Imperial Valley press., 1933-07-05
To
STAND PAT ON
STERILIZATION
President Believes London Con-
ference Will Survive Present
Doubtful Situation.
TAKES UP INTERNAL PLAN
Secretaries Of Interior And
Commerce Summoned To Dis
cuss Their Programs.
BY FREDERICK A. STORM
United Press Staff CORRESPONDENT

by FhEDEhICh "A. OlOhM
United Press Staff Correspondent
WASHINGTON, July S. = Pres
ident Roosevelt, plunging into the
tasks of his office again after a
sea-going vacation, indicated today
he was confident that the London
economic conferenea would survive
its present impassa
At the same time It was made
clear that the President intends to
stand unflinchingly by his decision
not to enter into a Stabilization
agreement at this time and intends
to follow three point currency
program.
The program:
l. The United States is not ready
to export gold.
2. 1t is not ready to enter into
agreements looking to the creation
of stabilization fund.
3. 1t is not ready for a stabiliza-
ton fund.
The President optimism over
the future of the conference was
in contrast to the gloom prevailing
at London. He appeared hopeful
OF success of the world meeting af-
ter holding a significant trans-At-
lantic telephone conversation short
ly before noon with Secretary of
State Hull, delegation head.
On the question as to whether the
United States would revise its sta
b1llzation stand to prevent the
threatened conference breakup, it
was learned that no such steps
were contemplated, the administra-
tion feeling that present difficult
ties will be surmounted and the
various confereeS will get down to
the problems on the agenda.
Mr.. Roosevelt plunged into
study of the international situation
Immediately after breakfast, re-
ceiving the latest reports from I'm
derSecretary of State Phillips in
addition to those from Hull. In
connection with his discussion with
the latter, friends insisted that
news as to the subject matter
would have to come from London.
Opinions Differ
On the stabilization question
White House advisers pointed out
that while the rate of exchange
was considered important to some
OF the European nations, it was
looked upon in different form in
this country.
They explained that this coun-
try's conception of the matter was
gold and silver collateral behind
currencies instead of gold primar-
lily for trade balances. 1t was
learned that among the instructions
carried to London by the American
delegation were some seeking to
make gold only for government use
in bullion form and as a perman-
ent collateral for currency.
1t was made emphatic by close
administration friends that Mr..
Roosevelt does not go along on the
theory that gold should be for trade
balances first. AS to the early re-
turn of the United States to the
gold standard, that was said to be
a highly moot question. 1t was
recalled that England went off the
gold standard nearly two week ago
and as yet has shown no signs of
returning to it. France. it was
added, was off four years. The
United States has been off, it was
asserted, but three months and has
not yet reached the position where
a determination can be made.
President Roosevelt at the con-
clusion of his study of internation-
al affairs turned to the task of car
rying out his domestic recovery
program, calling in Secretaries
Ickes and Roper to assist him. They
were scheduled to take up as the
first items industrial rehabilitation
and public works.
Concerning the textile codes, Mr..
Roosevelt was reported as not yet
having seen it.
WASHINGTON, July 5. tUR-
Details of the industrial recovery
program were scanned today by
President Roosevelt at conference
with Secretary of Interior 1ckes
and Secretary of Commerce Roper.
No decisions, however, were reach
ed.