Evening star., 1943-04-06
Morgenthau 10 Give
Full Details Today on
World Currency Plan
Silver Bloc in Congress
Prepares to Challenge
GoId-Bocked 'Unitus'
Continued From First Page }

agency to deal with the problem be-
cause 'the completion of such q
task is certain to take many
months"
TT has been suggested" he said
In prepared statement read to
the committees, that the task of
assuring the defeat of the Axis
powers would be made easier if the
victims of aggression, actual and
potential, could have greater assur-
Ance that victory OF the United
Nations will not mean in the eco-
nonic sphere repetition of the
exchange instability and monetary
collapse that followed the last war.
That assurance should be given
now"
Mr.. Morgenthau said the purpose
OF the proposed sterilization fund
would be ito promote the mainte-
nance Of currency stability" that
1t would deal only with treasures
and central banks and would not
compete with private banks or ex-
listing agencies.
THE established channels Of in
ternational trade and international
banking" he said, would be re-
tanned in full for all international
transactions"
New Currency Possible.
The resources of the fund, he con-
tinued, would be provided by the
participating governments 'in an
amount and form suited to each
nation. The operation of the fund
would include buying and selling
ct foreign exchange under adequate
safeguards Participating nations
would agree not to devalue their
eurreneies without consulting other
members Of the fund.
Senators who attended the meet
ing said the Secretary told them
that no country would have voting
rights exceeding IS per cent, re-
gardlees of the size of its contribu-
ton to the fund.
Also 'in the picture" they said,
vas possible establishment of q
new world currency to be known as
''unitas" with gold-backed value
Of $40. Treasury officials said this
would merely be used as a book
keeping unit BY the sterilization
fund to simplify international trans
actions.
Although Mr.. Morgenthau assured
the Senators that he would come to
Congress for enabling legislation be-
fAHA AtfAHorNfiy~ "a knr VIZ
world stabilization plan, there were
signs Of rough sailing ahead for any
such program in the National Legis-
lature.
Senator McCarran, Democrat, Of
Nevada, q leader of the silver bloc,
xaid, There is no international bank
which can hope to be sustained on
gold alone" and Senator Shipstead,
Republican, OF Minnesota said he
wanted to know whether the pro-
posed international fund was going
to facilitate trade or whether it
might be used to impose economic
sanctions to control trade"
Senator Byrd, Democrat, Of Vir-
ginia, said, however, he was i'm
crossed that the principles outlined
~ Mr.. Morgenthau were sound.
End Senator johnson, Democrat, Of
Colorado said plan of this nature
rrould help stabilize trade tn the
postwar world.
Representative Andersen, Repub-
acan, OF Minnesota expressed
smazement that the plans first be-
came known in London and said
the administration fails to take
Congress and the people into its
confidence when it comes to deal
ia1 with money and gold belonging
to the citizens of our country"
Mr.. Anderson said he assumed
that the victor of the coming in
ternational currency battle will take
over control of Americas gold hoard
OF so, 600 ,O00, ,00o."