The midland journal. (Rising Sun, Md.) 1885-1947, 1945-04-13

One of the most important groups
to give approval to Breton Woods
proposals is the Committee for Eco
nomic Development, headed by Paul
G. Hoffman, president of the Stude-
baker corporation. This group, made
up of bankers, economists and BUSH
ness leaders would even give the in
ternational bank further power to
make loans for long-term and short
term sterilization purposes, claim
ing that under the present regula-
tons, the bank does not have that
clear-cut power.
There have been some suggestions
favoring the establishment of the
bank, but suggesting that setting up
and operation of the monetary fund
be delayed until conditions abroad
settle down to normality. It is point
ed out, however, that the bank and
the fund are closely related, both in
concept and organization and that
membership in the bank is open only
to those who are members of the
fund. 1t is also pointed out that the
bank is, to a considerable extent,
dependent upon the fund for the rea-
son that the fund must first estab-
lish values of the moneys to be
loaned by the bank il there is to
be smooth long-range planning and
investment program.
While most sound economists
agree there must be some system Of
ly9fnrxN nfS0Vaf S%rHvnf,~~I
after the war, the only alternative
offered has been a system of bloc
agreements. These are regarded by
many as dangerous, since such bloc
agreements likely would lead to a
world divided politically and eco
nomically. Eventual conflict be-
tween these groups would be likely.
Chance for Leadership.
Pointing to the leadership the
United States has maintained during
the war, fiscal experts here declare
that never before has this nation oc-
cupied such key position or had
such an opportunity to take over
world leadership in the economic
field. Governmental leaders, includ-
ing Secretary of the Treasury Henry
Morgenthau, look upon the Breton
Woods agreements as just as essen
tial to world peace and security as
the Dumbarton Oaks agreements.
Secretary Morgenthau maintains
they are inseparable. Hence his ur-
gent appeal to the congress for legis-
lation which will insure this nations
participation prior to the world par
ley at San Francisco April IS.
Acceptance by the congress Of
these agreements before converting
Of the delegates of United Nations
at San Francisco, these leaders say,
would be taken as a happy augury of
this nations sincerity. It would give
notice to all that the United States,
instead of choosing economic iso1a-
ton, which would inevitably lead to
political isolation, is already on rec
ord with determination to do our
part toward the attainment of world
peace and security.
In special message to the con-
gress February 20, President Roose-
welt, referring to the Breton Woods
proposals, said: st is time for the
United States to take the lead in
establishing the principle Of econom-
ic cooperation as the foundation for
expanded world trade. We propose
to do this, not by setting up a
supergovernment, but by interna-
tional negotiation and agreement. di-
rected to the improvement Of the
monetary institutions of the world
and the laws that govern trade +.
the international fund and bank to-
gether represent one of the most
sound and useful proposals for in
ternational collaboration now before
u.s."
And that is what the Breton
Woods proposals are designed to do
-. product Of the best minds Of
the "A United Nations of the world.