The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1933-06-20
WOULD ADJOURN IF
MONEY QUESTION IS
NOT ADJUSTED SOON
Suggestion Is Made Despite
Favorable Reception Of
Pittman Scheme
b. METALLISM ADVOCATED
American Delegate Would Make
Gold an ID Silver Base For ),
World Currencies ],

London, June 20.-lR-High French
quarters said Wednesday that pro-
posal to adjourn the world economic
conference would be brought before
the conference steering committee
Wednesday If there were no clearer
indications that sterilization Of the
dollar could be effected.
Included on the steering committee
are Secretary Of State Cordell Hull
and James M. Cox of the United
States delegation and Prime Minister
Ramsay Macdonald and Chancellor
Of the Exchequer Neville Chamberlain
OF Great Britain.
The suggestion was made despite
favorable reception given a resolution
by Senator Key Pittman, Nevada, a
member OF the American delegation,
for bi-metallic base for all world
currencies.
In connection with the discussion of
this important resolution, the Am
erican representatives made two vital
points definitely clear:
The resolution not only has the ap-
prevail of the American delegation
but meets with the approval of the
president OF the United States"
The United States government will
not return to the gold standard until
1t is sure that standard will work.
The resolution was before the sub
committee on permanent monetary
affairs. There was an interesting
development when. through the in
tercession Of Senator Pittman. James
P. Warburg, who is advising the AM
orleans In technical matters, was
granted the courtesy Of speaking from
the floor although he is not a men,
Der Of the committee.
It was Warburg who told the cora
mittee America would not accept the
gold standard again until certain it,
was workable.
Spikes French Demand
Warburgs declaration presumably
was drawn out by the fact that Francs,
and other gold bloc nations had i'm
mediately pounced on one clause OF
the Pittman resolution as giving them
a chance TO further their drive to
force America to revert to the gold
standard and to stabilize exchange.
This Is clause two, which providesI
that gold should be reestablished asI
the international measure of exchange!
values"
Viscount Hailsham Of Great BritS1
ain-a government which takes arr
attitude similar to that of America REL
garding the return to gold-intervep.
ed and asked this clause be amended
to leave it to each country to deterrnSs
inc time and parity" in connecticut
with going back to gold.
Six countries-Germany italy, Ind
Ola, China, Mexico and the Irish FREQ
State-tendered full adherence to the
Plttman resolution, while numerous
others, including Britain, Brazil.
Czechoslovakia, Portugal and Uru-
quay, agreed on the broad principles.
France, through Jean v. Parmen-
tier, expressed entire accord with the
part of the resolution calling for sta
bility in the international monetary
field and with the clause providing
for establishment of gold.
France also was ready to study the
silver question but considered other
parts of the resolution so novel" that
she wanted to know more about them
before accepting.
Is Five-Point Program
Senator Pittman's five-point pro-
gram, submitted Monday, proposed a
reduction of metal as backing for cur
rency to Is per cent from the usual 40
per cent, and the optional use of sill
yer for one-fifth Of this metal cover
age.
1t recommended gold be used only
for the settlement of international
balances and for bank reserves and be
withdrawn from circulation; that
monetary coverage for currency issues
be reduced from 40 per cent, as In the
United States, to lower figure, per-
haps Is per cent; that banks should
have the option of keeping one-fifth
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