Evening star. [volume] (Washington, D.C.) 1854-1972, 1948-01-29
CHAPTER 4.

CHAPTER 1.
AS ! entered the State Depart
ment our Government was already
preparing for the economic confer
ence to be held in London. The
preparatory meetings under the
auspices Of the League of Nations
had been held at Geneva, and an
elaborate agenda drawn up. BY way
of further preparation, the Presi-
dent invited II nations with whom
we had large commercial relations
to send representatives to Washing
ton to discuss economic questions
with us.
The President, in radio address
on May Z, 1888, listed four objec-
tives in the talks. They were: Re-
duction of ornaments; cutting
down Of trade barriers; stabiliza-
ton of currencies, in order that
commercial firms could make con-
tracts ahead; and re-establishment
of friendly relations and greater
confidence between all nations. In
addition, the President and Prime
Minister Macdonald Of Great
Britain had a special conference
on war debts, with no results &C.
complished.
My participation in war debts was
small. The President had conflded
this subject to Assistant Secretary
Raymond Moley. 1t was more a
Treasury than a State Department
question, I felt, and besides, be-
lieved war debts were becoming a
dead horse. I was content not to
be too involved.
At about this time Moley came
one morning to my apartment. His
face was serious and he proceeded
to say to me that he did not seek
my position as Secretary OF State,
contrary to any rumors to that ef-
feet. After he left remarked to
another visitor, "Moley at least has
the subject on his mind" This was
later confirmed in numerous ways,
eliminating at the London Con-
ference
Proposed Tariff Truce.
At the beginning of May, 1888,
with the Presidents concurrence, I
instructed Mr.. Norman Davis, then
in London, to propose temporary
tariff truce to the organizing COM
mittee of the London Economic
Conference. Other nations backed
and filled but finally accepted, with
various reservations and interpreta-
tions.
On May 20 Moley suddenly made
a radio speech, without consulting
me in any way, before or after, IN
which he definitely discounted the
beneficial results to be obtained at
London, even If the conference
should be successful. He said for
eign trade was OF little importance.
This speech was broadcast through
out America as the actual position
of the administrations the pref
udice of the position later embodied
in the instructions to the American
delegation to London. And it was
broadcast repeatedly through Eu-
rope, thereby impairing the stand
ing of the American delegation, es-
pecially myself. In the circum-
stances Moley deserved a severe
call-down from the President, but
unfortunately Mr.. Roosevelt some
times gave his intimates undue lib
critics over his other friends. g.
Only when the American delega-
ton, which I headed, was ready to
sail for London at the end of May
was the question of conflict be-
tween the reduction of tariff and
trade barriers at London and the
high-tariff demands Of the MIRA
and AAA, especially the former,
raised and briefly discussed. ]
stood firmly for the purposes had
in mind for the London conference,
principally tariff reductions, and no
action was taken to the contrary
until after we were on the high
seas.
Not Consulted on Delegation.
On May 80 the President received
the delegation consisting of five.
other members in addition to my
self. The President had appointed
these members without consulting
me.
Mr.. Roosevelt gave us a memo
randum on policy to be followed in
London. The major problems he
requested us to take up at once
with the conference were: A tariff
truce for the duration of the con-
ference; establishment of general
principles of a co-ordinated none
tary and fiscal policy; removal OF
foreign exchange restrictions; an
international monetary standard;
basic agreement for gradual aboli-
tion of artificial barriers to trade