The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1936-12-11
URGES
MONEY POLICY
Be CONTINUED
Yale Expert Warns Infla-
ton Will Come When
Control Abandoned
BY c. FREDERICK MULLEN
United Press Staff Correspondent

ny -. ENED6NtSN "SLLSN
United Press Staff Correspondent
NEW HAVEN, Conn.,, Dec. IL.
(UP).-Discontinu of none
tary management in the United
States at present would be fol-
lowed by initiation, warns Prof.
jaime Harvey Rogers, of Yale
University. s
The university's sterling pro-
fessor of political economy de-
clares:
Whether on gold or off, none.
tary management, at least tenn
porarily should and will continue.
TO dispense with it would, in the
United States, mean imitation and
in certain other countries a dam
gerous degree Of dependence on
outside influences over which little
control could be exercised.
He points out the United States
has played leading role in the
two most important moves toward
re-establishing an international
economic order; namely in its
trade treaty policy and in the
field of monetary Sterilization.
TRADE PROSPECTS BRIGHT
Under the sponsorship of Sec
rotary of State Cordell Hull, our
trade treaty policy was the first
important step in the direction
of breaking down trade barriers
throughout the world. Its success
to date has been slow and mod
crate but on an increasing and
cumulating scale; and the i'm
mediate prospects for its further
success are bright. Moreover, with
the possible exception Of the mon
etary policy, il has been the most
favorably received and generally
accepted Of the New Deal meas
ureS.
"The other important move in
which the United States has play.
ed a leading role is in the field
of monetary sterilization. OF the
countries which left gold, we were
the first to return to gold" says
Rogers. ... -.
."In- the further moves in the
direction of monetary stability we
were the first to be ready and the
first to announce our readiness to
cooperate with other nations. In
the September sterilization under
standings, it was the willingness
of the United States to cooperate
in this type Of international UNI
dertaking which made the under
standings possible. Sd. o..
"In my opinion" Rogers says,
"the Importance of the stabiiza-
ton understandings have not been
exaggerated In the absence OF
war they have paved the way for
q gradual resumption OF currency
stability throughout the world.
With the return of monetary sta
bility, the breaking down of trade
barriers as well as of exchange
controls will have become possible
on a much more comprehensive
scale and in a much shorter Pc
riod Of time. 49,. ,
AGREEMENT HIGHLY
PRAISED =. /!
Finally the ability of the three
greatest democracies to (America,
England, Francel cooperate at
this time in policy OF such lar.
reaching Importance as that OF
international monetary stability Is
q reassuring fact that has nor
been over-rated."
Rogers has made for President
Roosevelt a study Of the economic
conditions and monetary policies
of the world --.--.- e.. .,. .. -. -.
The forms of the currency re-
ad iustments in different countries
have thrown some light on the
possible future developments OF
the monetary systems OF the
world, Rogers believes. Then ne
asks: -.-. &c. -,
"Will the world return even,
tually to q gold standard or WIN
II move farther and farther away
from cold toward q purely man.
aged currency? This is the mon
etary question most frequently
asked by the financial and bust
ness communities today. | have
nersonally raised the question IN
many parts of the world when.
ever / have found myself IN q
group of monetary, experts, but II
Is a rare authority who, will VEN
ture a positive answer"
He points out that in the re,
cent. devaluations, Switzerland
and Italy have moved directly to
;oin the dollar group on . new
and modernized gold standard; On
the other hand, Greece and Hoi-
land have moved, temporarily at
least, toward Sterling and man
agenient. The middle course mas
been taken by France in its choice
of a gold bracket, but refusal Tor
the time being to name. the spe'
cif;c weight Of gold to be used as
the standard unit. -.
"Thus," says Rogers, lin the
recent devaluation, the split be,
tween the dollar and the pound
or between gold and management
Is approximately even, with the
most important of the new de-
yaluers still on the fence but WIN