Show dad S af pf column 14 al it l m ai INTER international NATIONAL EXCHANGE dear dad IS THE united states government the goat mr garet garrett in the saturday EV evening ening post april 15 1933 undertakes to show that this country Is the victim of the depreciated currency of the countries now off the gold standard that tha r regardless og ardless of high tariff these nations can ea sell I 1 us their products at a profit choke our ou ind industries u atries with cheap goods and increase the number of our unemployed I 1 with many other democrats belle bellegie e in trade trad reciprocity C ity that trading involves the interest in rest of ho both h sides in the transaction fairly P protecting our own interests but here comes a startling clam claim I 1 7 0 of f the actual results of the difference in currency levels between gold standard united states and countries off the gold standard Etan dard mr garrett goes into exhaustive detail b but ut the idea to grasp Is there a new f ictor factor in the economic problem the effect of dif different currency levels between nations for instance great britain Is off the gold standard the pound sterling has del depreciated precis precia led ted about one third below gold par of in U S money this depreciation of the pound sterling currency no gold in circulation is met by the english government through price control of labor and commodities to equal the re of th the e currency temporarily this works domes domestically t cally and meets the trade of other countries off the gold standard that he have v e adopted the pound sterling unit which general area mr garrett calls the Sterlin garla empire of some thirty three nations or countries now this c heap cheap labor product he asserts can be a and nd is sold in the american markets in spite of any tariff at a price below any possible p oss able competition of home production because the united states currency level la is one third higher again the am american an merchant with his gold standard dollar can go into the english or european market where his money Is worth one third more and buy to advantage japan independently with its unlimited cheap labor Is doing the same thing to the united states japan having acquired american machines and american instruction with labor actually ten times lower than U S jabor and with her own ships Is now flooding our market with cheap electric light globlek gl and one thousand other articles the japanese are busy and boast a golden age of prosperity amidst a world of depression mr garrett further asserts that as great britain through this trading acquires united states currency it Is converted into gold is car marked in the vaults of the federal reserve banks and becomes a foreign hoard absolutely beyond the control of our government depleting our precious gold base and lowering our money circulation moie than tn ten times for every dollar so taken that this sequestration Is going on dally daily by other nations as well as great britain the latter even using pound sterling currency directly to buy gold and eat earmark it france he claims has blocked cheap labor products by applying a surtax on all imports equal to the difference in cost of its home products 1 I have not directly quoted mr garrett in this summary the language and some of the conclusions are my own but are based on his article london has long been the financial center of the world there are some long english heads beads now scheming to recapture that supremacy from the united states there will be some clever jockeying for favorable position in the race first in the preliminary conversations shortly to be held at washington next at the great international economic conference to follow the advantage Is supposed to lie with the united states with its ita gold derence and as the great creditor nation but great britain has apparently found weakness in the U S armor and comes tentatively with a defiant attitude backed by europe assuming a virtue of in jurea innocence asking that the gates of trade be thrown open and honest debt le be forgiven forshen the time may come again when great britain france and others of etrope may be in deadly peril beware I 1 lest we NOT forget sincerely CHARLES E STREET I 1 I 1 april 12 1933 salt lake city utah Y S afi T W F out where the world Is in the making where fewer hearts in despair are aching where the west begins where theres more singing and less sighing where theres more giving and less leas of buying and where man makes friends with halt half trying where the west begins a s 3 a 51 i A DAYS DAVIS MORK PRESIDENT ROOSEVELT LT has hn a day of record activity which reflects rel elects the speed in public affairs mys tre tle christian science monitor he makes h ass first tariff cut slicing 50 per cent off agricultural implements he clamps down more mora heavily on gold naming new penalties albies tor for hoarding after may alst 1st he appoints robert recliner fechner director of emergency conservation and sets aside to start men to work he e announces legislation to replace tariff barriers with reciprocal accords he assured the interstate commerce commission it Is not to be he an bounces a message on muscle shoals and tennessee river basin work announces his veterans cut will save over ever yeara year announces he will not tor bior the present ask tor for authority to deal with war debts for good measure tie he cuts off department expenditures and invites prime minister MU alster macdonald Mac Donnld to come coma over and so atter after hla his first washington evening at the theater to bed t I 1 T vi G I 1 IT A FACT FRED HOLMES the records Et Re corda cordz wash ington correspondent says in recent years yean there have been just tour four really powerful organized minorities the veterans the drys labor and the th farmers up to this bad year ot of 1933 these groups have been almost able in congress they have been able to secure about everything they desired in the vay kay of legislation they have kept up well equipped and costly lobbies hele heie in the capital manned by men who aho knew their lobs jobs and not infrequently has there been effective operation cooperation co between them all four have succeeded in overcoming presidential resistance and have forced legislation that never should have been enacted I 1 with abruptness which left us all gasping for breath within the first month of his administration president roosevelt has successfully bucked three of these organized minorities congress has followed him and the people support him timid souls predicted political disaster but instead of being damaged his political prestige has been greatly enhanced to start out with he administered to the veteran group its first real defeat after seventy years of undisputed I 1 power and seeming impregnability now comes the economy bill giving the president authoritative permission to re or the whole pension system the first legislation opposed by the veterans ever enacted it Is conceded thit that his executive order cutting out of pension payments Is an epoch making event the importance of which cannot be exaggerated |