Show Senator Bennett Comments British Pound Devaluation No Reason to Panic About Dollar Even though this is a time of International financial crisis I there is no reason to panic about the soundness of the American Am- Am American dollar dolIar Sen Wallace F Bennett R Utah made that statement in comments on Britain's of the pound He is rank rank- ranking ranking ing minority member of the Senate Banking and Currency Committee and third ranking member of the Finance Com Com- Committee THE FACT that the United States does docs not intend to de de- de devalue value is a testimony to our faith in the strength of the dol lar Our balance of payments problem Is an entirely different one than that which has plagued ed cd Britain The United States has en- en enjoyed joyed a surplus trade position but our many military and economic as aswell aswell well as our private investments throughout the world have more I than offset our favorable trade position THE BRITISH action could hurt American competitive ab ab- ab ability the Senator pointed out The purpose of devaluation is to make goods produced by bya bya a country moue more competitive in world markets As a result British goods will now be 14 per cent cheaper in world mar mar- markets as will be goods from other countries which have also devalued their currencies or orwill orwill will devalue them soon Already certain key Ameri can industries have seen fore fore- foreign Ign markets closed and domes domes- domestic tic markets slipping away ATTEMPTS TO give some sort of consideration to the problems being faced by these industries have been dismissed by the Administration by bya bya I a wave of the hand I am not one who believes I in stifling world trade but I do strongly feel that our industries should not be working at a competitive disadvantage SOME MENTION has been made of the connection be be- be between tween the devaluation and any proposed income tax increase Actually there is no direct connection The arguments used for or against a tax increase remain the same with the same validity as before the devaluation tion the Senator concluded |