Evening star., 1946-03-10
vinson Tells Delegates
Money Farley Failure
Means Another War
By the Associated Press

colorful inaugural ceremony in from
Of the massed flags of 43 nations
the Governors of the $4,000, ,000,0
International Bank and Monetar
Fund were told today that theirs wa
"a race against time for sanity" il
rebuilding a sound world economy
The alternative was picturet
bluntly by Secretary of the Treasur,
Vinson, chairman at this first forma
meeting of the International None
tary Conference, as a possible mex
and "last" war.
Tonight, at a dinner given by tn,
Savannah Chamber of Commerce
Mr.. Vinson declared that there wa.
urgency in establishing a sount
world economy in order to head of
another war in which Eve may not
this time, be able to subdue thu
aggressors."
Warns of Breakdown.
IF we let world economic rela-
tions break down again as they did
in 1890, we may not, this time, be
able to recover from the collapse >
he said.
There is only one way to prevent
war and depression. I" =" " In the
last analysis it will not be the gov
ernment of any nation, or the des-
ignated officials of all the nations
that will do the job. 1t will be all
of the people through the world
Governments and international in.
stitutions cannot do the job alone"
At the inaugural ceremony, Mr.
Vinson was Joined by Lore
Keynes of Britain, one of the KEY
figures of Breton Woods, and by
spokesmen for China, France, Mexico
and Czechoslovakia in urging the
delegates to breathe life quickly into
the two lending organizations de.
signed to promote world trade anc
facilitate foreign exchange transac.
tions.
Directors Hear Talks.
In front of them, in five close
packed rows sat the Governors
selected by their countries as direc-
tors of the project initiated at the
New Hampshire meeting nearly two
years ago.
In "a single row behind them
under a placard labeled observers, ;
were representatives of eight of the
ten eligible nations which have not
yet ratified the Breton Woods
agreements.
Fedor Bystrov was the lone Rus
sian in the row, but two of his
aides, one of them a young woman,
sat silently behind him.
A patter of, applause greeted a
brief message from President Tru-
man. He said the erection of a
sound economy was imperative and
added:
Whether such a sound economic
world will be realized will depend
very largely upon your individual
and collective endeavors. For the
great institutions provided for at
Breton Woods must now become
living operating organisms.
In this task wish you godspeed.
You must not fail"
Advises Against Changes,
Mr.. Vinson conceded the bank
and fund were mot the whole
answer" to the worlds problems, but
argued that they were IAN extremely
big part of the answer" He appar-
emily warned against making too
many alterations in the Breton
Woods plans, declaring that 1--WE
must not sabotage the principles by
protracted procedure"
The world did not receive us
particularly well when we began
our work." MIR. Vinson said.
Our problem is not adaptable to
the vernacular of the sporting pages.
We have still greater difficulties be-
setting us. Some nations must still
affirm our work"
Here he glanced at the row of
observers, from which at least four
and possibly five or six of the eight
national representatives are ex-
pected to move forward into the
ranks Of governors before the meet
Ing ends. Russia's intentions are
sei1l unknown.
Hope for Lasting Peace.
by what we think and say and
60 now" Mr.. Vinson continued.
I'VE determine whether today is a
breathing spell between wars or the
beginning of lasting prosperity and
peace"
The agenda committee at a
meeting this afternoon decided to
make the admission of Denmark
one Of the first orders of conference
business. A quota for the country
has yet to be fixed. Denmark, over
run by the Nazis, was not able to
participate at Breton Woods and
would therefore be the first nom
signatoSy of that agreement to be
admitted.
The committee will recommend
that the question of admitting other
members also be given top billing.
The matter first will have to be
referred to membership commit
tee. Panama and Nicaragua def
nitely want to come in as quickly
as possible, and Ell Salvador is a
likely candidate. The agenda COM
mitteemen will recommend that a
site for the bank and fund be con-
s1dered next, followed by the ques-
tion of salaries to be paid to top
officials. The drafting of bylaws