Evening star., 1934-01-16
AS the Nations Press Sees Il
Editorial Comment Brings Both Praise and Criticism
for President Roosevelfs Monetary
Message to Congress.

to establish de facto gold value for the
dollar and eventually return to the gold
standard by law, but only after agree
ment with foreign nations"
Indianapolis Star, Republican-"The
sophistrieS and arguments Of the brain
trust may convince some, but do not
get around the fact that the billions of
profit in the devalution of monetary
gold is being conf1scated from those
who have paid for it under the stand
ards that prevailed in this country
nearly a century"
Des Moines Iowa) Register, Inde-
pendent Republican" Forgetting poll
tics, We have step toward dollar stabi-
lization which will leave only a lO-point
range for the dollar to f1uctuate in. We
have been close to that for a month or
more, without the legal acknowledge
ment. The effect of legal acknowled-
ment should be-and, of course, the ef-
feet was designed to be--to encourage
the beginning of that investment of
private capital which has got to be en-
couraged If the Government is to be
able within the next year to begin
tapering of on the providing of our
industrial finance"
st. Louis Post Dispatch, Independent
lie PRESIDENT message
to Congress yesterday measurably an
swers the demand of business for dol
lar of fixed value
st. Louis Globe Democrat, Independ-
ent-" These (the President's)
words give encouragement to the belief
that he desires, SO far as possible, to
relieve the uncertainty as to monetary
policy OF the Government by
the assurance that he is now endeavor-
ing to establish not only sound cur
rency, but one that will be reasonably
stable pending definite sterilization
through international agreement"
San Francisco Chronicle, Republican
1t is a middle Of the-road course,
which is certainly good politics, and is
probably good policy"
Los Angeles Times, Republican-"It
is better than complete uncertainty and
1t will permit certain amount of plan
ming ahead
cratic-"It seems to us that they lin
vestors) should be given cheer by the
evidence that the President sees
the need Of steadiness and stability in
the dollar and is moving to realize it."
Boston Herald-"Uncertain ainty will be
less pronounced. pending the next step.
tToWard financial stability Fluctua-
tions in the value OF the dollar will be
confined to fairly narrow and reason
able limits The average busi-
ness man will certainly not be disturbed
at the immediate results"
Boston Post As we see II,
the President is working cautiously
along in his monetary policy. taking
the status quo as 1t Is. and making no
radical move far out Of the groove that
has been established"
Boston GlObe-'There is nothing in
the message which can encourage the
advocates OF pure imitation"
London Times-"His proposals are
likely to be welcomed as at any rate
setting some bounds to possible fluctua-
tlonS. The international effect
will depend upon the extent to which
the further depreciation it indicates in
the gold value of the dollar is made
effective in exchanges with sterling and
with gold currencies"
London POst-"If the policy comes up
to the Presidents expectations. the dis
advantage ito England) should be only
temporary. For the present there
appears no ground for Great Britain
to view the new step with any particu-
lar anxiety"
London Telegraph-"Probab the
immediate effect of the drastic deval-
uation will be improvement in Ameri-
cas- foreign trade, but there need not
be any dread of the permanent cap
ture Of foreign markets by American
goods. The position is not such
as to require any immediate action on
our part"
London Financial News-"The most
important aspect of the measure is that
1t represents a whole hearted determi-
nation to persist in depressing the dol
lar"
London Mail-(The financial editor
OF this newspaper was less confident
than some regarding the prospects for
British export trade which, under some
circumstances. he believed would be ef-
fected seriously) "A remedy. if need
ed. lies in raising the sterling price for
gold. Sooner or later, devalua-
ton OF the French franc and other
gold currencies would appear to be in
evitable." he said
London Express-"It hits our export
trade. The revalued dollar demands
an answer and the British answer
should be revalued pound. A
great world currency war has been be-
gun by President Roosevelt and he will
fight Americas trade battle with f4OO,-
10000 of conscripted gold"