Evening star., 1933-11-03
TRADE BODY ASKS
RETURN TO GOLD
New York Chamber Makes
First Organized Attack
on Money Policy.
BY the Associated Press.

BY the Associated Press
NEW YORK, November 3.-The New
York State Chamber of Commerce went
on record today in strong opposition to
a managed currency and demanded
that the United States return to a per-
nanent gold standard with the utmost
promptness.
The action was taken at a special
meeting attended by men eminent in
the financial and business affairs of the
State and Nation.
Leonor F. Loree, head of the Della
ware g. Hudson Railroad, declared that
the abandonment of the gold standard
by the United States was as great a
violation of trust as Germany's disre-
gard of Belgium's neutrality in 1914.
First Attack on Policy.
The sentiment of the Chamber of
Commerce was one of the first organized
attacks on the administrations new
monetary policy, particularly the recent
gold purchasing policy.
sentatives, financial interests of Wall
Street and much of the East were
represented Opinion Of the gathering
was definitely in opposition to any at
tempt in currency experimentation and
| the managed commodity dollar.
| The resolution stated that the cham
ber, taking cognizance of recent flnan-
cial developments, hereby aftirms its
! conviction that a gold standard is the
most satisfactory monetary system from
the standpoint of the American people
as whole, and expresses the belief that
as a delay in the declaration of a
| definite policy will make the task more
! the utmost promptness toward the
restoration Of permanent gold stand
ard in the United States"
Seek Old Gold Dollar.
An attempt was made to amend this
section of the resolution for return to
the historic gold standard both in re-
gard to weight and flnenesS.
Although the question was resolved
by proponents of the amendment into
one approving or disapproving return
to the old gold dollar, it was defeated
on the ground that such a move would
be unwiSe at the present time and un-
Ger eXlSCH2 financial COIlOlClOIlS-
Most of u.s. said Bayard F. Pope,
member of the Resolutions Committee,
hope that return to the historic gold
dollar will occur ultimately. But to
commit ourselves to that purpose now
would be Ilnwise."
The resolution stated that it was Of
Importance to business recovery that
the administration clearly and un-
equivocally announce that it will not
adopt an automatic commodity dollar,
or a managed commodity dollar. or
similar currency experiments, but Will
adopt a policy directed toward the re-
turn to the gold standard"
Rise in Income.
The resolution further recorded the
belief that "a rise in commodity prices
should be accompanied by rise in
national income"
To accomplish such an end, it was
declared that public confidence was
necessary, but that it should be con-
fdence undisturbed by future uncer-
tainties or alterations of the monetary
unit.
Loree was applauded when he rose
with $40 note in his hand and said:
1T is a curious phenomenon that
when prices are rising no one feels any
sympathy for the creditor. It's only
when the shoe is on the other foot
that we hear any great to-do.
When you get to the bottom OF all
this, it amounts to an effort to cheat
the creditor out of what is due him.
That" he said. waving the $40 bill,
"is a mere scrap of paper. There has
been violated the Governments pledge
to pay in gold just as surely as Ger
| many violated its treaty with Belgium. !"
Roosevelt Measure Downed.
A resolution urging support of Presi-
dent Roosevelt's methods of restoring
the purchasing power of the Nation
was voted down. It was introduced by
A. w. Benkert, investment banker.
Benkert said it was an economic
| fallacy to believe that gold is a stable
measure Of value"
The economic recession, he declared,
resulted from the return to the gold
| standard by many countries after the
World War and discontinuance of the
purchase of foreign bonds by American
investors that led other nations to Ibid
for the dollar"
Copies of the resolution urging main
tenance of the gold standard will be
sent at once to President Roosevelt and
Secretary of the Treasury Woodin.