The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-07-11

MEN suddenly our banking crl-
n sis came to a head, the Roose-
welt administration came into power,
we left the gold standard and start
ed in deadly earnest TO cure the
American part of the depression.
While we were doing this, Mr..
Macdonald and Mr.. Herriot visited
the President. and, with him, de-
cided to call the conference in June.
What was the conference to talk
about? The only program there
was, was the program which had
been drawn up in January. This
program had been drawn up before
any one had. the least idea that
the United States would depreciate
its currency or adopt a national
program to raise prices.
The decision to hold the confer
ence in June was made last April,
just after we had left the gold
standard and before any one clearly
understood the scope or the sensa-
tional effectiveness of the Roose-
welt program.
AS result the old January
agenda was, in theory and in it's
practical proposals, rendered almost
completely out of date by the course
of events in the United States.
What has happened in London
between June II, when the confer
ence met, and last Thursday eve
ming has been to prove that the
January agenda could not be acted
on in June.
The gold countries tried to carry
out the program as laid down in
January. That program, which we
agreed to when we too still were
a gold country, is a gold program.
1t opposes currency depreciation. It
calls for the sterilization of cur
rencies.
1t is a program for any country
that holds the views that our
government held last January.
VXTHEN our delegates reached
w London they discovered that
the program to which they we're
officially committed in the confer
ence no longer fitted the facts and
the purposes of the program which
congress hadses approved for the
United States aaar, !,
That is why there has been Sc
much confusion.
On July 3, the President issued
his resounding denunciation of the
work of the conference. Now what
was he denouncing? In substance,
he was denouncing the attempt to
carry out the spirit and the inten-
ton of the January program. In
effect, he was declaring that the
conference needed a new program.
Once the President had decisively
taken this position the old confer
ence dealing with the January pro-
gram collapsed. Since then we have
been witnessing an attempt to or
ganize new conference with a new
program.
1t is not called a new conference,
of course, but that is what it is.
n
TINE nations which attended the
l. old conference now have been
divided into two parties. On one
side are ranged fifteen nations of
continental Europe extending from
Spain to the frontiers of Russia.
This is the gold bloc"
These countries, almost all of
which have within the last ten years
suffered terribly from world in
fation, have organized themselves
to keep their currencies from de-
probation. They proposed to fight
the speculation against their money
and for that reason they will not
take part in any debate about mon
ey in London.
They claim that if they debate
the subject in London, they will
from hour to hour, be feeding the
spectators with rumors. If they
are to stand pat on gold, they can
not be seen discussing radical cur
rency reforms with people who have
abandoned the gold standard and
will not promise definitely to re-
turn to it.