Evening star., 1933-10-23
Advisers Are
Summoned
toParley.
PLEDGES BOOST
in PRICE LEVELS
Revalued Dollar Is
Ultimate Aim, He
Tells Nation.
By the Associated Press.


President Roosevelt concen-
trated today on preparations for
immediate initiation of his new
monetary plans.
Discussions took place at the
White House preliminary to the
setting of a price the Govern
ment will pay for newly mined
gold, in proceeding toward its
goal of higher price levels and a
managed currency.
Jesse Jones, Reconstruction
Finance Corporation chairman.
under whom the policy will be
executed, was with the President
in the early hours.
Also summoned to the Execu-
tive's side were Dean Acheson,
Acting Secretary of the Treasury,
and Henry Morganthau, jr., chair
man of the Farm Credit Admin
iStration.
At the White House it was
stated that the President had re-
ceived considerable reaction to
his speech last night, principally
favorable.
Fletcher Approves Policy.
Chairman Fletcher of the Senate
Banking Committee in talk with re-
porters gave whole-hearted approval to
the gold purchase policy. but said II
this does not do the things hoped for.
"leSs emphasis should be placed on
the yellow metal as currency base.
Undoubtedly what the President has
In mind will be most helpful and may
be all that is needed" he said.
I'VE may have to place less emphasis
on gold and stand for a dollar without
regard to whether It's gold or silver"
them" Fletcher continued, are to ex-
pand the currency and credit. restore
property values and raise COMMODITY
prices
III the buying and selling Of gold
doesn't accomplish it we will know now
to deal with it to bring about the re-
suits the President has In mind
Treasury Sets Price.
Meanwhile the Treasury set todays
price for newly mined gold as S29.5S,
This figure is arrived at by taking
The quotation on the London gold
market or the Paris market, whichever
is the highest, translating that quota
tion into dollars and deducting hand
Newly mined gold has been under
purchase by the Federal Reserve banks
at the figure announced daily, and sold
to licensed domestic manufactures,
with the remainder exported.
The quotations have 1uctuated over
a wide range, the fluctuations occa-
stoned more by the varying values OF
the dollar on foreign exchange than ny
changes in the gold quotations In the
world markets.
Thomas Expresses Views.
Senator Thomas (Democrat) OF Okla
home took the pesi.9n the ed
Is for controlled lnfatlon' =,
"He again has committed himself. and
treasury issue new money if that be
comes necessary" the imitation advocate
told reporters.
He indicated the Presidents action
might simplify the work OF private
conference to be held here tomorrow
among representatives of farm organi-
cations and some congressional lnf1a-
tionists. It was understood the meeting
originally was called principally for the
purpose of crystallzing imitation sentl-
inent.
Now. our conference will be for the
main purpose of getting actively behind
the President" said Thomas.
Market to Be Created.
The Presidents plan calls for estab-
lishment OF Government market for
newly mined gold in the United states
and the buying or selling of gold.
whenever necessary" in the world
markets.
Mr.. Roosevelt announced the step
as a definite policy, "to establish and
maintain continuous control looking
toward q managed currency, IN MS
talk to the country last night. He
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