Evening star., 1933-11-24
Morgenthau Goes to Visit
President With Decisive
Action on Plan Near.
GOLD PRICE is HELD
ABOVE WORLD MARKET
Treasury Reserve Rift Is Held
Exaggerated-Assaults on
Devaluation Intensified.
BY the Associated Press.

By the Associated Press.
The President and his Acting Secre-
tary of the Treasury were looked to to-
day for decision on whether their
monetary program shall continue un-
abated, be modified or an official re-
taliatory campaign instituted against its
critics.
Indications Of change were lacking
when Henry Morgenthau, jr., left Wash
ington for his conference today with
Mr.. Roosevelt at Warm Springs, Ga.
The expectation at Warm Springs was
that the decision would be to 60 ahead
without modification, letting results
rather than debate answer the critics.
Meanwhile, the fixed price of newly
mined domestic gold stood at a level
substantially higher than world quota
'tionS for the first time in more than
week as the administration clung to its
program.
Price Today at S33.76.
Today's domestic gold price was fixed
at S33.76 an ounce. The price at Lon
don was S33.48, computed at the OPEN
ing sterling quotation OF S53l to the
pound.
Morgenthau was to visit for three
days with President Roosevelt, in the
course of which they will undertake a
comprehensive review of what has been
done to carry out the monetary policy
and plan for the days to come
Officials would make no comment
upon the bond situation, but said pri-
vately they believed reports of serious
rift betwgeen the Reserve Board and
the Treasury were greatly exaggerated.
The gold-buying plan now has been
in effect one day less than a month,
with the objective the increasing of
the dollar price of gold, cutting the
dollars purchasing power and letting
commodities bring more money to the
producer.
On October 25 the gold price was
fixed at s3l.36 an ounce; several days
ago 1t rose to S33.76, where it has since
remained
Morgenthau was to, discuss these.
facts with the President. Along with
him, too, he took at least mental sum-
maries Of the contentious of some lead
ing critics-pr. o. M. w. Sprague, re-
signed Treasury adviser, who said the
policy threatened collapse of Govern
ment credit and James M. Warburg,
valuation necessary. He had, likewise,
heard of statements by Secretary
Woodin, now on leave from the Treas
ury. and others answering the critics
Douglas Speech Is Noted.
The latest major development Of pos
sible connection with the monetary
problem was a speech by Lewis w.
Douglas, budget director, in Boston, in
which he said the country's credit must
be preserved and that 10 per cent
Improvement in business would make
the Federal income s3,550,0O 900
against a proposed budget of around
$4,000, 900 900. leaving the balance for
recovery debt retirement.
Morgenthau said he expected to work
shoulder to shoulder" with Douglas and
was on the best Of terms with Eugene
understood to oppose some phases of
the monetary program.
With The pro and con discussion Of
Vanderlip, New York f,nancier, out
lined yesterday a plan for stablllzIng
the dollar on a gold basis which would
substitute bullion for all existing coin
currency imitation.
James Brown, president of the New
York State Chamber of Commerce. made
public statements from industrial lead
ers. including Alfred P. Sloan, Gen. j.
G. Harbord, Lammot du Pont and
and Percy S. Straus, supporting the
chambers recently announced sound
money" campaign.
Senator Hatfield Of West Virginia is
sued a statement here asserting the
President was on the highway to none
tary ruin.
Senator Thomas of Oklahoma wired
the President, urging him to enter a
standing bid for gold at $41.34 an
ounce. He charged the British Amer
ican gold block" had designs on the
reinS Of Government.
The administration determined yes
terday that Acting Secretary Morgen-
thau is not eligible to serve as ex-ofncio
chairman Of the Reserve Board, as Is
~, nora Col1,vV,r,