Evening star., 1945-02-12
President Asks
Speed on Law
For World Fund
Urges Congress to
Act Promptly on
Breton Woods
BY J. A. FOX.

urged Congress to enact prompt
ly legislation to provide for
American participation in the
Breton Woods Monetary Con-
ference program. calling for an
international bank for recon-
struction and development and
an international monetary fund.
The 2000-Word message was the
first public statement issued by the
President since he left for the Big
Three conference.
1T is time for the United States
to take the lead in establishing the
principle of economic cooperation
as the foundation for expanded
world trade" he said.
The President emphasized that
the program does not entail creation
of a super government" but aims
through international negotiation
and agreement to improve the mon
etary institutions of the world and
the laws governing trade.
The program to which the Presi-
dent asked American adherence was
adopted by monetary experts from
the A United Nations last summer.
The reconstruction bank would be
capitalized at SO, 100 900 900, of which
the United States share would be
s3.175 900, 900, although members
would be required to put up only
one-fifth OF their quotas in cash.
Fund Set at $500, ,0O0, 900.
The stabilization fund was set at
So, 300, ,000, 900, of which the United
States share would be S2750, 100000.
The American Bankers Associa-
ton recently went on record in op-
position to this funo
The President told Congress that
several complementary steps must
be taken in connection with the Gre
alton of the bank and fund. He
said it would be necessary. of
course, to repeal the johnson Act"
which bars foreign governments
which are in default of their World
War loans from this country to
float private loans in the United
/ States.
/ In beSpeaking support for the in
ternational bank the President said
it would make or guarantee sound
loans for the foreign currency re-
quiremenJs of important reconstruc-
ton and development projects in
member countries" He added that
one of its most important functions
will be to facilitate and make secure
i wide private participation in such
, loans.
Economical Life Strangled.
In pointing out the needs of the
war-torn countries the President
said the first problem is to save life
and then get resources and people
back into production.
In many of the liberated coun-
tries economic life has all but
stopped" he said transportation
Isystems are in ruins and therefore
coal and raw materials cannot be
brought TO factories. Many factories
themselves are shattered, power
plants smashed. transmission sys-
TENS broken. buildings blown up or
bombed, ports clogged with sunken
wrecks and great rich areas of farm
land inundated by the sea People
are tired and sick and hungry but
they are eager to go to work again
and to create again with their own
hands and under their own leaders
the necessary physical basis of their
lives
The President explained that re-
lief is under way and that American
participation in the United Nations
Relief and Rehabilitation Admins
tration has been approved by Con-
gresS, but, he continued, neither
UNRRA nor the Allied armies are
designed for reconstruction.
That job must be done otherwise
and it must be started soon," the
President continued, emphasizing
that the main job of restoration is
not one of relief. He said this job
is one of reconstruction which must
be done largely by the local people
and their governments who will pro-
vide the labor. the local money and
most of the materials.
Many Inquiries on Equipment.
j Mr.. Roosevelt told Congress the
same holds good for all the many
plans for transportation. agricul-
ture, industry and housing that
are essential to the development of
the economically backward areas OF
the world"
But some of the things required
for all these projects. both of re-
construction and development, will
have % come from overseas" he
explained. 1T is at this point that
our highly developed economy can
play a role important to the rest
of the world and very profitable to
(See MONETARY, Page A-2o