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Show News Review of Current Events the World Over Business Men, Bankers and Others Assail President's Monetary Poliey Russia Recognized, Envoys Named Welles to Leave Culia Soon. Py KDWAUl) Y. P1CKARI) AMKUIOAN Inisliu-ss, as riprosiiit. ed lv ilie Clnimli.T of tMiitiuivt of the I'liKiM Stales, Is now out In open opposition to 1'rosUlent Koose- President Roowvelt velt's luonotury policy. poli-cy. The hoarJ of ill-reetors ill-reetors of thin nationwide nation-wide ori;an 1 z a t I o n, which Is heailed hy Henry I. llarrlnmn of Hoston, mlopted a resolution res-olution declaring that the rresldcnt's course was gravely retarding business recovery niul ri-em ploy men t, under-mining under-mining the Kevern-tnent's Kevern-tnent's credit, preventing prevent-ing the expansion of normal credit and prolonging the demoralisation de-moralisation of foreign trade In other words, doing Just the opposite of w hat Mr. Roosevelt hopos it tll do. The directors demanded of the administration administra-tion "complete avoidance of monetary experimentation, greenhackism a n d Cat money." I'ntil this time the chamber has been supporting the rrcs'ulent and Mr. Ilarrlman has teen nctive In promoting pro-moting the aims of the administration. Ho attended the meeting of the hoard, as did P. W. I.itchtiel.l. president of the Ooodyear Tire and Kuhher com-rany; com-rany; RednvM rroctor, president of the Vermont Marble company; l'aul Shoup, vice president of the Southern Pacific railroad; Chester I. l'-arnard. president of the New Jersey Hell Telephone Tele-phone company, and nearly all the rest of the directors. Besides attacking the President's monetary policy, the board adopted three other resolutions of similar tenor. One protested ng.iinst the expenditure ex-penditure of large sums by the public works administration for financing prelects In competition with private business enterprises which are now rendering adequate service at reasonable reason-able cost. Another protested against the public works administration's plan to engage In the building of federal housing projects, and insisted that such financing financ-ing should be through private housing corporations. In a resolution on the NRA. the chamber urged that industrial codes should be administered through the trade associations of each Industry. AS HAD been expected, Trof. O. M. V. Sprague, special adviser to the treasury, resigned, and in doing so he told the President, once his pupil at i Harvard, that the Koosevelt dollar depreciation de-preciation policy not only will fail to raise Trices substantially in the absence of trade recovery but will ruin the credit of the government gov-ernment and precipitate precipi-tate an in.lation panic "I believe." Sprague eaid in his letter, "you are faced with the alternative al-ternative either of giving up the present Prof. O. M. W. Sprague policy or of the meeting of government govern-ment expenditures with additional money." Having finally lost all hope that the President might be persuaded to change his course before it is too late, Professor Sprague said he was resigning resign-ing to take the field against the Koosevelt Koose-velt policy, believing that the last chance of averting, a currency inflation debacle lies in arousing public opinion. Another of the President's financial advisers, though unofficial, James I'. Warburg, New York banker, Joins with Sprague In protest against the present monetary policies. Like the professor, profes-sor, he will undertake to arouse public opinion against them. This he announced an-nounced at a meeting of the American Academy of Political Science in Philadelphia. Phil-adelphia. At the same meeting Prof. Irving Fisher. Tale economist, said the President's monetary policy was "substantially "sub-stantially right"; and Senator Thomas of Oklahoma asserted that he was opposed op-posed to inflation, which will cause general surprise. Members of the advisory council of the federal reserve board, composed of prominent bankers In each federal reserve district, met In Washington and adopted a resolution favoring the re-establishment of the currency on a gold basis, together with safeguards to be agTeed upon by International action. ac-tion. The resolution was circulated privately among all the member baDks In the federal reserve system. ACTING Secretary of the Treasury Morgenthan replied to criticisms by saying that "the credit of the United States is as good as the Hock of Gibraltar"; Gib-raltar"; but at the same time he let it be known that, In order to bolster up the prices of government securities, which have been dropping, the Treasury Treas-ury department itself would buy federal fed-eral bonds with some of its surplus funds. PRESIDENT ROOSEVELT'S answer to these protests against his policies, pol-icies, as obtained by Washington ofli-clals ofli-clals who communicated with him at Warm Springs, was to direct that the program of depreciating the dollar for the purpose of raising commodity prices be continued. The action of the chamber wits co-Incident co-Incident with the delivery of an address ad-dress by Mr. Koosevelt at Savannah, Ga., In which he denounced the critics of his recovery program as "lories" and "doubting Thomases'" and warmly defended the "experiments" he la making, mak-ing, lie promised that "the principles and objectives of American self government gov-ernment will remain the same." Washington corrosporulenta said that an ambitious second stage reconstruction recon-struction program was being formulated formulat-ed there for the President In his absence. ab-sence. Important tenures of this plan are sound money en a devalued gold standard; a balanced budget to come from proceeds of a devaluation, liquor monopoly and other painless" revenues; rev-enues; a revived foreign trade on parity currency and real progress in resumption of foreign debt collections. Seisins upon the appellation used by the President, critics of his course have organized the AssivUtion of American Tories and It Is gathering many members. The originators of the association decided they should have a king for their President, so they selected for that post Kufus King, a well known author. CHCKETAKY of the Interior Ickes. as public works administrator, announced that he had turned $liK,-I'O'UKA) $liK,-I'O'UKA) over to the new federal housing hous-ing corporation that Is undertaking slum clearance work In cities throughout through-out the country. The undertaking, he said, would be started In Detroit with a model housing project. O KSPMPTION of diplomatic rela-Hons rela-Hons with Kussia and the recognition recog-nition of the Soviet government came, as was expected, on the eve of the A. A. Troyan-ovsky President's departure for Warm Springs. He and Commissar I.lt-vinov I.lt-vinov Issued a Joint announcement of the happy ending of their negotiations, and Mr. Koosorelt Immediately Immediate-ly designated William C. Hullit as American ambassador to Moscow, Mos-cow, which greatly pleased the Russians. Within a day or so the Soviet government announced that Its ambassador to Washington would be Alexander An-tonovich An-tonovich Troyanovsky, formerly diplomatic dip-lomatic representative at Tokyo and now vice chairman of the Russian state planning commission. This gentleman gen-tleman was born In Russia In l-', studied in the University of Kiev, was exiled to Siberia In 1 :!. escaped and lived In France until IIM", and served In the Russian revolutionary army. With recognition by our government, Russia agrees not to allow Its agents to propagandize against the government govern-ment of the United States ; guarantees religious freedom and legal protection for American nationals in Russia, and waives all claims against the United States growing out of the American expedition Into Siberia In 191S-21. No promise whatever was made by Mr. Litvinov concerning the attitude of his government toward the payment of STGS.oS.l.li'iO In debts owed by Russia Rus-sia to the United States government and to private American citizens. FOLLOWING his conference with Ambassador Welles in Warm Springs, President Koosevelt Issued a formal statement concerning the Cuban situation which was designed to let President Pres-ident Grau know that the United States Is not ready to recognize his government and will not do so unless he can persuade the island factions to cease their warring and agree among themselves. The statement re-Iterated re-Iterated the admlnls- Sumner Welles tration's policy of recognizing any government, gov-ernment, regardless of Its partisan or factional color, which proved itself representative of its people and able to secure their support. But It was made clear that the present Cuban government, assailed as It has been by one revolutionary attempt after another, an-other, did not at present meet these conditions. Mr. Roosevelt supplemented his statement by the announcement that, though Ambassador Welles would return re-turn to his post in Havana after visiting visit-ing Washington, he would soon be replaced re-placed by Jefferson Caffery and would resume his former position as assistant secretary of state for Latin American affairs. This Is In full accord with Mr. Welles' desires though he has been unwilling to retire from Havana under the heavy fire directed against him by the supporters of the Grau government. The latter had been organizing or-ganizing a great protest demonstration demonstra-tion designed to keep the ambassador from landing at the Havana docks and serious trouble was feared. Mr. Roosevelt's Roose-velt's announcement it was hoped would ease this tense situation. pitEMUOIt AI.llliKT RAIIUAI'TS government was upset by t be French chamber of dcputlcn by it vote of it'JI to 'J-17 duo to Its Insistence on retention reten-tion of I ho gold Nlandard ami balancing balanc-ing I ho budget. Its defeat was really brought about by the delernilnatlon of the unions of civil Horvanls not to submit sub-mit to any financial sacrifices In the Interests of the stale. There was a belief In Paris that Kdounrd Ilerrlot night again lie called on to form a new ministry. O KCIt ETA It Y OK STATIC III'I.E, who doesn't seem to cut much of a figure In the administration, Is to luivn a new assistant secretary. President Koosevelt appointed to this post Francis 'I!. Sayre, son In law of tint Into President Wilson, and he will succeed Harry F. Payer who has been transferred to tin' position of special foreign trade advisor to the ltl'C. Mr. Sayre is a professor In the Harvard law school and will re- F. B. Sayrs move from Cambridge to Washington as soon as nrrnu'ements can bu made with the university. As adviser on foreign affairs to the government of Slam, Mr. Sayre has had wide experience In the negotiation negotia-tion of political urn! commercial treaties. Since 1PL'." he haH negotiated treaties between the Siamese government govern-ment and the governments of France, Great Uritaln, Ilia NctherliiiidH, Spuln, Portugal, Denmark, Sweden, Norwny, and Italy. He holds decorations from all of the principal nations of Europe. LIEUTENANT COMMANDER SET TI.E of the navy anil Major Ford-ney Ford-ney of the marines finally found a day of favorable atmospheric con dltlons and made their lung delayed Might Into the stratosphere. Their big balloon ascended from Akron, Ohio, and reached an altitude of 01,-17 feet. This heat the existing record by about S.(i feet, though Russia's strnt esphere explorers claimed to have rls en above l".-.i feet. Settle's balloon and aluminum ball came down In a southern New Jersey swamp and the two daring explorer! extricat 'd themelvi-s safely and wers taken by airplane to Washington where they were received by the Bee rotary of the navy and other officials. NEWFOUNDLAND Is nb.nit to lose Its status as a Kritish dominion and be demoted to that of a crown colony. col-ony. This course has been recommended recom-mended by a royal commission that has been Investigating the dominion's tangled financial affairs. The report of this body charges that Newfound land's debt, which has reached the point where the Interest consumes f0 per cent of the state's Income, li "largely due to reckless wsste and extravagance ex-travagance and to the absence of con stnictive and efficient administration. Newfoundland was the first of Greot Prltnln's overseas colonies. Labrador is Included In Its government, and one of the suggested solutions for the Island's Is-land's difficulties has been to sell Ijih-rador Ijih-rador to Canada, paying the public debt with the proceeds. SEISMOGRAPHS all over the world showed the other day what scientists scien-tists declared was the greatest earth quake ever recorded. Hut fortunate!) It occurred way up toward the North pole, between Greenland and Puffin Island Is-land where there was nothing to destroy de-stroy except land formation and no lives to be taken. ERNEST W. GIRSON, who formerly was a congressman from Vermont, will go bnck to Washington to represent repre-sent that state In the senate. He was appointed by Governor Wilson to fill the vacancy caused by the death of Senator Porter H. Dnle. TT WISCONSIN'S farm strike fizzled V out, so It was called off by the heads of the Farm Holiday association associa-tion and the milk pool. The pickets were all withdrawn and shipments of milk and other farm produce to the markets were resumed. The milk pool leader said another "holiday" probably would be ordered In February. Feb-ruary. "HINA seems to be headed for an- , other civil war of major proportions. propor-tions. The famous Nineteenth route army, which defended Shanghai against the Japanese early last year, has revolted re-volted against the Nanking government govern-ment and issued a declaration of Independence In-dependence of Fuklen province. It Is rumored the army has reached an understanding un-derstanding with the communists in Klangsl province. The fact that Fukien's chief political principle is continued opposition to Japan has caused apprehension that It is likely to provoke Japanese Intervention. Inter-vention. The province contains extensive exten-sive Japanese Interests and is 'regarded 're-garded as a Japanese sphere due to Its location opposite the Japaneso Island colony on Formosa. ON DECEMBER 5 the fascist grand council will be convoked to discuss dis-cuss the question of Italy's membership member-ship In the League of Nations, and informed in-formed opinion in Rome Is that Italy will withdraw from the League unless France consents to the holding of a disarmament conference in Rome nn-der nn-der the four-power pact that was engineered en-gineered by Mussolini. So far the French have refused to participate in any such conference outside of Geneva and the auspices of the League. Throe Italian newspapers already al-ready have hinted at the jM:i:)ify of the withdrawn' of I'.iiy. e:io them is the iwtnU r P ;'. d !!. ::. i |