Evening star., 1934-01-24
Administrations Cold Plan
Occasioned Little Surprise

Editorial comment indicates that the
Presidents monetary address occasioned
little surprise. There are dissenters,
but most observers feel that his recon-
menda tions have q logical place in the
administrators money plan and that
their announcement dispels much Of
the uncertainty which, financial circles
have maintained was hurting business.
The Charlotte Observer sounds note
Of optimism in the statement that,
! even though the intricacies and con-
fusions of the change are too subtle to
be grasped by the ordinary level of in
telligence in this Nation, there is man.
since President Roosevelt engineered
the deal, it is bound to bessound and
acceptable" The Cleveland News points
out that. having seen the markets re-
spond favorably to the Presidents an
nounced policy" the country has the
confidence to believe, with Mr.. Roose-
velt, that by feeling its way along it
may reach point in stabiliMtion
which will react to the widespread
stimulation of business and establish .
vantage point from which to wage the
final fight for recovery"
To the Rockford Register Republic.
there is an assuring solidity in this
delimitation within moderate range Of
existing values" The same paper ADDS
that 1T provides more substance upon
which to plan and build than has been
derived from all the experiments and
theories Of recent months. 1t is not all
that some wished; also it is not all that
many feared. But there is point from
which to start"
The Oshkosh Northwestern concurs
In the belief that fears and doubts
and uncertainty should disappear among
the business leaders who are anxious to
cooperate with the President in his re-
covery program"
The Providence Journal, however,
says: Heretofore We have had dollar
of fixed gold weight. Congress estab-
lished. by authority Of the Constitution,
its value. 1t represented solemn con-
tract between the citizen and his Gov
ernment, Interchangeable and inviolate.
Henceforth, apparently, the value is to
fixed by presidential proclamation. The
elements Of certainty and stability dis
appear. 1t becomes political rather
than an economic dollar"
Whatever the commodity" the
Springfield Union believes "the effect
on its price by devaluation Of the dollar
for it in relation to the supply .Reval-
uation, to the Omaha World Herald,
means simply a move to bring the in
flated dollar back to normal propor-
tions." but the Charleston News and
Courier regards it as violation "of ex-
isting contracts to pay debts in gold
dollars of a defined weight and fine
ness" Pointing out that no one can
tell today what effect the devaluation of
the dollar will have on public conf
dence in the dollar" the Goshen Daily
News-Times asks: Having once been
devaluated. is there any assurance that
the same procedure will not again be
followed If recovery Is not as rapid as
eXpected?"
The Columbia Record mentions that
depreciation of currencies from the
pre-war gold parity is the rule through
cut the world rather than the excep-
ticn' and the youngstown Vindicator,
while regretting that such is the case,
holds that "the country has recognized
that, with the breakdown Of the gold
standard, 1t was inevitable" The Port
Huron Times Herald finds that devalu-
alton fits in perfectly with what has
already been done in the currency ma
| nipulations of the national recovery ef-
FORTS" and the Haverhnl Evening Ga
zette is convinced that American
monetary developments Of the past year
have directed us steadily toward expert
ment." This paper adds: Some de-
! gree of success for it seems certain and
perhaps a high degree will be attained" !"
The Detroit News thinks that the peo-
pie of the United States are In for . lot
of education" and the Rock Island
Argus remarks. Another momentous
e----irnent Is in progress"
Seattle Daily Times, the most