The McDowell times. [volume] (Keystone, W. Va.) 1904-1941, 1936-10-09

ior tne preservation of our tradi-
ions, our practices. because it is
under those traditions and prac-
tees that our nation has grown
great.
have been little bit dis
appointed that MIR. Roosevelt and
Mr.. Secretary
Hull OF the State
DoctTtne department have
not preached the
american doctrine at more length.
am sure pronouncemcnts by them
IN condemnation of communism or
iascism would find hearty re-
spouse at the hands of the Ameri-
can people.
II is to be recognized that
changes take place in world econon,-
&c ana political thought. They are
taxing place in our country. More
are coming. But I condemn the
practices of communism and fas-
cism because they have ruined the
lives OF all excepting a few people
IN every nation where those poll
cies are operative. They will de-
stroy the independence Of thought
and action. the happiness. that we
have come to know in this country
as natural right.
In negotiations with foreign pow
ers. Mr.. Roosevelt has not been
fortunate. think it is generally
agreed among observers that the
President fumbled the ball when
he failed to take advantage of a
splendid opportunity to deal with
France and Great Britain when he
| first became President. Likewise.
/ know there are many students
who are convinced that the Presi-
dent by his own acts broke up the
London economic conference in the
summer Of 1888 and with the col
lapse OF that London meetinf Went
any hope for an early recovery from
the depression On a world basis.
The war debts question still hangs
in mid air. The recognition Of Rus
STA l am convinced turned out to
be a fiZzle. The far eastern pru-
gram, II there was a program, has
yielded nothing because it must be
said in truth we have not cemented
our friendship with Japan.
Within the last few days we have
seen the collapse Of the French cur
France OF seen the Presi-
Gold Standard dent join with
Great Britain in
cooperating with the French in
their difficulty. Yet, it is appar-
ent to anyone who will review the
financial and economic history Of
the last three years that the French
have made a great effort to re-
main on the gold standard-and
they had no help from us until they
could no longer stand the strain.
It Is always easier to use hind
sight than foresight. 1t is easier as
well to call attention to mistakes
three years after those mistakes
have been made than TO take a
bold stand when the errors were
first discussed. These facts, how
ever, do not in any way Tighten Tie
responsibility that was ours as
nation in 1888.
| / refer again to the London eco
nomic conference and the events
prior to it in 1888. There were
plenty Of men in the United States
at that time who said openly that
the United States should move
quickly and take leadership in world
sterilization Of currencies. 1t ap-
peared for a time that President
Roosevelt would take that action
but instead he is charged with hav-
| ing broken up the London confer
| ence because he failed to assume
that leadership which he could have
had.
That brings us to the link be-
tween the United States and the
| conditions of Europe. Mr.. Roose-
welt, through Secretary Morgen-
thau, says now that the United
States will stand with Great Britain
| in helping the French. The question
naturally arises Why did not the
| United States stand with France
| In 1888 when France and a half
| dozen other European nations want
| ed to remain on the gold standard
! for its currency.
Personally, have never seen any
reason why the United States should
have devalued its dollar as was
done. If we had not devalued, one
thing is quite certain: Maintenance
of the gold standard by the United
| States would have continued to
strengthen the currency of those
countries in Europe, including
France, that desired to continue
that currency basis.
| have heard it said as well that
il the United States had remained
on the gold standard instead OF de-
valuing its dollar, Great Britain
would have been able soon to have
restored her currency to a gold
basis. Certainly, the British could
not have remained off of gold as
long as they have If gold coin were
allowed to circulate in the United
States. / believe no one can fore
cast at this time exactly what the
results of the French devaluation
will be.