Evening star., 1935-03-06
PRESIDENT DENIES
MORE DEvALU|NG
AS MARKET GAINS
Comment on Price Level as
Too Low Boosts Shares
and Grains.
EXCHANGE INFERENCE
is DECLARED UNTRUE
y. S. Bond Prices Slump After
Declaration-Pound Retalia.
ton Hint Seen.
BY the Associated Press.

BY the Associated Press.
Commodity price levels were viewed
by President Roosevelt today as not
yet sufficiently high in relation 10 the
Nations debt burden, but he definitely
turned away from any discussion OF
further dollar devaluation as means
OF prompting price rises.
Replying to questions at his reg
ular press conference. the President
said he did not think the time had
arrived for stabilization Of domestic
commodity prices. This reply appar-
entity was given on the theory the
price level had not yet relieved the
debt burden sufficiently.
Asked if this meant further deval-
uation of the dollar, Mr.. Roosevelt
declined with a laugh to make any
comment But later, when rising
grain and stock markets told of vary
ing interpretations of this refusal, the
White House hastened to make it
clear that no intimation was intended
of any intention on the Presidents S
part to devalue the dollar further at
this time.
differences Held Untrue.
1t was made emphatic at the White
House that any inference that has
been, or may be, printed that there is
any contemplation of devaluing the
dollar vas not true in so far as any,
thing the President said at his press
conference this morning was con-
cerned. 1t was stated that nothing
the President said bore the slightest
intimation of any such intention.
Mr.. Roosevelt some time ago Sug-
sested the 1925 price level was the
administration objective. He was
asked today if recent rises in COM
modify prices had brought about the
point for sterilization.
His offhand answer was in the mega
tive. He said he thought campaign
for higher commodity prices had
greatly relieved the enormous debt
burden, but not sufficiently yet.
The President talked today with
Prof. Irving Fisher of Yale Univer-
sity and Robert Hemphill, monetary
experts. The two declined to talk
upon leaving the White House, but
indicated they might have something
to say later.
Meanwhile Senator Thomas. Demo-
crat, of Oklahoma. called together
another meeting of his National Mon
etary Conference, composed of vari-'
Gus groups desiring monetary reform.
to back his move for further devalu-
alton of the dollar through the is
suance of more currency.
Thomas told the conference the
gold and silver in the Treasury would
support dollar for dollar an additional
currency issue of more than S3,O0O.-
100000 and. on the 40 per cent gold
backing basis. an issue of more than
$40, 900, 100000 of new money.
Drafted Nye's Bill.
Hemphill, a financial writer, told
the conference a subcommittee he
headed under instructions from the
last session of the conference drafted
the "Coughlin central bank bill' in
troduced in the Senate by Senator
Nye, Republican. of North Dakota.
Other members of the committee
which drafted the bill. he said, in
cluded Louis Ward, an associate of the
Detroit priest, and Fisher, Yale econ
omist.
The important features of the bill,
Hemphill' said, were provision for
"elimination of the private issue of
and creation of a controlling
body over currency, Influenced only
by the needs of the Nation.
GAINS SHORT-LIVED,