The Waterbury Democrat., 1943-04-05
Extraordinary Joint Sess
sion of Senate Commit.
tees Previewed
UNITED NATIONS IDEAS ,
SUGGESTIONS EXCHANGE
Senator Thomas Claims
World Bank Setup After
War Inevitable
BY CHARLES y. DEcoEs

BY CHARLES u. DEGGEs
UNITED Press Staff Correspondent
Washington, April s. -
CUP - Secretary Of Treas.
ury Henry Morgenthau, Jr~
will reveal today that the adj
ministration's plan for post
war international monetary
commitment by the United
States to return the world
to gold standard. Morgen-
thau is scheduled to outline
the Treasury's Sentative proposal'
to an extraordinary joint session os
the Senate committees on Foreign
relations, banking and currency
and postwar economic policy and
planning. The meeting viii 10
secret, but a preview Of Morgef-
thau's prepared statement disclosed
these main proposals:
/. Establishment Of an inteEna~
tlonal sterilization fund participate
ed In by all the United Nations and
countries associated with them, and
contributed to In the amount and
form suited to each nation.
2. Creation Of an international
boad to control the fund with par
ticipating nations appointing The
members ana with voting power a.
the board fixed according 10 The
contribution by each country.
3. Agreement among the meme
bers not to engage In competitive
depreciation Of their currencies.
4. Attainment Of stability by flx~
ing the value Of currencies In terms
Of gold.
s. Retention in full OF established
channels Of international trade and
international banking for ell inter
national transactions.
Sen. Elmer Thomas, D., Okla, told
the United Press In an interview
that establishment OF world bank
founded on q standard international
coin-preferably COLDS inevitable
after the war, but that no nation
dares to commit itself now because
of the economic uncertainty Of the
future. Thomas was the author Of
the original dollar devaluation leg
islation in 1888.
Morgenthau, In his prepared state
ment, said the United States ana
other united and associated nations
are exchanging ideas and preliEl-
mary suggestions for coping with
postwar monetary problems be-
cause international financial stahil-
ity was essential to reconstruction
and the resumption Of private trade
and finance.
"Our own thinking along the lines
Of currency stability" Morgenthau
said, has not been addressed 70
connecting some panacea that Will
automatically cure all the economic
ailments of postwar world
Rather, we have attempted to ad~
dress ourselves to the specific prob
lem Of foreign exchange stability
and the common-sense way OF
achieving this end ;.
mo specific plan has yet been
considered by this government, but
preliminary suggestions Of our tech~
meal experts have been formulated
and have been made available for
exploratory study Of the experts Is
other interested governments. The
technical men Of other governments
have likewise been studying the
problem"
He said the American views were
based on post experience IN ate
tempting to maintain exchange sta
bility and the pattern laid down
by the tripartite agreement (Brl-
tain, France and the United Statesl
and American sterilization agrees
ments.
"Our tentative proposal" he con~
tinued, sis to establish an iraterna-
tional sterilization fund in which
all the United Nations and those
nations which are associated with
them in this war would participates.
"This fund would constitute e.
international agency with powers
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