The border vidette., 1933-08-12
ECONOMIC HiGHLiGHTS
August z, 1888


The month of March isn't the
only thing that comes in like q
lion and goes out like q lamb. +"
The World Economic Conference
bested welcomed with the
blare of ten thousand brass
bands-Mussolini's cynical ob,
servation that 1t is time for ac
embargo on conferences will find
a lot of supporters after the
London comic opera.
The subjects of principal in
ternational interest al this time
are currency, war debts, tariffs
and armaments. The delegates
met the situation by eliminating
armaments, tariffs, war debts
and currency from the discussion
calendar. Toward the end it
began to look as If the only
thing left to talk about was the
English weather.
Sole achievement must be
chalked to the record of Senator
Pittman Of Nevada, member of
the American delegation. Sill
yer stabilization has long been
bis principal mission in life.
After weeks of effort. Mr.. Pitt
man got pact signed by the
prod ucinQ natiOns-Canada. Pc
ru. Australia and the United
States-by which they agree to
annually withdraw 35.OO0,OO0
ounces from the market The
chief silver holding countries
India. China and Spain-agreed
to restrict sales. If the agree
ments are kept, there will oh
viously be price strengthing.
The dismal failure of the Con.
ference as whole, can be laid,
of course, to the vast disagree
ment in policy most of the ma
tions present these days, but
there is another less apparent
factor. Before his election, Mr..
Roosevelt displayed a somewhat
sentimental notion Of foreign
relations-European chancellor
les rubbed their hands and look
ed forward to the, American
government playing Santa Claus
much in the same fashion as it
did after the World War. Pre-
mier Mcdonald called the Con
ference as soon as possible after
Mr.. Roosevelt's victory. But
the American delegation, even
counting all its mistakes and oc
casional unconscious humor, was
much more hard headed than
was expected. Gold standard
nations found President Roose
velt an unrelenting foe of cur
rency stabilization, principal
goal of France.
Rusult of the Conference takes
no seer to forecast-the wave Of
nationalism that has swept the
world the past few years will be
as breeze compared to a ty
phoon, when related to the wave
of nationalism that is coming.
The Liberty Loan posters of
recent memory. have their sue
cessors now. It is blue eagle
against a white background,
with the letters NRA at top and
the motto I'VE Do Our Part"
below. One of the eagles claws
clutches a cog wheel-the other
holds to what might be a mo
dentists idea of a handful of
wheat, or bolts of lightning. It
is the emblem of the National
Recovery Administration, and
represents one of the cleverest
attempts yet made to produce an
end through force of public
opinion.
Contrary to many persons be-
lief, the President has no legal
means of forcing wage and work
agreements on business. He and
bis advisors became impatient At
the way the codes were going
it took several weeks to produce
one, that of the textile industry.
The blanket appeal was the re
suit. 10 effect, the Government
is saying: "Of course. you don't
have to do this, but - !" And
that is a very important but"
indeed. Recalcitrant businesses
are apt to find themselves faced
with boycott.
Agreements are being signed
by the thousands, and the idea
is genuinely popular. Every
business is made to feel that it
has the President, personally,
as director and advisor. The