Show Lists Problems Handed America By Gold Policy Former Governor Alfred Allred E. E Smith puts himself down as a sound money moneyman moneyman moneyman man but docs does not define what is sound money It therefore may be fair to assume that Governor Smith arrived at his conclusions by the same process of investigation as ns the chamber of ot commerce of at the state stale of New York whose position he indorses in in- by by refusing to look at the evidence evi dence supporting the soundness of the he presidents president's monetary program For the first time In his distinguished career the governor has neglected his own sound advice always to look at atthe atthe atthe the record Up to March the United States en engaged engaged in the greatest monetary ex ex- by remaining on the gold standard after 31 nations had found It t Impossible or undesirable to do so The Tho American people were made the pigs guinea then then and and were placed on a starvation diet dietl The Facts Listed Under the guidance of ot the federal reserve and the financial leadership of New York the American people were put through a ruinous dena tion It brought falling prices and unemployment Farmers had hat to produce pro duce two or three times as much to pay their debts in gold Homes that workers were trying tring to pay for tor lost their heir value There were no tenants for or new skyscrapers erected when financiers wore making what they thought were safe mort mortgage age loans under Governor Smiths Smith s sound money Bank assets were Impaired mil mil- lions Ions of depositors lost their savings With assets reduced some insurance companies failed and finally on March 4 sticking to the good old old- fashioned gold standard our entire banking ranking structure collapsed These are arc facts and not baloney There was something so wrong with the he gold standard that England with the wisest financial leadership in the world went off the gold sold two years ago and increased the price of gold day to day in her London free gold market exactly as President Roosevelt Roosevelt Roose Roose- velt Is doing now for the United States For Australia and New Zealand Zea Zea- land and she doubled the price of ot gold and tand nd restored prosperity The Things Needed It takes insight into the financial mechanism and careful study to understand understand un these problems At Cornell university during the past fifteen years there has been carried through the most exhaustive investigation ever made into gold and prices It is fortunate for the thc nation that we have in the White House a man with monetary insight who is thoroughly thoroughly thoroughly thor thor- familiar with the results of this research Guided by the results of at this work President Roosevelt isnow is isnow isnow now carrying through the necessary monet monetary ry changes to reestablish our prosperity He is proceeding with greater understanding than any statesman who has ha grappled with the problem Rebuilding to really sound money and a proper medium of ot exchange is too complex a problem to be dis missed with Governor Smiths Smith's epithet baloney Blindly returning to the gold standard Is not the solution Insight Insight In In- sight and constructive statesmanship I Iare are required The The Committee for forthe forthe forthe the Nation |