Evening star., 1934-10-29

Certainly no one will attempt to
relate that Mr.. Roosevelt made any
promises on the side, but there is
reason to believe that he, or those
competent to speak for him, did give
the bankers better private explana-
ton of the money situation than they
had when they came.
All that can be said about that now
Is that the common sense Of the
monetary situation might be thumb
nailed as follows:
The dollar is stabilized noto in
fact. 1t has been stabilized on q
gold standard at this leuel since
last January The stabilization IS
Uhdt ldWyerS Uould call de tdcto.
The only monetary uncertainty is
purely psychological. That is. some
people fear this Stdbiltzdtion piu
be changed some day.
What the conservatives have beer
wanting Is stabilization de jure That
is complicated way Of saying they
want irretrievable stabilization by
law.
The only way that sabilizatior
would differ from the one we have
now Is that it would close the door II
any future monetary action.
Some OF Mr.. Rooseuelt's con-
serudtiue advisers ,Dho really knolD
the inside OF the World monetary
situation beliere that kind OF
stabilization tUould not be stdbilisd-
tion at all.
Look at England and France. Eng.
land is supposed to have an unstable
currency. bat the pound has beer
stable in fact since the first Of tht
year. It has not fiuctuated much
France has legal stabilization. yet tht
franc in fact has been less stable
than the pound. In other words. tn,
de facto sterilization in the United
States and Britain has afforded a
least as stable currency in the las
nine months as de jure stabilization IL
France.
Would Give Others Edge.
A bigger point is that Mr.. Roosevelt
political advisers believe he woulc
play directly into the hands Of infla'
tionists and soldier bonusites If he an
nounced a de jure stabilization now.
This is the usual time Of the yea
for the inflationists to start building
publicity bonfires under the White
House. They probably will have &
bigger majority in the next Congress
than they had in the last. If tn,
door Is shut in their faces, they nigh
very well take the situation out O.
Mr.. Roosevelt's hands by twothirdl
vote.
At least the congressional end O.
monetary uncertainty would in M
way be appeased by stabilization, bu
might be enraged.
These Dieus may not be infallible
arguments, but they at least pre-
sent an unpublished photograph OF
some neU recent interchange OF
thoughts bet,Ueen the Ne,D Dealers
and the bankers.
There is very definite word from th'
inside that capable Ambassador Bing
ham, at London, spoke only for him
self when he told the Pilgrim Societ,
the other day that stabilization wal
desirable.
'In the Long Run"
The little birds which chirp ad'
ministration doctrines are warblint
that Bingham's speech was inspected
before delivery by State Secretar!
Hull, but not by Mr.. Roosevelt.
These two statements may or ma!
not be true. They are not important
Any one who reads Mr.. Bingham
remarks closely can see the real signi
ficance of his address in four small
words-"in the long run" No ont
will disagree with that. Even the in
flationist wants stabilization lin th'
long run"
If there are any international ne
gotiations for stabilization now goin,
on, they are so deeply concealed tha
the usual channels are unaware o
them.