BORAH ATTACKS NORMAN

Poverty Bay Herald, Volume LIX, Issue 17954, 5 December 1932, Page 10

BORAH ATTACKS NORMAN

CAUSES OF DEPRESSION BANK 0? ENGLAND’S HEAD CRITICISED NEMI’A, Idaho, Oct. 20. A call for “these able gentlemen who are so bine, so discouraged” to “come to grips with the real problems” of the depression was made here by Senator William E. Borah, ot Idaho, in an address in which he took issue with Air. At outage Isormau, governor of the Bank oi England. “A few nights ago,” said the independent Republican, who is chairman of the Senate Committee on Foreign Relations. “Mr. Montagu Norman, head of the Bank of England, declared that ‘our present economic difficulties were so vast, so unlimited that he could not see through to the end nor tell what would ultimately result.' “That is rnther a sad picture to come from so high and so responsible a source. He further stated, in effect, that the cause of our present difficulties could not be foreseen and that really the causes were yet unknown. _ “I maintain that the causes of this depression could have been foreseen and were foreseen by no loss an authority than Mr. Norman himself. “In the presence of the mistakes of the Versailles Treaty, of reparations, of debts, of the demonitisation of silver in the Orient, of political interference with trade and commerce, we seem paralysed with fear and doubt, whereas wo ought to recognise the task and go to it."