WARNING TO AMERICA

Poverty Bay Herald, Volume LX, Issue 18253, 23 November 1933, Page 8

WARNING TO AMERICA

DANGEROUS EXPERIMENT OPPOSITION OHO WIN( ( A NTJ-IN ELAT lON PARTY (Bloc. To). Copyright—Unitiul Press Assn.) (Received November 23, 2 p.m.) WASHINGTON, Nov. 22. Although the only word from Warm Springs, where the President is on holiday, is that he will confer with Air. Henry Morgenthau there late in the week in pushing ahead the gold control and monetary programme, the line between opponents and supporters of Air. Hoosevelt’s policy was more tightly drawn to-day. Mr. William Woodiu issued a statement seriously criticising Mr. 1). W. Sprague’s aspersions on Government bonds as impeaching “Air Sprague’s own common-sense competency as a student of finance.’’ Dn the other hand, it was indicated that Mr. James Warburg, chief adviser to the American delegation to the World Economic Conference, to-night would announce his opposition to tile President’s financial policy. In the meantime, Mr. Roosevelt’s remarks about the “Tories” appear to have struck a spark in the breasts of those who, in the business and commercial world generally, are aligning themselves against his course of action. American “Tories” have been founded in New York with a membership recruited from some fairly well-known men who are pledged to oppose the inflation tendencies in the United States Administration. Congressional leaders were ■divided in their support of Air. Roosevelt, but chiefly along the lines of sectional interest. Oimoemtic Senators, west and south, are hacking the President, and eastern Republican Congressmen are opposing him. Senator Reed, of Pennsylvania, said Mr. Sprague’s resignation “should serve as a warning that the national Administration stands on the brink of the most dangerous experiment that any Government could undertake.”

The gold price was unchanged to-day. and the dollar was comparatively steady and quiet, while both sterling ami the franc declined. Stocks on the New York Stock Exchange rallied after selling off early in extension of yesterday’s reaction. Commodities ruled lower, but United States bonds rallied sharply after an early decline, the recovery being aided by Air. Woodin’s statement.