Imperial Valley press., 1933-07-01
LONDON PLAN
TURNED DOWN
BY ROOSEVELT
President Rejects Proposal To
End Recent Fluctuation On In
ternatiOnal Exchange.
RECOMMENDED BY MORLEY
Delegates To Economic Confer
ence Disappointed By Chief
Executives Decision.
BY HARRY FLORY
United Press Staff Correspond

LONDON, July |. tU.P) - PreSi-
dent Roosevelt tonight rejected the
proposal advanced here for ending
of the recent wide fluctuations of
the international exchange.
The President declined to accept
the plan in its present form, which
was understood to provide for CEN
tral banks to cooperate in steady
ing the dollar and pound
LONDON, July l. {U.PJ-Europe S
statemen, nervous after a night of
suspense, waited impatiently today
for the transatlantic cables to flash
word that President Roosevelt had
approved a plan to halt fluctuation
of currencies, and thereby save the
world economic conference from
failure.
The plan, drafted in desperate
concentration after pleas and
threats of trace wars had failed to
move the President from his de-
termination to put America first in
his plans for economic recovery, was
understood to contain the follow
ing points:
l. The stability of currencies OF
nations still on the gold standard
should not be upset.
q Wide speculative fluctuation OF
currencies should be stopped.
3. In considering currency prob
lens, the fact should be kept in
mind that the world economic con-
ference agrees that ultimate restor
alton of the gold standard among
all nations is desirable.
1t was understood also that the
declaration contained no mention
of a plan for immediate stabiliza-
ton of currencies but on the con-
trary made plain the American con-
tention that it would be unwise tc
attempt formal sterilization at pre-
sent.
The plan was approved by Prof
Raymond Moley, the President
personal representative.
1t was not a world economic con-
ference proposal but one worked CT,
independently by delegates of gold
standard nations with the cooper
alton of the British finance experts
and Moley and American finance
experts.
President Roosevelt had insisted
that the United States was not pre-
pared to embark on a Stabilization
program because he felt it neces-
sary to raise prices in the United
States. He told Moley that if plan
could be worked out to halt fluctu-
alton that did not involve the Uni
ted States IL sLabilization activi-
ties, he would take Moley'S word as
to its acceptance.
Moley cabled the plan to the Pre-
ident, vacationing at Campobello,
ficial residence, at 10 p. m., top
Three times delegates of gold
standard nations met to wait for
word of the Presidents decision. So
eager were they to get word that,
though Moley told them it was
highly unlikely the cable would
reach here before today, they went
to No. 10 Downing street, Prime
Minister Ramsay MacDonalds Of
home disappointed at 1926 p. m,
hated, with medals on their even
ing coats as they fastened from
formal dinners. And so eager was
Macdonald to hear of Mr.. Roose-
velt's approval that when they went
home disappointe at 1926 p. M, he
he exclaimed:
II shall wait up until 4 or 5 d.
M, if necessary to get the Presi-
dents message, and regardless of
the hour of its arrival 1 shall in
form each delegation at once"
Conference observers noted with
interest that Moley did not use the
American delegations offices, but
did all his work at the American
embassy.