Evening star., 1944-07-25
Breton Woods Conference

BRETON Woods Conference
1t is only natural that there should
be considerable skepticism regarding
the neutrality-suspicious. mapped out
during the United Nations Monetary
and Financial Conference at Breton
Woods, New Hampshire.
The conferees were dealing with
matters that few people understand.
The language Of the technical ex-
perts is largely meaningless to the
laymen. Secretary Morgenthau did
not help much with his proposal,
in an otherwise admirable state
ment, to drive the "usurious money
lenders from the temple OF interna-
tional finance" That sounds too
much like some of the flamboyant
oratory which accompanied certain
of the New Deals less happy eco
nomic experiments.
Then there are other things. The
delegates to the conference prepared
blueprints for an $1,000 900 900
international monetary fund to
stabilize postwar currencies and a
$500, 900, 900 bank for international
reconstruction and investment.
These tentative agreements must be
ratified, however, by the govern
ments of the forty-four participat-
ing nations, and there have been
indications, from Australia for ex-
ample, that some of the govern
ments may be reluctant to commit
themselves, or may want to obtain
greater concessions for themselves.
Nor is approval by our own Govern
ment a foregone conclusion. The
United States would put far more
into these funds than any other
nation and, in the sense of direct
returns, would get less back. Some
OF the countries have shown little
regard for the stability of their own
currencieS in the past, and they may
look upon the establishment of the
proposed funds as an opportunity to
cash in" on the desire OF their more
responsible associate nations for
better international economic con-
ditions.
AS of this time, however, these
considerations seem heavily out
weighed by the entries on the credit
side of the Breton Woods ledger.
The mere fact that it has been pos
sible to work out these agreements,
imperfect though they may be,
among representatives of so many
nations with SO many diverse inter-
ests is a hopeful indication of a
trend toward international Cooper
alton. AS Mr.. Morgenthau put it,
speaking for all of the conferees,
I'VE have come to recognize that the
Wisest and most effective way to
protect our national interests is
through international cooperation
that Is to say, through united
effort for the attainment of common
goals. - To seek the achievement
of our aims separately through the
planless, senseless rivalry that di-
vided us in the past, or through the
outright economic aggression which
turned neighbors into enemies,
would be to invite ruin again upon
us ALL"
1t is surely no exaggeration to say,
as the Secretary of the Treasury has
said, that we are at the crossroads
and we must 60 one way or the
other, The monetary agreements
are but "one step" in the broad
program of international action
necessary for the shaping of the
future, but they are indeed IAN
indispensable step in the vital test
Of our intentions"
What these intentions really are
our own as well as those of other
nations-only time will shcw. But
we do know what the consequences
will be if they are not both good and
wise.