Currency Agreement Is Clear-cut U.S. Victory

Northern Advocate, 24 April 1944, Page 3

Currency Agreement Is Clear-cut U.S. Victory

WASHINGTON, April 23.

The currency agreement is a clearcut American victory over the British Keynes’ plan to relegate gold to a minor role in favour of pre-war trade quotas as a basic voting power, says the Associated Press. It is understood that Russia supported the American position. Immediate Congressional reaction is favourable. Mr Roosevelt is expected to call an international monetary conference as soon as possible to embody the principles in a definite programme which will then be subject to Congressional approval. Currency Plan

A Congress fight on the world monetary plan is likely, says the Washington correspondent of the New York "HeraiclTribune.” Many Senators and representatives have- already indicated opposition.

.Representative Reed, Republican member of the House Ways and Means Committee, said: "It is a plan ‘to make the United States the chief lender to insolvent countries. This new proposal lo siphonoff our gold for the rag currency of othev nations brings home what can be expected from international high finance and manipulators of world politics." Tlie Secretary for the Treasury (Mr. Henry Morgenthau) announced that technical experts of .‘lO nations had agreed to the basic, principles of an international monetary programme, details of which would be announced later.

Mr. Morgenthau outlined the programme to the House and Senate committees in fulfilment of a promise to inform Congress on progress toward stabilisation of world currency, and th.> establishment of a world haul;.

..The Secretary for State (Mr. Cordell Hull) urged that the plan operate before the end of the war, adding that if this were done “we would save much time in bringing about domestic world-wide prosperity when hostilities cease, and immeasurably strengthen the prospects of an enduring peace.” Mr. Morgenthau hailed the plan as the keystone to all post-war economic planning.