Evening star., 1933-04-30
'BORAH SKEPT|CAL
. OF WORLD PARLEYS
Sees Little Hope of Gaining
Economic Peace With
Other Nations.
CONTINUED From First Pare }

not only millions, but billions, for
ornaments and so manipulating the
currency As to close the markets to
American taxpayers. It is time there
should be some reciprocity, not only in
promises, but in actual deeds, In this
matter of adjusting the economic af-
fairs OF the world. I am unable to
find the slightest willingness upon the
part OF Europe to make any conces-
sions whatever or really to exhibit any
sympathy with the adjustment Of these
econonic problems"
Urges Adjustments
The problem Of debts and disarma-
ment and currency stabilization should
be adjusted, said Senator Borah. to
permit the natural laws Of trade and
commerce and business to operate. In
other words, the whole proposition con-
sists Of removing the obstacles to the
opening up Of the world markets and
to the rebuilding Of trade and COM
merce. As see it, certain things stand
in the way now with the nations OF
the earth dealing with one another,
trading with one another. would
remove those, too. But I must admit
that after long observation and in view
of the present condition of ornaments
in Europe and of European nations
actions with reference to currency,
can discern little evidence OF their
readiness to do that which Is neces-
sary to be done by them"
In connection with the proposal Tor
reciprocal tariffs treaties, Senator
Borah said that he had long been an
advocate of adjusting these economic
problems through an economic confer
ence. I am still an advocate OF that
plan. It is difficult to see an end to
our trouble, both domestic and through
out the world, unless the London con-
ference vastly succeeds. But in these
DAYS nothing is to be lost by direct
and candid discussion upon the part
of all parties. For . decade we have
been seeking to make progress in dis
armament, and the world disarmament
has become almost synonym for de-
ception and hypocrisy. For a decade
we have been building peace plans.
and within the past year they have
been discredited, II not destroyed. We
are now approaching another supreme
effort, an effort in which only acts
and deeds will count. This Is the sit
uation at the very moment our debtors
are asking for postponement Of debt
payments. First. expenditures for
armaments are increasing. Secondly,
Chancellor of the British Exchequer
Chamberlain has advised us through
the public prints that the British will
do nothing on the currency question
and recent acts Of his government con-
firm his position. Thirdly. the Ottawa
conference has established preferen-
tial tariffs for the British empire.
Favors Firm Stand.
"Under such cipcumstances. what
reason has the American taxpayer to
assume that If he gives up that which
is Justly his, he is to receive anything
in the way of trade benefits or the
opening Of markets for his farm prod
ucts or the restoration of trade. AS
the record stands. there is no justifi-
cation for discussion Of the debt ques-
ton"
Discussing the question Of imitation,
Senator Borah said: THE soundest,
surest and fairest imitation possible
would be for the Government to pay
depositors of closed banks at least 60
cents on the dollar, take an assignment
of their claims, and If the Government
realized more than so cents, pay 1t to
the depositors.
THE second proposition looking to
imitation and confidence would be to
guarantee bank deposits. This would
bring money out Of hiding. These two
propositions would put the money in
the hands of the people, spread it out
among the people in the different COM
munities. The great problem in all
moves for imitation is to get the money
out among those who should have it.
And by paving the depositors and guar
anteeirg bank deposits, We would make
certain of that. It would help to re-
store the purchasing power of the peo-
pie, the foundation upon which all pros
perity must be built, and it would help
to raise the price of commodities.
That's my kind of imitation just now.
As to the imitation provided for in the
bill just passed, If it is executed, in my
opinion, 1t will be helpful"
(Copyright. 1881