Detroit evening times., 1945-07-14
PAUL
NfALLON
Behind
The News

w Senator ldIt mas peen play
ING HoratluS at the Senate
bridge holding back the Bret
ton Woods world financial peace
agreements. but soon he Will
have TO SWIM for IT,
Many objective men with
thorough knowledge of the
complex subject think he is
right hut know he cannot stand
against the avalanche Of propa-
ganda organized ShreWdly by
the treasury 10 thrust It's pro-
gram through
The bankers. for instance,
marched out openly demanding
rather mild guarantees 10 safe
guard the SlS.00O000,000 bank
andeNChange funds from abuses,
and ran into a hurricane from
the treasury wind machines,
which blew their hats and
nearly their businesses into the
gutter.
4 TTACKS upon bankers"
n swept from a thousand
mlmeograph machines. and the
impression was created that the
only citizens who doubted that
this Keynes White hem
would provide a financial heaven
on earth were-hiSs this please
bankers, "reactlonaries" and
Tories
The HillmaH- -CIO-PAC pub-
llsted an expensive booklet on
this line. and Mrs Roosevelt
chimed IN at the right moment.
The bankers retrieved their
hats, announced the fractional
acceptance of some Of their
points by the House committee
would make the scheme accept
able-and retired from the fray.
(They need not worry much,
for selfish reasons. as all the
bank does is TO guarantee their
international loans. and the eX-
change fund tends 10 guarantee
them against loss in handling
foreign exchange
THE dWindlIng crowd behind
Taft does not include many
bankers, but mostly economic
and finance professors from the
leading universities lHarVard,
Chicago, California. Columbia,
et all, a class of citizens sup
posed 10 be above earthly polit-
iCal considerations when il was
promoting the New Deal.
Many of these do not think il
will work. In fact, the most OBJ
jectlve experts | have consulted
believe the basic theory was pro-
NOTED by Lord Keynes TO re-
store the British. pound and
world trade which is desirable
ambition and necessary goal, but
he and the treaSuiy'S White
worked OUT the program in aC-
CordanCe with spending theories
free money, loose money. lit-
tie interest, unbankable security,
etc. on the principle that a bad
loan is A good thing because It
gives away money 10 spend.
They really believe this.
The world political settlement
AT San Francisco gets away
from that same old line in poll
tics, which held the United
States cannot he prosperous un-
less the world is praSperetIs" "
tState Secretary Sietunlus).
THE final charter comes closer
L 10 the new and more popu-
lar theory Of Adm. King. holding
that the world cannot be pros
porous unless the United States
j, kept prosperous (hcnCe We
should look to ourselves first,
others next, watching the debt,
keeping naval bases, not disturb
ing our resources loosely. ETC.,
This change Of line, repre-
SCnted IN the charter. came too
late to have any effect on the
Breton Woods financial agree
ments, made much earlier. IN
the midst of our war propa-
ganda about US feeding every
one and saving every one.
The charter keeps our con-
querng armies IN position as
the Al peace priority let's the
navy (they say keep It's Pacific
bases outside the truSteeship
system and does not give away
much
THE air agreement At Chi
80 .or,a,,st,o. Ill D~at,0,