Michigan, American dele.
gate, stirred the World Economic Con-
! ference today by declaring in speech
that the worlds debt structure must
be adjusted.
/ He emphasized the necessity of or
ganidng creditors throughout the world
and of establishing some form OF per-
manent body to act in an advisory
capacity between organized creditors
and organized debtors.
The Republican Senator did not men,
ton war debts, but referred to indebt-
edness in general. He warned that
this is in no sense to be construed as
an invitation to debtors able to pay to
scale down their obligations.
Certainly it is not an invitation to
default" he said.
He urged worldwide action to raise
prices and to increase the demand for
raw materials in his address, made be-
fore the subcommission on immediate
measures for financial reconstruction.
The Senator asserted he did not be-
lieve that prices can be raised by
monetary means alone"
Must Boost Buying Power.
He asserted that at the same time the
purchasing power must be increased by
such measures as public works and that
the burden of debt must be lightened." ;"
He cited measures already taken by the
United States in these directions.
Senator Couzens declared an in
creased demand for raw materials. as
contemplated by the American program
offers in his opinion "far more hape Tor
world recovery than can possibly De ex-
pected merely from reduction IN tariff
duties on number of manufactured
articles which are highly competitive
between nations"
The lone Republican in the American
delegation spoke on elaboration OF the
resolution the Americans have intro
duced on expansion of credit and syn
chronized programs of public works to
again start the wheels of industry. In
direct fashion the Senator expressed the
belief that debate has reached point
where various views can be drafted INTO
concrete resolutions for adoption.
Cooperate on Silver.
India indicated to the conference TO-
day her willingness to cooperate IN the
rehabilitation of silver, as projected IN
the resolution of Senator Key Ptttman
This was autoritatively disclosed a1ter
q meeting Of the Conference Silver
Committee, at which Sir George Shus-
ter, secretary of the treasury for Indla,
was present.
Americans and others interested IN
the rehabilitation of silver said this
was the most important event which
could have happened to force the pro-
gram to a successful conclusion.
Largest Holder of Silver.
India is the worlds largest holder OF
silver, having on hand some 400 million
ounces.
Her adherence to the Pittman plan.
therefore. is considered absolutely vital
for its success.
Experts say that If the nations hold
ing silver agree to control the flow OF
the metal to the market, then 1t Will be
easy to fix and maintain price.
Sterilization of the silver price is es-
sential to the American plan by which
one-fifth of each nations currency COW
erage would be in silver. If the price
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