Evening star., 1933-12-10
COMMODITY MONEY
SEEN Recovery AID
George Foster Peabody Also
Answers Critics of Roose-
veIt's Policies.
py the Associated Press.


ATLANTA, December "a convic-
ton that In commodity standard Of
values lies the way to solution of many
OF the worlds economic ills was ex-
pressed here tonight by George Foster
Peabody, the banker.
Striking as critics of President Roose-
welt, he declared there Is no legiti-
mate basis for those not in control of
oineial action to criticize in detail ad-
ministration policies while the Presi-
dent. IN touch with academic econo-
mtsts, tries out various programs by
practical measurement"
During his active career in banking
ana politics, Mr.. Peabody added, he had
part IN defeating bi-metallism and
reached the conclusion that 1t is
absurd to depend on a metal not DOS
slpie OF expansion or contraction as q
standard of value. When trade and
commodities expand there is failure t.
expand on the part of metal and when
trace and commodities contract there
Is no metallic contraction"
Debtors Demand Just.
II have always felt" he continued.
that there has been a clear sense of
justice back Of the demand of the
deotor class that they should not have
70 pay back two bushels Of wheat where
the value OF only one was borrowed. I"
He called the problem Of adjusting
inceoteohess, wages and commodity
values q complex one, pointing out with
reference TO building particularly that
materials have advanced around 40 per
cent, while wages have gone up moth
ing like that much"
1T is much simpler for merchants
10 advance their prices than for la
porerS 70 nave their wages advanced I
nave OFTEN felt that We bankers (Mr.
Feaoody Is retired now fixed our own
salaries ana paid them out of the earn
ings OF other folks" he said, adding.
II have faith in what the President Is
trying to do"
STRENGTHENING out the economic sit
uation, Mr.. Peabody told newspaper
men. must be carried out by an in
formed man.
mo man." he declared, has come to
race such q complicated situation as
the present with as much preparedness
from as many angles as Mr.. Roosevelt.
ne has made as few mistakes as any
man I've heard Of"
Watching Four Figures.
The world. he said, today is watch
ink iouI interesting ngureA, Stain, Mus
solinf, Hitler and Roosevelt.
I cannot refrain" Mr.. Peabody
added. from contrasting the record OF
three Democratic Presidents of the
past 10 years with the record of Messrs
Harding, Coolidge and Hoover. and
therefore, I think, there should be a
foundation for faith In q country that
went through those IL years OF eco
nomic madness"
Il call myself a radical" he added,
because ! want to 60 to the root of
political evils"
The retired banker predicted "real'
recovery would come sooner in the
South than elsewhere because there
is less rebuilding to do, because of its
climate and facility to raise food most
OF the year and partly because I have
faith that the educational progress of
the last 80 years in the Anglo Saxon
South will bear fruit under the leader
ship we now have"
Mr.. Peabody said he planned to
spend several days here in connection
with educational activities in which he
Is interested and 60 from here to New
Orleans, continuing on to the West
Coast for q rest. His home is in Sara
toga Springs, N. Y.