Imperial Valley press., 1933-07-03
MONEYPLANS
ARE OUTLINED
bYPRES|DENT
Roosevelt Tells London Confer
ence What He Is Trying To Do
For Nation and World
WANTS REAL STABILITY
Strong Indications England To
Follow Lead of U. S. Under
Pressure From Colonies
BY HARRY FLORY
United Press Staff Correspondent


LONDON, July 3. President
Roosevelt, seizing confident per-
sonal leadership of the World &C.
onomic conference, told In a tele-
gram published today by Cordell
Hull secretary of state. what he is
trying to do for America and the
world.
Explaining forcefully and frankly
why the United States would not
endanger its price raising efforts
in order to join Europe in stabil-
izing currencies, the President said
THE old fetishes of so-called in
ternational bankers are being re-
placed by efforts to plan national
currencies with the objective OF
giving those currencies continuing
purchasing power which does not
greatly vary in terms of COM
modities and the need of modern
civilization"
Let me be frank in saying the
United States seeks the kind of
dollar which a generation hence
will have the same purchasing
and debt paying power as the dol
lar value we hope to attain in the
near future" he declared.
That objective means more to
the good of nations than a fixed
ratio for a month or two in terms
OF pound or franc.
Our broad purpose is the per-
manent stabilization of every ma
tion's currency"
1t would be time to talk stabili-
zation of currencies, the President
said when nations balance their
budgets.
, Having said that he told the &C.
orlomic conference its present task
. was to mitigate embargoes and
Ystimulate trade.
The conference was called" he
said, ito better and perhaps cure
fundamental economic ills. 1t must
not be diverted from that effort"
There came almost at once after
publication of the Presidents tele-
gram, reliable information that
Great Britain, under strong pres
sure from dominions, was con-
sidering emulation of the American
price raising program, If possible
in cooperation with the United
States.
Canada Asks Cooperation
If the plan reached maturity
and cooperation was found practi-
cable, it was said, there would be
far reaching effort to subordin-
ate everything to attaining a high
er world level of prices.
Neville Chamberlain, chancellor
of the British exchequer, was un-
derstood to be drafting the plan
after consultation with the DOM
inionS.
Canada especially was said to be
demanding that the British en-
pire get together with the United
States.
ut would be a "castastrope
amounting to world tragedy" said
Mr.. Roosevelt, if the conference al
lowed itself to be diverted from
broader problems" by purely
artificial temporary experiment
affecting the monetary exchange of
a few nations only"
1.-The sound internal and econ
omic system of nation is great
er factor in it's well being than
the price of its currency and the
changing trems of currencies of
other ations," he continued.
Gold and silver, he argued, could
well continue mechanically to serve,
but this was no time to dissipate
gold reserves. When a majority
of nations had balanced their bud
gets well within their means. he
suggested, then better distribution
of the worlds gold and silver could
be discussed.
Upon frances next move. some
delegates said, depended the next
turn the conference would take.
Gold standard men were not
pleased.
"He not only shows he does not
agree with u.s." complained one del
egate to the United Press. But he
also Scolds u.s."
LONDON, July 3. W.P)-The chief
European gold countries issued a
joint statement today confirming
their I" firm intention of remain
ing on the gold standard at the
present gold PARTIES.
The statement was signed by the
French, Belgians, Dutch, Italians,
Polish and Swiss.