The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1933-07-03
HERE IS TEXT OF
PRESIDENTS RAP
AT GOLD NATIONS
Would Regard It a Catastrophe
If Minor Point Barred
Way to Success
HITS 'SPECloUs POLICY
Says World Will Not Long Be
lulIed' BY Program Which
Some Are Urging
HITS 'sPEcloUs POLICY

London, July 3.-ReThe text o.
President Roosevelt,s message to TIKI
world economic conference Monda,
follows:
I would regard it IS q catastrophe
amounting to world tragedy If the
great conference Of nations called te
bring about more real and perma.
nent financial stability and q create,
prosperity to the masses Of all nations
should, in advance OF any serious ef-
tort to consider these broader prob
lens, allow itself to be diverted by
the proposal Of purely artificial and
temporary experiment affecting the
monetary exchange Of few nations
only.
Such action, such diversion, shows
singular lack OF proportion and fail
ure to remember the larger purposes
for which the economic conference
originally was called together.
II do not relish the thought that
lnsistence on such action should be
made the excuse for continuance of
the basic economic errors that under
lie SO much Of the pressure worldwide
depression.
"The world will no long be lulled
by the specious policy of achieving a
temporary and probably an artificial
stability in foreign exchange on the
party Of few large countries only.
THE sound internal economic sys-
tenn Of nation is greater factor In
its well being than the price Of its
currency in changing terms Of cur
rencies of other nations.
1T Is for this reason that reduced
costs Of government, adequate govern
ment income, and ability to serve its
government debts are all 50 important
to ultimate stability. -.
Should Abandon Fetishes
80 too, all fetishes Of socalled in
ternational bankers are being re-
placed by efforts to plan national
currencies with the objective of CIV
ing to those currencies a continuing
purchasing power which does not
greatly vary in terms Of the COM
modities and needs Of modern civil
ization.
LET me be frank in saying that
the United States Of America seeks
the kind of dollar which a generation
hence will have the same purchasing
and debt-paying power as the dollar
value we hope to attain in the near
future. That objective means more
to the good Of other nations than a
fixed ratio for a month or two in
terms of the pound or franc.
"Our broad purpose Is permanent
sterilization OF every nations cur
rency. Gold, or gold and silver, can
well continue to be a metallic reserve
behind currencies, but this Is not the
time to dissipate all reserves. When
the world works out concerted policies
in the majority Of nations to produce
balanced budgets and living within
their means, then we can properly
discuss a better distribution Of the
worlds gold and silver supply to act
as a reserve base Of national curren-
cies.
Restoration Of world trade Is an
Important partner, both in the means
and in the result. Here also temper
airy exchange fixing Is not the true
answer. We must rather mitigate ex-
isting embargoes to make easier the
exchange Of products Of which one
nation has and the other has not.
The conference was called to bet
Ter and perhaps to cure fundamental
economic ills. It must not be diverted
from that effort"