The Waterbury Democrat., 1943-04-16


 and an intense patriot, "Eher" wanted to sec action again. The Army says he will be more valu- able in the War Department |. Congressman Michael Feighan of Cleveland took the bull by the horns and urged constitutional amendment by which the Presi- dent could submit a peace treaty to the people If vetoed by the sen- ate. He pointed out that B men in the Senate can block peace treaty whether the nation likes 1t or not.
 STABILIZTNG WORLDS MONEY Secretary Morgenthau's plan for a five billion dollar stabiliZation pool to keep world currency firm after the war was subjected to a lot of cross examination at a closed-door session between Nor genthau and the House Foreign Affairs and Coinage Committees. Congressmen bombarded Nor genthau with questions regarding the fact that the United States would ante up $1 800, 900, 0,000 for the world Stabilization kitty. This would be considerably more than the amount to be contributed by any other nation to keep the worlds currency firm and the congressman seemed critical.
 Not many of them said much about what we were going to do with the billions we have buried at Fort Knox, If we didn't put 1t to work somewhere.
 MOrgenthau explained that the amount which each nation kicks into the stabilizatiOn pool will be based chiefly on national in- come though some nations with no gold reserve to ante up can offer trade credits.
 However, the amount of money put up will not determine vot- ing power, the Secretary of the Treasury explained, adding that we would never get other nations to cooperate on that basis. He also revealed that neither Russia nor China. two important allies, had replied to the invitation to attend the postwar stabilization confer ence.
 BRITAIN OUTVOTES U. $.
 The British commonwealth of nations will have two full-fledged members with voting power, in addition to the United King dom, Morgenthau explained. They will be in Australia and India.
 That" he added with a grin," is one of the sore spots"
 "What will happen if the five billion dollar fund is exhausted?" asked Congressman Compton White of Idaho.
 Morgenthau replied that there was no chance of this, or of the U. s. being left holding the bag. for $l ,80O, O,OOO. .0OO because the five billion would be operated as a revolving fund.
 HENRY KNEW ONIONS
 Despite frequent heckling, the Treasury chief made an excellent and logical presentation on why international currency Stabiliza- tion would be necessary to main- tain world trade after the war He said we could follow either of two courses:
 (l) The British (Keynes) plan. calling for managed currency for international trade. under which export and import business would be conducted on world mar kets with the "Bancor" unit. backed by credits instead of gold, or, (2) the U. s. plan, calling for gold backing of currency on world markets.
 The British plan would weaken our position in world trade. Nor genthau asserted, because 1t would enable other nations to devalue their currencies after the war which might eventually drive the U. S. dollar out of world mar. kets.
 we face an extraordinary situation after the war;" the Treasury Secretary said. He ad- mitted very frankly that, by lending money to 0ther Allied nations to promote their war in- dustries now, we were building them up as competitors, as well as customers, after the war.
 '.Inasmuch as we provide the funds for United states paFtici. patton In the postwar stabillxa- ton pool, don't you think that Congress should be represented at the oosaing conferences?"