The Kennewick courier-reporter. [volume] (Kennewick, Wash.) 1914-1938, 1933-07-13


standard were excited and angry.
Their delegates in London got to-
eether and declared unanimously
that immediate sterilization of cur
rencies by international agreement
was imperative, and that without
that 1t would be useless to continue
the conference.
The American delegates, despite
many specific stories of dissension
In their ranks, were declared by
Secretary Hull and others to be In
complete accord and acting entirely
in conformity with the instructions
and wishes Of President Roosevelt.
Senator James Couzens of Michigan,
the lone Republican in the delega-
tion. delivered significant speech
before the monetary subcommittee
in which he urged immediate &C
ton to raise prices and Tighten the
debt burden as a means of helping
solve the world crisis.
He said, however, that he did not
believe prices could be raised suf-
ficiently to bring about the proper
equilibrium with the existing debt
burden.
While prices must be raised and
the debt burden lightened, Mr.. Couz-
ems said, this must not be construed
as an invitation to debtors able to
pay to scale down their indebted
ness.
certainly 1t is not an invitation
to default" he said. ''It emphasizes
the necessity for organizing credit
ors throughout the world, Of estab-
fishing some form of permanent
body to act in an advisory capacity
between organized creditors and
organized debtors to try to find by
what means the necessary adjust
ments may be brought about with
the minimum of delay and injus-
tice."
Mr.. Couzens declared that the
United States does not believe
prices can be raised by monetary
means alone. Purchasing power
must also be increased, he said, and
America is acting on that belief by
instituting the largest program Of
public works ever undertaken in the
history of the world.
DRIME MINISTER MACDONALD
: was scurrying about in desperate
effort to save the conference, and
after the meeting and pronuncia-
mento Of the gold bloc he had
talk with Georges Bonnet of France
and then called Mr.. Hull and
other American delegates into con-
ference. He showed them that they
would be held to blame if the par
ley failed, and the Americans re-
scented what they considered to be
an attempt thus to force President
Roosevelt to alter his position that
me dollar should not be stabilized
until there has been a substantial
rise In commodity prices and wages
IN the United States. Mr.. Hull
told Macdonald that the question
OF immediate sterilization of cur
fencies is beyond the jurisdiction
eI the American delegation.
Since Mr.. Hull refused to do any,
tnlng about immediate currency
staollization. The monetary subcom-
mittee decided to report favorably
On Senator Key Pittman's gold reso-
Mtion, which provides, among other
lungs. for withdrawal of the vel
.oW metal from circulation and re-
uucins the gold coverage of central
banks to Is per cent. It inserted a
statement that such monetary
changes must not be taken as an
excuse for unduly building up a
larger superstructure of notes and
credits"
inere was fear throughout ELL
.Ope that the Developments would
sOlpei all nations to abandon the
e su.u standard. and this was given
Iolee oy the announcement that
p s,onia had taken that step. Other
ma countries. it was expected,
would follow suit