Evening star., 1933-11-13
D|SCORD ON GOLD
PURCHASE POLICY
DEN|EDBY WOOD|N
Tells Reporters He viii Back
RooSevelt's Program to
? the Limit.
R. F. c. PRICE INCREASED
TO S33.45 AN OUNCE
White House Meeting Takes Up
Several Moves to Raise
Commodity Levels.
By the Associated Press.

by the Associated PreSS.
A vigorous denial that the Treasury
Is opposing President Roosevelt's gold.
buying policy was made today by Sec
retary Woodin,
Coincident with another increase In
the Reconstruction Finance Corpora
ton purchase price for newly mined
domestic gold to $33.45 an ounce, the
Secretary Of the Treasury was White
House visitor. Later he called reporters
to his desk at the Treasury and said:
THE President has been good enough
to consult with me in his program
I am heartily in sympathy with al
bis policies and will back them TO the
The move apparently was occasioned
Woodin, as well as Gov. Eugene Black
OF the Federal Reserve Board and Henry
Bruere, was not In sympathy with the.
Governments monetary program.
Speaks as Secretary.
Woodin said he was speaking only as
Secretary OF the Treasury and for the
Treasury Department itself. "a
He expressed dissatisfaction that
rumors Of discHrd between the various
fiscal agencies of the Government had
arisen from time to time, declaring
these deterrents to business recovery.
1t developed further that the Treas
ury has raised but one point through
out the Governments gold-buying pro-
gram-that OF its legality-which the
Department Of Justice has found to
come within the law.
The secretary promised further that
the gold policy would be elucidated at
conference which he will hold with
the press later on in the week.
Meanwhile the London price OF gold
was one shilling lower, but the dollar
renewed its downward trend with the
result that at the opening exchange
rate Of SSH. the dollar value Of gold
In the British capital was S329e as
compared with $3.50 Saturday.
Various phases Of Mr.. Roosevelt
program OF buying gold at home a.
abroad in the expectation of forcir
commodity prices upward were
over at the White House meeting.
Later 1t was said the President
standing by his policy.
officiaIs Watch Trend.
Last week, with the dollar skiddinr
to new low levels Government sec1rrf-
ties were weak. For the first time the
domestic price then was set at q point
below the world price. with the result
that the dollar strengthened and bonds
stopped declining.
Today, however. the dollar was down
once more. and officials were carefully
watching its trend and at the same time
gauging its effect upon the bond market.
The President was represented as SIM
ply wanting to talk over DEVELOPMENTS
with the men who had been watching
them It was understood he asked eau
ton so bond prices would not be further
or materially depressed, as they were
last week, and so other countries would
not feel compelled to start a currency
depreciation race matching the dollars
fall
No attention, It was said, was given
to the meeting called by Senators,
Thomas. Democrat. Of Oklahoma and
Smith, Democrat, of South Carolina for
next Friday. Participants In the White
House conference indicated they had
no advance notice of the senatorial call
Tor a gathering Of "all schools Of
thought on monetary reform"
Thomas Statement.
Thomas, in a statement accompany
ing the call, said:
abroad, the President is making prog
resS In the revaluation Of gold. There
are many reasons for believing that our
price OF gold must go to double the
statutory 6gure-that is It must not
stop short of S41.34 an ounce.
Conservative world opinion demands
q 70 per cent gold reserve behind ali
currencies. Doubling the price of gold.
II carried through by all nations, would
be equivalent to new discoveries OF gold
which would double the total monetary
gold stocks of the world. Only on sueh
reyaluation basis is it feasible to re-
turn 10 the gold standard"
When President Roosevelt Initiated his
plan of buying gold at a hicNer fie11re
than the world market price. in order
70 70 MAKE the dollar cheaper, some be-
lleved he might be aiming al the AliSl
Thomas and others There has been
nothing tangible. however, to confirm
that belief. r
Among those invited to the monetary
meeting Friday were directors OF the
Conmittee OF the Nation, private or
ganlzation, leaders Of the princiuaf
Iarm organizations, and Senator's PITT
man, Democrat, Nevada; Wheeler.
Democrat. Montana: Borah. RepubIicans
Idaho; Harrison, Democrat, Mississippi
ana FLETCHER, Democrat, Florida,
Although the various grouns In ha
represented at the conference have been
outspoken in their demands for cure
rency expansion, the conference will
represent an attempt to unite for the
nrst time on policy
demonstration of silver viii be one
OF the subjects for discussion.