WORLD GURRENCY

Stratford Evening Post, Volume II, Issue 223, 19 April 1933, Page 5

WORLD GURRENCY

WHEELER'S PROPOSAL REJECTED

Reason for Senate's Action

DIRECT INFLATIONARY SCHEME ( International Agreement Sought f Press Association —Copvright New York, April 17.—The 'out stand-, nig reason for the refusal of the Senate to-day to adopt Senator Whoeler's IG-to-1 silver amendment, which was a direct inflationary proposal, was apparently an authoritative rumour that Mr. Roosevelt will seek to nego-. Hate a multi-lateral treaty with Eritain, France, Germany, Italy and Japan for an international currency? agreement on the basis of bi-metal-lism, says the Washington correspond dent of the New York Times. It ia further hinted that the plan will be taken up with Mr. Ramsay MacDonaid, British Prime Minister, befora this week is ended.

The purpose of such a treaty is, of course, to prevent the fluctuation of international exchange. Its consummation would mean an extensive international campaign of silver purchases, wmeh is the result desired by Mr. Wheeler's partisans. No intimation of the details of the plan has been revealed, but it is understood the President's financial advisers have been labouring over it for; weeks. It has been the subject of conversations between Mr. Cordell -Hull (Secretary of State) and Sir Ronald Lindsay (British Ambassador). Debt Agreement

The 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 (France) will seek" the lump sum payable as the basis fop a, debt agreement. The unofficial pol-i icy of the Government, according td authoritative sources, envisages sin* cere consideration of any debt pro* gramme submitted, but the Government will continue to adhere to thei contention that other economic ques-< lions should not be subordinated td war debts. ,

Bringing the eoming economic con* ference into the Senate's debate ort inflation. Mr. Wheeler (Democrat, Montana) said he did not believe England would agree to remonctisd silver, because England had a tradd advantage over America and wanted] to keep it.

"Why should they?'' Mr Wheel- j cr shouted, "The English want to , keep us on the gold standard. We have never lost a war and never won a conference. One thing that the English are interested in is j cutting down the debt they owe > America. They will not permit the | American dollar to be cheapenad unless we cut those debts." Senator Borah spoke on behalf | of currency inflation, declaring | that it was the only hope of aid- j ing the farmer anil raising com- i modity prices. \

The speaker of the House of Repre* sentatives, Mr. Raiicy, said at a Press conference tt-day that he personally; favoured some expansion of the States currency, and preferred it taj be undertaken on the remonetisatioi* of silver.

Mr. Rainey said he had not discusst ed remonetisatftm of silver with Proi sident Roosevelt, and did not know; the administration's attitude. H<J would not take the initiative, in press-i ing for silver legislation, adding that? he would leave it with the President* "I think the United States can go( ahead on a plan to remonetise silver 1 without an agreement with England or France, but it would be better ifj we can secure the concurrence efj those countries," Mr. Rainey said. .