PROTECTING THE DOLLAR

Evening Star, Issue 22194, 23 November 1935, Page 16

PROTECTING THE DOLLAR

AMERICA'S STABILISATION' FUND STILL CONSIDERED NECESSARY Press Association—By Telegraph—Copyright , WASHINGTON, November 21. The Administration does not envisage early international monetary stabilisation.. This conclusion followed reports to-day that President" Roosevelt would be prepared, some .time in, January,, to ■ extend the life of the 2,000,000,000d0l stabilisation _ fund through the manipulation of which the Government had protected the .dollar internationally' since early in 1934. The money came from 1 so-called “gold profits” accuring from revaluation of the dollar, and under the law the fund will be continued until January 30, 1936, with the President having the power to extend it by proclamation for one year. This, it is confidently expected, he will do in view of the uncertainty over the monetary situation, domestio as well as international. It is felt here that world affairs are too unsettled for the Government to withdraw support! for the dollar^and, furthermore, attention is drawn to the lack of action by‘ other countries to bring about stabilisation. As a domestic consideration, the President is represented as not wishing to set free such a large amount of money for general Congressional appropriation, fearing it might be dissipated by the outright payment of a veterans’ bonus or some other extravagant venture. ' .