Evening star., 1933-07-04
FARLEY SEEN USELESS.
American Delegation Ready 70 "Give
Up Ghost" Ut London.

American Delegation Ready 70 "Give
Up Ghost" Ut London.
BY Cable to The Star.
LONDON, July 4-Almost 6 much
was thunderstruck by President Roose-
velt's message yesterday, the American
delegation at special meeting, in face
of the hostile reaction and in view Of
the Roosevelt domestic policy, today
definitely formulated the opinion that
the delegations further participation
in the conference was useless. 1t was
decided that, even should the confer
ence continue, no support Tor tarin
reductions could be given.
On the score of monetary policy. the
delegation voted to cable to Mr.. Roose-
welt to send q draft Of q new proposal
to take the place Of the resolution
which was introduced by Senator Key
Pittman, Democrat Of Nevada, and
which already has had prolonged con-
sideration by two Of the conference
subcommittees. The resolution, which
was approved at White House meeting
before the American delegation left
washington, was seen to be incom-
patible with the Roosevelt monetary
policy as announced yesterday.
Tied U. s. to Gold.
As the American stan here saw 1t, the
striking development in the President s
policy-even more important domess
ticaliy than Observation-Disclosures his
first public stride toward q managed
currency.
President Roosevelt's phrase renounc-
ing "old fetishes" in favor Of planned
national currency reckoned in terms OF
commodities was unanimously inter-
preted as the Presidents worst blow to
financial orthodoxy and as q far cry
from even the Pittman resolution.
That resolution tied" the United
States to gold by declaring for eventual
return to the gold basis and for use of
gold as an international measure OF
values, even though q provision was
added for lowering the gold coverage OF
currencies and for optional inclusion
of silver in central bank reserves. Now
Mr. Roosevelt Is considered to have In
troduced an entirely new monetary
scheme, although he stin speaks OF use
Of gold and silver as the metallic reserve.
Therefore, the Pittman resolution no
longer appears to be the admins
tration policy, and the delegation. in
Y,
his own resolution. At first the Amer
ican delegates thought Of asking Mr..
Roosevelt for instructions whether to
revise, but they finally determined to
request a new program. Part OF the
Pittman resolution has already been
revised and approved in conference
subcommittee.
Although tariff policy was reconsid-
cred, it was learned that the dele
CATION. two days ago. reached a definite
decision that it could not press for
tariff reductions, despite Secretary OF
State Cordell Hull's lowering
resolution and the low-tarih speech OF
Representative Sam D. McReynolds,
Democrat, Of Tennessee.
Implied More Protection.
This was because the domestic pro-
retary of State Raymond Moley i'm
piled further protection, and certainly
not tariff reductions. Protection Is
deemed all the more necessary because
there are few signs that the United
States can succeed Immediately IN Sc
curing world price-raising.
At solemn meeting tonight the dele
CATION not only considered these mat
tiers but seriously discussed the pros
poets OF adjournment of the conference.
and ever delegate. save perhaps Mr..
Hull, a stricken man, thought the end
might as well be now The delegates
heard that the foreign delegations were
incensed by the tone Of the President s
statement and his denunciation OF the
conference. However. no open threats
to break up the conference were heard,
and the feeling was that 1t would con-
tinue Though the Americans, pri-
vately, hold that the conference Is now
practically useless, they would not move
for adjournment.
As always. the majority Of the dele
CATION support Mr.. Roosevelt heartily,
though the tone of his message, with
its blow directly at France and indi-
rectly at the conference. and its ad-
vancement of a new monetary proposal.
surprised all. The minority was not only
surprised. but also disconnected and dis
appointed. Amazing" was the general
description of the message, and all
agreed that Mr.. Roosevelt had swung
far to the radical left.
Message Not Seen by Moley.
Equally amazing were these circum-
stances: Mr.. Roosevelts statement had
not been seen by Prof. Moley or any
one else here in advance, and 1t came
from Washington as an entirely new
substitute for a document drafted mere
yesterday by Mr.. Hull. Prof. Moley ana
the experts While this document had
been sent to Washington for approval,
an entirely new one game from tresl-
dent coosevelt today. In place OF AZ
least some gesture of conciliation came
Mr.. Rooscvelt's uncompromising substl-
tt,fn To|o
Roosevelt had not made his own de-
cision.
So far as the American delegates
know, Prof Moley, head Of the "bSain
trust" for the second time apparently
was not consulted on an important
move. He was to have had press con-
ference tonight, but it was called on.
However, the policy enmciated by Mr..
Roosevelt Is entirely in line with Prof.
Moley'S ideas, and undoubtedly 1t was
discussed before he left for London.
Who, II any one, has been advising
Mr.. Roosevelt intimately during the last
three days remains q mystery. When
on Saturday last he rejected the gold
resolution it was understood here to De
out of line with suggestions from Prof.
Moley, Bernard NJ Baruch and William
H. Woodin, Secretary OF the Treasury.
Stand Against France Approved.
Most of the American delegates liked
Mr.. Roosevelt's stand today with re-
spect to France and his sweeping
of currency stabilization,
but Secretary Hull is known to be be-
because he had the success
of conference at heart, and former
Gov. James M. Cox likewise is doubt
full, because he IS basically conserva-
tive and is feeling his responsibility as
head of the conferences monetary
committee.
Yesterdays statement is generally
considered as the elimination OF a
rapidly changing policy in the Roose-
velt administration, which started out
with low-tarin and international CO.
operation ideas, but was converted to
a type of domestic program virtually
which Secretary Hull intended. Where
the administration, originally. intended
to seek at the conference here currency
IL - A