Evening star., 1933-01-24
INITIATION IS HELD
D|SHONOR TO S.
Senator Lewis; in Radio
Forum, Declares Plan Is
Unnecessary.


America before the world. and is un-
necessary, Senator Lewis, Democrat, Of
Illinois, declared last night in speech
in the National Radio Forum, arranged
by The Star, and broadcast over Ma
tional Broadcasting Co. coast to coast
network.
Linked in with the discussion of
money, Senator Lewis took up the
question of foreign debts, describing
the conference proposed with Britain as
"a gracious justice"
Lewis said, Let it be known that
America has no necessity to initiate its
dollar"
"The gold we have as basis Tor cir
culation medium, now of four billion
dollars Of value, allows In bills or IN
silver an additional billion Of money"
he continued IF we ever have a de-
mand that calls for the increase of cir
culation to such sum we can coin silver
of the American silver mines on the
basis of sixty cents an ounce, and add
another billion of circulation IN silver,
backed and supported by our excess
gold. This would relate, or restore,
ourselves to where We were ten years,
and forty years, before"
Bespeaking conferences with debtor
nations, Senator Lewis said. Let US
now announce to each debtor that we
trust them to pay us so soon as tney
can in the way they can. While walt
ing for their revival let us accept from
month to month what these nations
will pay in proper currency"
Text Of Address.
The text of Senator Lewis address
follows:
thank the radio audience for
granting its patience to me-on SUD-
iect of dull material-the international
debts and the threat Of imitation OF
American currency. The time allotted
for speech forces the limitation OF ex-
preston and the omission OF informing
detail.
since the affairs OF men still rest un-
certain, let us reason with the worst
that may befaN.' We follow the advice
America refuses to accept at face
value the confused currency OF England
as payment of debts due us when the
new English money value rests on
one-quarter gold and three-quarters
silver basis.
Likewise we announce that we can
not accept from France or italy the
money of multiplied paper certifcates
resting on an open credit OF the nations
unsupported by gold-perilled with the
uncertainty Of party pol1tics-or tnreat
of European warfare which beclouds
the values Of the money, OF either land.
No American Imitation.
We assert that as in our loans we
gave gold-and gold value-on the
basis of American money at its highest
value, we must insist on the return to
us of money of the equal value OF the
money we advanced to them
Two Of the principal debtor nations
Of Europe reply to us that we are now
on the eve OF puffng-or so-called in
flation-of our currency. That this act
of ours will match that Of the nations
which have bloated their money to
swollen and explosive volume.
answer this suggestion to say to
the American hearers of my views
that America will not degrade her
money by imitation or puffed multiple
cation to serve any temporary demand.
Nor will the United States surrender
the gold basis on which rests the e
American Notwithstanding today-as 1t
does-the first and most secure of any
currency Of earth nations.
Evils OF lnHau0n.
Today-inf1ation as threatened OF our
money would take the form Of our
one dollar cut in four parts. Each
part blown up as If filled with air
marked lone dollar" This partial dol
lar-equal to only one-fourth Of the
true dollar-would melt in the hands
apples of classic mythology-melt into
ashes Each toiler receiving such dol
lar would find the grocer and those
furnishing the home-giving him only
a percentage of the value in supplies.
The banker will refuse to accept the
inflated dollar as a dollar payment on
debt of note or mortgage. The owner
of house and land will decline to take
the money except at their own estimate
Of worth.
This course that the inflated money
will take, will bankrupt the business
house, pauperize the toiler and discredit
the American dollar at home as 1t dis
hOnors the American Nation before the
world-in the meantime our unwise
act becomes as financial suicide. The
result Of unjustified imitation would be
that we would drop to the lowest base
OF the fallen or topping nations. We
would by such act fix our position as
one of the falling countries and by
the course Of initiation confess our peo-
pie as willing to cheat the laborer and
swindle creditors both bank and mer-
chant, all In manner never before done
by America-and that while we see such
action in other nations dragging their
people to ignominy in reputation-or
bringing their Land to insurrection or
revolution. This was the fate of France
under her inflated franc a few years
pats-and lately Of Germany with her
inflated mark. I was In semi-oddcial
place in each Of these countries when
the tragedy was staged. It was as
though q blow from an invader had
come from cannon and shell. Amert-
cans cry out: Lest we forget"
Can Relate to True Standard.
Let it be known that America has no
necessity to initiate its dollar. The gold
we have as basis for circulation medium,
now of $4,000, 900, 900 Of value, allows
in bills or in silver an additional billion
OF money. If we ever have demand
that calls for the increase Of circula-
ton to such sum, we can coin silver
of the American silver mines on the
basis Of go cents an ounce-and add
another billion of circulation in silver,
backed and supported by our excess
gold. This would ref1ate-or restore
MOIST THROAT