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Show MONEY & MARKETS By James McMullin TV UUfran a EselmrM) Okumt Alee Wall Jtrt NEW YORK It seems to bs generally assumed that revelations of Justice Black's connection with the Ku Klux Klan ars manna man-na from heaven for lha Republican Republi-can party. There has been widespread wide-spread apeculation as to how the (J. O. P. can make the most effective ef-fective us of them. The authoritative authori-tative answer la that those who now control Republican destinies have no Intention whatever of pressing the klan Issue. Individual Indi-vidual Republican can, of cours, say what they please, but so far as the party as such Is concerned the klan question does not exist. Why pass up the golden opportunity? oppor-tunity? Top-flight Republican traders privately cite realistic political po-litical considerations. They point out that of the major antiklan groups, the Catholics are politically politi-cally strongest in large cities-New cities-New York, Chicago, Detroit, Boston, Bos-ton, etc. and that In these cities the Catholic vote is predominantly predominant-ly Democratic. The Jewish vote is really important only in New York City, where It Is normally Democratic also. The colored vol was traditionally Republican until Mr. Roosevelt took office, but ha switched its allegiance en masse. G. O. P. chiefs frankly do not believe they could break up these well cemented party ties by a display dis-play of antiklan histrionics if the disclosures themselves haven't turned the trick. Another angle counts heavily in the calculations of politicians though none of them dares mention men-tion it out loud. Th klan organisation lost its potency 10 years ago, but the prejudices on which the klan was built still flourish. Opponents of racial and relious discrimination discrimina-tion express their views freely and openly. Those who privately Sympathise with klan objectives remain silent. The man-ln-the-strcet Is therefore likely to deduce de-duce that th latter are a negligible neg-ligible factor politically. Professional Profes-sional politicians know better. There are many districts in the country where outspoken hostility hostil-ity to the klan could wreck an officeseeker's chances beyond re-pain re-pain Naturally, no responsible G. O. P. chieftain could admit it publicly, pub-licly, but this consideration is an Important element in their behind-the-scenes decision to leave the klan issue severely alone. They figure their best hope of cashing in on th Black furor lies in th added stimulus it gives to Democratic internal dissension. Little attention has been paid to the fact that the three-power "gentlemen's agreement" to maintain main-tain the dollar, pound and franc at a fixed ratio to each olhor was broken when the French govern? ment decided to quit supporting the franc and let it seek its own level. The Anglo-American part of th agreement is still in effect, but perhaps not for long. The Briti-ish Briti-ish ar becoming Increasingly restive since th franc hit th toborgan, because the French can now undersell them in the world markets and the British ars exceedingly ex-ceedingly sensitive to anything that hurts their export trade. The English have for soms weeks past been urging our government gov-ernment to consent to a cheaper pound in terms of the dollar. They want the ratio cut to 4.60 or 4.70. This would be equivalent to a reduction re-duction in the sterling price of gold to $24 or $28 an ounce, about 23 per cent below the present level. They claim they are unable to carry the burden of th current gold price. The British economic delegation now in the United States has been presenting eloquent elo-quent argumenta for this change to treasury officials. New York leaders understand that our government is cool to this proposition and has countered coun-tered with a suggestion for special spe-cial taxation of "hot money" and foreign investments -in this country coun-try in order to check th renewed flow of gold from London to New York which has weakened Britain's financial position and is doing us no good. But that doesn't satisfy th British. Their objective is to recapture their trade advantage. If w continue to refuse to see It their wsy, ther is nothing to stop them from allowing sterling ster-ling to drop regardless of th "gentleman's agrsement" if they |