CURRENCY QUESTION

Hokitika Guardian, 19 April 1933, Page 5

CURRENCY QUESTION

AMERICAN SCHEME

INTERNATIONAL 81-METALLISM.

(United Press Association—By Electrio Telegraph—Copyright)

NEW YORK, April 17,

The “New York Times” Washington correspondent says: Th g , outstanding reason for the refusal of the Senate to-day to adopt Senator Wheeler’s “■Sixteeii-to-One” Silver Amendment, which was a direct inflationary proposal was, apparently, an authoritative rumour that President Roosevelt will seek to negotiate a multi-lateral treaty with Britain, France, Germany, Italy and Japan 'for an international currency agreement on the basis of bi-met-tallism.

It is further hinted that this plan will be taken up with Mr Ramsay MacDonald before this week has elided. The purpose of such a treaty is, of course, to prevent the fluctuation of the international exchanges. Its consummation would mean an extensive international campaign of silver purchases, which is th© result desired by Senator Wheeler’s partisans. No intimation of the details of the

plan has been revealed, but it is understood that the President’s financial advisers have been labouring over it for weeks. It has been the subject’ of conversation between Senator Hill (United State. 3 Secretary) and the British Ambassador, Sir R. Lindsay.

Tb© only other development in the international situation is the refusal of White House and the State Department to comment on press reports that M. Herriot will seek a lump sum payment basis for a debt agreement. The unofficial policy of the GovernInent, according to authoritative sources envisages sincere consideration of any debt programme submitted, but will continue to adhere to . the contention that other economic questions should not b© subordinated to that of the war debts.