Evening star., 1933-04-24
ROBINSON ASSURES.
.. S. ON INITIATION
Senator Represents Presi-
dent Roosevelt at Annual
Meeting of A. P.
By the Associated Press.

By the Associated Press.
NEW YORK, April 24.-The great
New York financial center and the
Nation at large were assured by Sen
ator Robinson of Arkansas today, In an
address before the annual meeting of
the Associated Press, that the admin
istration's imitation program would be
followed ''prudently" and as weapon
to END the race to depreciate cur
Sencies"
I'VE must not enter into race to
Eheapen money or to depreciate cur
tencies," said the administrations
floor leader in the Senate, who repre-
sented President Roosevelt as the prin-
cipal speaker before publishers from all
parts of the country.
Sterilization Held Essential.
Nevertheless, it may be helpful for
the executive to attempt to secure in
ternational treaties or agreements de-
signed to end the race to depreciate
currencies for until this Is done and
currencies are stabilized, our producers
and our merchants will be handicapped
and suffer loss through the diminution
Of exports and the increase of imports
On the part Of the United States
1T is to implement the President for
bhese negotiations that the legislation
Under discussion is sought, as well as to
provide for prompt expansion OF credit
10 the extent found imperative in be-
half Of our commerce and trade.
Congress cannot carry on the neces-
Sary negotiations. 1t will strengthen
the President if he is given the au-
ct ho
prudently and only as last recourse
TO save our people from prolonged de-
preston and complete disaster"
Washington Greatest News Center.
Before entering into detailed argu-
tnents to justify the proposed controlled
Imitation and credit expansion step. the
Arkansas Senator told the publishers
that Washington. with its warlike extra
session of Congress in full swing, had
become the worlds greatest news
center"
The responsibilities of those who sit
IN the press galleries of the two
Houses" he asserted, ARE scarcely less
veighty than those which weigh down
Upon Senators and Representatives.
Upon the manner and spirit In which
the proceedings are presented to the
public by news writers depend the
restoration of confidence and the re-
vval of business almost to the same
extent as upon the terms of the meas
ures that are being advanced"
President Roosevelt, he added. re-
Eretted that the intense pressure of
public affairs prevents him from con-
tributing his presence and thoughts to
the interest and success of this notable
occasion"
Comments on A. p. Accuracy.
THE Associated Press and its repre-
eentativeS." he continued. have gen.
orally recognized their duty and are
continuously devoting their efforts to
the dissemination of accurate infor-
nation essential to proper under
standing of those remote from the
scene of the legislative contests now in
progress.
1T is not only necessary that sane
and helpful action be taken by public
authorities for the improvement Of con-
ditions universally recognized as requir-
ing remedy; it is also Of first impor-
tance that correct reports of the pro-
ceedings and policies be supplied to the
millions who are watching them with
anxiety never before demonstrated to
the same extent"
the policies of indecision' under which
hard times had arisen undoubtedly
must have perpetuated the overpowering
and all-eXtenSive depression"
1T became necessary" he said. ito
experiment; to steer the ship of state
ON new course. even though the course
might not be fully charted"
Robinson said the economy act was
m. experiment and held it had been
justified
Already economies are in sight which
will reduce the annual Federal budget
by nearly a billion dollars" he said.
This means that within a compare
lively short time such reforms in the
Nations fiscal affairs will be effected
rs will assure the reestablishment of
proper relations between the Govern
ment's receipts and expenses, epitomized
N the expression, a balanced budget. !"
Imitation Proposal Detailed.
Robinson described the pending in
tiation proposal in detail. He said the
Arst section looking to expansion Of
% 900 100000 of credit through open
market operations Of the Federal Re-
serve system was "safeguarded by the
authority of the reserve board. with the
approval of the Secretary of the Treas
ury. to require the reserve banks to take
such action as may be necessary to pre-
vent undue credit expansion"
The second feature authorizing iSsu-
ance of $4,000, 100000 in Treasury notes
in event the first section does not prove
adequate, he said, required the annual
cancellation of 4 per cent OF the out
standing notes"
This, with a balanced budget" he
emphasized, cannot be condemned as
imprudent or uncontrolled expansion OF
credit
The third and fourth parts Of the
contemplated initiation measure he
said have relation to the monetary
standard. and among other things, au-
thori2es the President, if his investiga-
tton proves it necessary. to secure by
international agreements stabilization
at proper levels of the currencies of
foreign governments for the protection
Of our commerce and credit against
the depreciation of the currencies of
such governments, to fix by proclama-
ton the weight of the gold dollar. the
weight of such gold dollar to be the
standard unit of value. All forms Of