The midland journal. (Rising Sun, Md.) 1885-1947, 1933-06-16

candidate In 1920;
nsp. :. - Senator Key Pittman
meney"o'os of Nevada, De m O.
crat; Senator James Couzens OF
Michigan, Republican Representative
Samuel D. McReynolds of Tennessee.
Democrat. and Ralph W. Morrison of
Texas, retired banker. Chief of the
experts are William G. gullitt, execu-
tive officer; James P. Warburg, finan-
cial adviser; Fred X. Nielsen, legal
adviser, and Herbert Feis, chief tech
meal adviser, under whom will serve
several members of the ''brain trust"
Of all the delegates the one con-
sistent conservative is Congressman
McReynolds. He is chairman of the
house committee on foreign relations
and his influence is expected to be
potent In the deliberations of the dele
CATION. Senator Couzens, the one Re
publican member, has frequently
lined up with the more radical Re
publicans and Democrats in congress.
The administration. according to
Assistant Secretary of State Raymond
Moley, has considerably modified its
expectations of what the conference
will accomplish. and now realizes that
the prospects are definitely limited
and do not include lowering of tar
ifs or an immediate permanent sta
bilization of currencies. Secretary
Hull is said to be the only one of the
administration leaders who still adj
vances the urgent necessity of dras,
tic international agreement to lower
tariffs and trade barriers.
Mr. Moley included only the follow
ing among the solutions which prob
ably would be obtained at the confer
ence; s
An agreement on monetary policy
through action of central banks sup
plemented by an agreement among
governments to synchronize policies
of internal public expenditure.
An agreement on progressive re-
moval of restrictions on exchange.
The international wheat conference
moved from Geneva to London and
there the representatives of the United
States, Argentina, Australia and Can
ada continued their discussions. If
they agree upon any plan for curtail-
ing wheat acreage it will be submit
ted to the economic conference for
approval.
CREAT BRITAIN. France, Italy
NJ and the other nations that owe
war debts to the United States failed
In their effort to have the debts in
cluded in the agenda for the economic
conference. but their delegates enter
the conference with the cancellation
or drastic reduction of the debts their
chief aim. The Roosevelt administra-
ton insists that the war debts, how
ever important they may be, were not
a major cause of the depression and
are not major remedy. Consequent
ly the parleys in London are almost
certain to develop into great battle
Of diplomacy.
President Roosevelt has fatty de-
MED that he intends to negotiate new
settlements of the war debts without
recourse to congress. This was made
necessary by dispatches from Wash.
ington published in London, saying
Mr.. Roosevelt had offered to accept
from Britain $10OO0,000 as part pay
ment of the $75,9O0,0OO due June Is.
1t seemed fairly certain that the
British government would make this
payment in full. This will be easier
than before because of the devalua-
ton Of the dollar. Britain can either
pay in paper dollars, which cost about
per cent less to buy than gold dol
lars, or in American securities, which
can be bought with paper dollars at
a discount and turned in at par.
CHAMPIONS Of the gold standard
~ in both the house and the senate
had little chance as the administra.
ton forces pushed through the
Fletcher-Steagall resolution for the
abrogation of the gold clause in all
governmental and private contracts,
both present and future. The meas
ure, asked by the President to legal
lie action already taken, was first
passed by the house by vote of 2S3
to 81. Twenty-eight Republicans and
all five of the Farmer-Laborites Joined
with the Democrats in favor of the
resolution. Representative Luce of
Massachusetts. who led the small
minority, denounced the measure as a
breach of faith on the part of the
government; but Chairman Steagall
of the banking committee said it was
essential for the recovery of national
prosperity.
INVESTIGATION of the banking
house Of J. I. Morgan & Go. was
,.oe,,fs.ad nv the spnafa hanl<inR com