Show SEEN Ana HEARD HEARD around and th the National Capital nELD l CARTER Jl iBy By FILL that the States would take part pay r C of the European debts In kind kindS S Sect t bud It been adopted have been bee II profitable for lor this government very been w worked out 11 six months bad d It pact act that there was At th the time lime r er Jw rable elf discussion c of payment In goods ease n- n tt t many manT raw materials essen rl n v vilai S American l Industries were at all all- ilai to MM tise W lows Rubber was 4 cents a of ot tungsten ore oreas The price pound und flo 12 a ton toil Tin was s 22 cents a was as pound pound- nd l Mercury was 45 a flask with 1034 1934 half gone rub rubber er Ya was 38 33 cents t g Pound Tungsten ore wai was wad Ii a ton too Tin was 63 ro cents a apo po pound ud Mercury was 7 75 an and prices es ere acre still climbing Manganese ore mica nickel c chrome ome other raw materials also and nd try ore f for r this list of of commodities es t that the rt United States Imports In Ln large Quantities which d n tak m m in trade as pa j ry ym nt nn on form fori for for- elga i debts and w l. ft ha have also atso ad ad- since the In need ed sharply In price ice klad proposal was e b by S Secretary rf Salt HulL AS s a matter matteri fi Jac tact how however er the tte tot total 1 of them all would be only a mall fraction of the he war war d debts Critics Celtics are pointing out the nice profit the tue government could have made by by accepting such luch payments In kind ba back k IB Il December and then retailing toe the commodities to American at the advanced prices es They hey heyo anything about what would Jo do o not say have kave happened had bad the price of ot the commodities declined while hUe the government govern ment sent held Mid them although obviously at it that thai time the best business Judg Judg- sent Bent and certainly the best speculate specula te tire Judgment was that there was lIt lit little tie tle prospect for such advance In prices Another Objection Obviously If this had not been true the tit Wall nil Street gamblers would have rushed Into the commodity market and cleaned up on the subsequent subsequent rise But there Is another objection t to th the criticism Administration officials p point out DOt though dough not for quotation that If It the be United States had taken a large mount amount of tin from the British government government govern govern- ment as part payment on t the the- i war debt at t the rate of 22 cents tents a pound the British government would now haT have an additional argument to for tol concessions con con- cessions on the remaining de debt debt t. t It It would contend that the United States government had profiteered ered on the British MUsh government both coming and going It would point out that at t the time of ot the original Incurrence of the debt the lb United States charged England huge buge prices those prices those prevailing In the war period and Immediately thereafter er When the time came to accept payments In kind the British would point out th the American government t took k payment In commodities at record record rec rec- ord low prices for those commodities and would say that even now the price of ot tin had recovered to nearly two tro and one half times what the United Unit Unit- ed States government had allowed Iton It Iton iton on war payments r Present supporters supporters' of the plan In In- In that any unsettling Influence It might have on maintenance of ot the balance lof of trade would be no greater than that likely to result from the operations of the new British British- Dutch rubber restriction combine and from other foreign cartels monopolizing tag InC the supplies of numerous products this country does docs not produce They Insist that payment of the debts In kind in a way would be a protection against such foreign monopolies Rogers Rogen on the Job It develops that Professor Rogers Rogers- brain truster and currency expert who wag waa exiled as some thought to China Una for study of the silver sliver problem Just as aa the Issue was getting hot hot Is Is far for from through lie He has hils been een sending messages back to the President which Mr Roosevelt Ii it studying on his long sea trips trip with treat mat Interest and the whole world may mal be much Interested In a message which l the President may address to colons countries in the form of Identical identical Iden iden- notes some time this fall lall The President It Is learned has al already already at- at ready had several se conferences with foreign currency experts on the Idea of an n Imaginary coin to flU fill the reaction In to International trade performed performed per per- formed In the old days of gold standards stand- stand ards arda by the pound sterling and later tater kf bl l the dollar The desire delre Is to find something that will IU permit International buying and telling jelling to continue without such violent violent vio vio- lent changes In prices as to make anything any any- thing except strictly spot transactions note more like crap shooting than business For a hundred years fears most onal Ional trade has been transacted with withe the e British pound round as the money Since the war ar e especially the dollar has been the pound though the Pound tin still predominated In total volume vol vol- ume ae of world trade until Britain went ent ente e s the gold standard Merchants and manufacturers trad trade eel a In n pounds who never saw a five- five wand Pound und DOt note The pound was merely JJ the e unit link of money which figured on lb their Kir books Actually when they ilis- ilis their drafts at their banks they rt received their local currency k er In ln Austria Persia Chile or elsewhere fn Where at the current rate of dis- dis Ill d Hence if It their native curren- curren deA d fluctuated it made no particular to them or to the other p pt es 1 In to the transaction The buyer was In paying I in n pounds which h he be bought with hi his ind I s own run currency and the seller was getting paid In a pounds pound 1 No International Money Moner But t since ce the United States State went ent off gO gold and r gives es every Indication of ot staying off there ere Is no such lOch Interns Intern money ss II for various reasons reason Dutch guilders ers and Swiss francs d do not ot seem to lend themselves advantageously to foreign trade So the crying need of the the world Is I. fO for some International unit of money y w which 1 ch will remain stable and which which will permit one national selling to another another an an- other without a double gamble on every every ev ev- ery transaction om one ion one In the currency of tI the be seller the other In currency of th the e buyer uyer Hence Bence the Imaginary coin It Is I Imaginary because It will not be a coin at all None will be coined or printed It It will no more be needed In metallic or paper form than the Chilean grape grower needed to see the pound five-pound notes that represented the price of his hi grapes sold to Mexico He ne will Ill discount discount dis dl count his draft made out In terms of these Imaginary coins at the bank hank and andrec rec receive lve the current value of his local currency currency for It Just as he lie did for pounds and dollars But the Imaginary coin colu will have bave havea a fixed d value lu In tn gold It will wilt be a definite deft nite weight e gold This will not eliminate elim the e risk of fluctuation In currencies currencies cur cur- bI but bit the the rl risk k will be a single gamble Inse Instead d of a double or triple one It wilt will Involve only the fluctuations y pt t the he dealers dealer's own currency currency In terms terms' of gold The seller will riot be bethe bethe bethe the slightest tit lilt conc concerned over flu fluctuations tu of the buyers buyer's currency Nor Northe Northe Northe the buyer In the fluctuations of t tic the e sellers seller's currency currency Nor either buyer or seller In the currency of any ary The Carolina cotton colton grower for example example ex- ex ample mple selling cotton to England Englan which Ich may fabricate It and sell seU It to Norway forway Js so not concerned either with British or Norwegian currency dicta Harvard arvard Steps Step Up The liar Harvard branch of the brain braiD trust rust Is actually more Important today flue ue to the reaching far-reaching powers In the he lands bands of James M. M Landis than the the Columbia branch which started off oft back In the campaign of 1932 1032 as pretty nearly learly the whole show Incidentally this his Importance of the Harvard branch Is s due almost entirely to Dr Felix Frankfurter i Early In the game the Columbia members became worried about Frankfurters Frankfurter's Influence with ith the President resident and many were the schemes to o run him on some IOme li secluded sidetrack Thus they persuaded the President to o offer olTer Frankfurter the Job of Solid Solid- General tor No 2 man at the Department Depart ment meat of Ju Justice ranking ral assistant assistant assistant as as- to the attorney general and anda a whole flock of assistant attorneys attorneys- general They knew that Frankfurters Frankfurter's ambition ambi- ambi Jon tion Is eventually to sit upon the United United United Unit Unit- ed States Supreme court bench and they figured that he lie would regard the solicitor generalship as a a long step In 10 Inthis this his direction M Meanwhile they would have e Frankfurter 80 o busy arguing before before be- be fore ore the Supreme court courtIn In behalf of the be government on constitutional questions ques que that he be would have time to torun torun torun run down to the White House and horn In on policies they were trying to shape But Dut I Frankfurter was too smart for them lIe He didn't want to be arguing constitutional nl questions at a time when constitutionality Is Is' Is of so little Hale significance lie He preferred to stay outside outside out out- side and put his oar In whenever a particular question Intrigued him Miss Mill Perkins Loses Lose He lIe started out by putting his bright young men In key positions around the administration The Inside story tory for Instance of Charles E. E of Boston who Is now solicitor of of the he Labor department and potent beyond words has been revealed Every Everyone one knows that there was a terrible rowand row rowand rowand Perkins fought to and Miss Frances the limit against acct accepting Edward F F. McGrady as assistant secretary of la la- la department department department de de- bor She wanted to run her own and pick her own men Dut But Frankfurter eased In as DI her solicitor without a ripple Frankfurter ter visualized the tremendous Increase In Importance In the Department o of and go rot got Labor which has l taken place his man on 00 the Job early earty Then the President asked m Frankfurter ter to write the Securities act Again he showed his adroitness V Professing that he did not have time he urged Land Landis of his bright young men two to dl did and Ben nen Cohen for the Job They Presidents President's enormous n saU the It to fac faction ion Landis was then appointed the federal trade commission which to dominated How completely tely he soon loon outwitted senators and Wall Street he representatives In to the modification of session the Securities act In the last lut at the time though Is wen well known now Streeter Wall and senators the thought they had not only won a vic TIc TIc- LandIs at the top of ofa but placed tory and well welt greased greased set of skids a long branch the Columbia Meanwhile habr Important has beell n while still very Tery Dole Moler somewhat battered Raymond Ramond though still frequently frequently fre- fre Is editing a magazine an the consulted It the he senate to with strength confirmed as asunder get Rexford Guy Tugwell Oth agriculture under secretary or of of sight Ight or been mm dropped out have ere era missions of doubtful sent on tance The Columbia wing knows know aU all more activities about the Frankfurter like to know And It i I. I would than It tent Columbia the much of fearful how when the Frank Frankfurter Frankfurter to be left Is going through Its maneuverings maneu maneu- furter camel gets I 1 arl h |