The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-06-22
u. 5. BANPUT
ON CURRENCY
STERILIZATION
Policy Clearly Defined by
Representatives at Lon
don Farley.
TARIFF SLASHES URGED
Ruin of Trade Is Forecast
II Present Barriers
Are Not Raced.
BY HARRY FLORY
United Press stan Correspondent

hONDON, June ZZ.-Ine united
States turned thumbs down on i'm
mediate currency staiblization at
the world economic conference to-
day, while the dollar dropped rap
idly on every important European
exchange, making new low records
since abandonment of the gold
standard.
Shortly after the American dele
CATION had stirred the conference by
proposing in general terms a world
wide lowering Of tariff and trade
barriers, a real sensation was caused
by a statement of it's policy on
sterilization.
The statement said the delegation
felt it could make a more important
contribution to the conference by a
move to raise price levels than by
temporary sterilization.
Door Not Closed
The statement was not regarded
as closing the door entirely to a
stablizistion agreement sometime
later in the conference. With the
dollar dropping rapidly, it was felt
that the United States soon would
be in a bargaining position where
sterilization could be attained at a
rate which would give President
Roosevelt leeway to avoid any fall
in prices-price raises being one of
the chief points Of his program.
The statement obviously was CAL
Culated to shift the focus of the con-
ference from sterilization to tariffs,
trade and commodity prices.
Cordell Hull, chief United States
delegate, submitted the resolution
calling on all nations to reduce tar
if barriers las quickly as possible. "
Hull's proposal broke the long ST.
lence of the American delegation on
its program for solving the world
depression. The Americans had
been under heavy fire from other
delegates for their lack of a pro-
gram.
Hull asked for either direct two
nation treaties to reduce tariffs or
general treaties. 1t envisaged four
points of procedure.
The text follows:
Text Made Public
, Whereas, Various nations have
been constrained on the one hand
to impose restrictions on imports in
the nature of tariffs, quotas, embar-
goes, etc, and on the other hand to
substitute exports; and
Whereas, This tendency has re-
suited in natlonalistic action in all
nations, which, if carried to its log
ical conclusion, will result in almost
complete elimination of interna-
tional trade and a return to nedi-
eval isolation; and
Whereas, 1t is agreed that this
tendency must be arrested if world
recovery is to be achieved and a
decent standard of living widely
maintained; now therefore be it
Resolved, That all nations par
ticipating in this conference agree:
Hits at Isolation
First. that it is against the COM
mon interest for any nation to
adopt or continue policy of ex-
treme nationalism and raise addi-
tional trade barriers and discrimi-
nations.
Second, that embargoes, import
quotas and various other arbitrary
restrictions should be removed COM
pletely and as quickly as possible.
Third, that tariff barriers should
be reduced as quickly as possible by
reciprocal bilateral agreements (di-
rect treaties between two nations)
or multilateral agreements treaties
among groups of nations) to a point
where trade can once more move
in free and normal manner.
Fourth, that care should be
taken in making bilateral or multi
lateral agreements not to introduce
discriminatory features which, while
providing advantage to the con-
tracing parties, would react disad-
vantageouSly on world trade as a
whole"
Caption Clarifies Matter
The caption of Hulls resolution
apparently made impossible another
such incident as was caused by re-
pudiation of his suggestion for a 10
per cent tariff cut. The caption said,
BY the secretary of state, by au-
thority of the American delegation
and in accordance with instructions
IF tho TT,oitad CtataS oovarrr1apt,'