Evening star., 1934-10-12
Senatorial Campaign Head
Assures Public No Initiation
Contemplated.
DISTURBED BY TALK
AFTER CONFERENCE
Illinois Senator Attempts to Calm
Business Following Bulk
ley's Comments.
BY the Associated PressL

Senator Lewis of Illinois, chairman
of the Democratic Senatorial Cam
paign Committee, sstid in a statement
today no changes in. the value of the
dollar or other irlf1ationary moves
were being contemplated by the ad-
minlstration.
Frankly disturbed by widespread in
fiationary talk resul ting from yester-
days White House conferences, Lewis
said Senator Bulkley, Democrat, Of
Ohio had been misunderstood if he
left the impression President Roose-
welt favors a further devaluation OF
the dollar.
Bulkley told newspapermen as he
left the White House' yesterday after
a conference with the; Chief Executive
that further devaluation of the dollar
was not an ''impossibllity."
Plans Denied.
"I can assure the public nothing Of
such kind is under any contempla-
ton" Lewis said in a. statement tele-
phoned to the Associated Press today.
My good friend Senator Bulkley is
an eminent Senator ard distinguish
ed member of the Banking and Cur
rency Committee" Lewis said In his
statement But I arm sure he was
misunderstood If he left the impression
that the President favors a further
devaluation of the dollar, either as
to gold content or as 10 any manner
of imitation.
Il was in full conference with the
President yesterday at the White
House where was reporting TO him as
chairman of the Senate Committee for
the Election of Democratic Senator'S
the situation In different States as l
saw it, while speaking through the
States and in conferences with busi-
| ness leaders.
"The coming election would be
greatly disturbed in the business cir
| cles if there was a belief that the
in the value Of the American dollar
| or any imitation by the issue Of green
backs or printing press money to meet
the debt of the Govern hent.
Assures Public.
'I can assure the public nothing
Of such kind is under any contempla-
| ticn."
Meanwhile, official tircles disclosed
a sharp increase in the purchase OF
| foreign silver has been made by the
Treasury Department.
There was no official explana-
ton for the move, but Congress
meets in January and If the faster
pace Of buying were maintained until
then, it might help foFestall criticism
from silverites in Congress.
The silverites favor a vigorous pur-
| chasing program to attain the goal
set by the silver legis lation passed at
| the last session. This provides that
eventually silver shall attain a ratio
Of one to three, with gold as backing
| for the Eation's currency.
One Billion More.
II purchases we're continued at the
pace of a few weeks ago, the buying
program probably would extend over
two years or more. Approximately
/, ZOO, 900, 900 ounces have yet to be
acquired before the one-to-three ratio
| is attained.
| The purchasing policy and its effect
on China was the subject of a con-
ference today between President
Roosevelt and Secretaries Hull and
Morgenthau.
State and Treasury Department ex-
perts have held series of discussions
on the subject since the Chinese gov
| ernment's note seeking information on
the Roosevelt administrations silver
program and conten0ing 1t had q
detrimental effect on Chinese trade
and commerce.
Herbert Feis, economic adviser tc
the State Department, is conferrine
with Treasury experts today on some
i of the final phases of the question.
Reply Being Weighed.
State Department officials said the
reply to the Chinese note has not YET
been drafted and that final decision
as to what form the communication
will take must necessarily await the
conference between the President and
Secretary Hull.
When President Roosevelt nation
| allied domestic silver, estimates of the
amount of metal that order woulc
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