Evening star., 1933-12-15
MONETARY POLICY
WILL Be CONTINUED
White House Sponsors Prom
ise Gold Purchases "WiII
Be Continued"
BY the Associated Press.

BY the Associated Press.
President Roosevelt's gold program
was newly riveted at the Treasury to-
day amidst billion dollar swirl of Gov
eminent financing.
The White House itself was sponsor
of the promise that gold purchases will
be continued" in an effort to raise COM
modify prices and of the warning that
forecasts of international currency
stabilization immediate, near or at any
time" would be worse than a bad
guess"
T. Acting Secretary Morgenthau, direct
ing the first big financing job OF his
Treasury Office, 1 lded that though the
Reconstruction Finance Corporation
gold price has remained unchanged dur
ing December at S34.0l an ounce, the
quotation still is being set on 24-hour
basis.
This quotation was repeated today Tor
the thirteenth business day.
Londons price on the basis OF ster-
ling opening at S5.121a to the pound,
was S32.41 an ounce.
The Treasury financing involved col
lecting more than a billion dollars
from a s950000,0 900 security sale and
income taxes. and paying out S727,-
600, 900 on maturing issues and STA
100000 in interest on the public debt.
Conference at White House.
Latest administration utterances on
the controversial monetary policy were
made after White House conference
by Mr.. Roosevelt, Morgenthau, Attor-
ney General Cummings, Gov. Eugene
Black of the Federal Reserve Board
and Herman Oliphant, special counsel
to the Treasury. There was a later
meeting between the President and
George L. Harrison, governor Of the
New York Federal Reserve Bank. -
Afterward, Stephen T. Early, secre-
tary to the President, said for him
the discussions were simply a contin-
uation of financial conferences that
are being held right along" He told
news men any stabilization forecasts
would be erroneous.
with Gov. Harrison, the President
discussed the continuation OF gold pur-
chases," Early said. These purchases
will be continued There was no dis
cussion of the amount that will be
bought. ..
: "As for the reported treaties or
agreements between the United States,
France and England on gold these are
worse than bad guess. Our going
back to the gold standard was not
discussed"
Silver did not receive consideration
at this meeting, but rumors of pos
sible steps in that direction persisted
Predicts Congressional Support.
Meanwhile. from Speaker Rainey
came a prediction that Congress would
support President RooseveltS monetary
policy and that if he should recommend
free coinage of silver it would go
creased" This process OF imitation
has been the subject of much agitation
in the last several years. with vigor-
Gus support from members of Congress
from silver producing, States. Rainey
declared himself personally Tor such
measure.
The Thomas amendment of last
Spring gave President Roosevelt
power to institute a system of free
coinage of silver at any ratio to gold
that he should decide to be best.
There have been indications that Mr..
Roosevelt was giving the subject some
study, but nothing that would show
what his plans are.
4 Estimates of how the Treasury will
stand on December 81 were based upon
the assumption that receipts and ex-
penditures would continue for the re-
mainder of the month at the same
rate as since the beginning of the
fiscal year II so, receipts for the first
half of that period would total ap-
proximately S2,395 100000 and expen-
ditures S3,343,0O0, 900. leaving a deficit