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Show News Review of Current Events the World Over Business Men, Bankers and CUliers Assail President's Monetary Policy Russia Recognized, Envoys Named Welles to Leave CuLa Soon. By EDWAKD W. PICKARD This Is ! full aoc"rd !th Mr. Welk-s' df.-irc-s though, he has been uuwillins to retire from Havana under the hr-avy fire directed against him by the siii;ior:ers of the Crau government. The latter had been organizing a great protest demonstration designed to keep the ambassador from landing at the Havana docks and serious trouble was feared. Mr. Ronsevplr's announcement an-nouncement It was hoped would ease this tense situation. pitEMIER ALRERT SARRAUT'S government was upset by the French chamber of deputies by a vote of 321 to 247 due to its Insistence In-sistence on retention of the gold standard and balancing the budget. Its defeat was really brought about by the determination of the unions of civil servants not to submit to any financial sacrifices in the interests inter-ests of the state. There was a belief be-lief in Paris that Edouard Herriot might again be called on to form a new ministry. CECRETARY OF STATE HULL. who doesn't seem to cut much of a figure in the administration, is to have a new assistant secretary. AMERICAN business, as repre-Rented repre-Rented by the Chamber of Coin, merce of the Uniled States, is now out In open opposition to President Iloosevelt's mono. buy federal bonds with some of Its surplus funds. p RESIDENT ROOSEVELT'S an- sntr to these protests against his policies, as obtained by Washington Wash-ington oflicluls who communicated with him at Warm Springs, was to direct that the program of depreciating depreci-ating the dollar for the purpose of raising commodity prices be continued. con-tinued. The action of the chamber was coincident with the delivery of an address by Mr. Roosevelt at Savannah, Savan-nah, Oa., in which he denounced the critics of his recovery program as "tories" and "doubting Thomases" -ft tary policy. The board of directors of that nationwide organization, which Is beaded by Henry I. Harrlman of Boston, Bos-ton, adopted a resolution res-olution .declaring that the President's course was gravely retarding business recovery and re-rmploymont, re-rmploymont, under- President Roosevelt f """ ' I r - I President Roosevelt Roose-velt appointed to this post Francis B. Sayre, son-in-law of the late President Wilson, and he will succeed suc-ceed Harry F. Payer Pay-er who has been transferred to the position of special foreign trade adviser advis-er to the RFC. Mr. F. B. Sayre and warmly defended the "experiments" "experi-ments" he Is making, lie promised that "the principles and objectives of American self-government will remain the same." Washington correspondents said that an ambitious second-stage reconstruction re-construction program was being formulated there for the President In his absence. Important features of this plan are sound money on a devalued gold standard ; a balanced budget to come from proceeds of a devaluation, liquor monopoly and other "painless" revenues; a revived re-vived foreign trade on parity currency cur-rency and real progress In resumption resump-tion of foreign debt collections. D ESUMPTION of diplomatic re-L- lations with Russia and the recognition of the Soviet government govern-ment came, as was expected, on the ment's credit, prevent ing the exian-glon exian-glon of normal credit and prolonging prolong-ing the demoralization of foreign trade in other words, doing just the opposite of what Mr. Roosevelt hopes It will do. The directors demanded de-manded of the administration "complete "com-plete avoidance of monetary experimentation, experi-mentation, greenbackism and fiat money." Until this time the chamber has 'wen supporting the President nnd 1'r. Ilarriman has been active in promoting the aims of the admlnls-traiion. admlnls-traiion. He attended the meeting of the board, as did P. W. Litchfield, president of the Goodyear Tire and Rubber company; Redfield Proctor, president of the Vermont Marble company; Paul Shoup, vice president presi-dent of the Southern Pacific railroad rail-road ; Chester I. Barnard, president of the New Jersey Bell Telephone company, and nearly all the rest of the 52 directors. Resides attacking the President's monetary policy, the board adopted three other resolutions of similar tenor. One protested against the expenditure ex-penditure of large sums by the public pub-lic works administration for financing financ-ing projects in competition with private business enterprises which are now rendering adequate service at reasonable cost. Another protested against the public works administration's plan to engage in the building of federal housing projects, and insisted that such financing should be through private housing corporations. In a resolution on the NRA, the chamber urged that industrial codes Bhould be administered through the trade associations of each industry. oayre is a processor in the Harvard law school and will remove from Cambridge to Washington Wash-ington as soon as arrangements can be made with the university. As adviser on foreign affairs to the government of Slam, Mr. Sayre has had wide experience In the negotiation ne-gotiation of political and commercial commer-cial treaties. Since 1025 he has negotiated ne-gotiated treaties between the Siamese Si-amese government and the governments govern-ments of France, Great Britain, the Netherlands, Spain, Portugal, Denmark, Den-mark, Sweden, Norway, and Italy. He holds decorations from all of the principal nations of Europe. T IEUTENANT COMMANDER ' Settle of the navy and Major Fordney of the marines finally found a day of favorable atmospheric atmos-pheric conditions and made their long-delayed flight into the stratosphere. strato-sphere. Their big balloon ascended from Akron, Ohio, and reached an lllillll eve of the President's Presi-dent's departure for Warm Springs. He and Commissar Lit-vinov Lit-vinov Issued a joint announcement o f the happy ending of their negotiations negotia-tions and Mr. Roose-v Roose-v e 1 1 immediately designated William C. Bullit as American Ameri-can ambassador to Moscow, which m-onHn nl.,nn,rl 4-1, A. A. Troyan-ovsky AS HAD been expected, Prof. O. M. W. Sprague, special adviser to the treasury, resigned, nnd In doing do-ing so he told the President, once Russians. Within a day or so the Soviet government announced that its ambassador to Washington would be Alexander Antonovich Troyanovsky, formerly diplomatic representative at Tokyo and now vice chairman of the Russian stat planning commission. This gentleman gentle-man was born in Russia in 1SS2, studied in the 'University of Kiev, was exiled to Siberia in 1909, escaped es-caped and lived in France until 1917, and served in the Russian revolutionary rev-olutionary army. With recognition by our government, govern-ment, Russia agrees not to allow its agents to propagandize against the government of the United States ; guarantees religious freedom and legal protection for American nationals na-tionals in Russia, and waives all claims against the United States growing out of the American expedition expe-dition into Siberia in 191S-21. No promise whatever was made by Mr. Litvinov concerning the attitude of his government toward the payment Ililli -w ,.V;:v... v-.::;v:.--.::! I, " - his pupil at Harvard, Har-vard, that the Roosevelt dollar depreciation de-preciation policy not only will fall to raise prices substantially sub-stantially in the absence ab-sence of trade recovery re-covery but will ruin the credit of the government and precipitate an inflation in-flation panic. "I believe," be-lieve," Sprague said Prof. O. M. W. Sprague of ?7GS,5S3,000 in debts owed by Russia to the United States government govern-ment and to private American citizens. citi-zens. O ECRETARY of the Interior Ickes, as public works administrator, announced that he had turned $100,-000,000 $100,-000,000 over to the new federal housing corporation that is undertaking under-taking slum clearance work in cities throughout the country. The undertaking, un-dertaking, he said, would be started in Detroit with a model housing project. rOLLOWLNG his conference with " Ambassador Welles in Warm Springs, President Roosevelt issued a formal statement concerning the the existing record by about 8,000 feet, though Russia's stratosphere explorers claimed to have risen above 62,000 feet Settle's balloon and aluminum ball came down in a southern New Jersey swamp and the two daring explorers extricated themselves safely and were taken by airplane to Washington where they were received re-ceived by the secretary of the navy and other officials. CEISMOGRAPHS all over the world showed the other day what scientists declared was the greatest earthquake ever recorded. But fortunately it occurred way up toward the North pole, between Greenland and Baffin island where there was nothing to destroy except land formation and no lives to be taken. EARNEST W. GIBSON, who for- ' merly was a congressman from Vermont, will go back to Washington Washing-ton to represent that state In the senate. He was appointed by Governor Gov-ernor Wilson to fill the vacancy caused by the death of Senator Porter H. Dale. WISCONSIN'S farm strike fizzled fiz-zled out, so It was called off by the heads of the Farm Holiday association and the milk pool. The pickets were all withdrawn and shipments of milk and other farm produce to the markets were resumed. re-sumed. The milk pool leader said another "holiday" probably would be ordered in February. XTEWFOUNDLAND is about to -L lose its status as a British dominion and be demoted to that of a crown colony. This course has been recommended by a royal commission com-mission that has been Investigating the dominion's tangled financial affairs. af-fairs. The report of this body charges that Newfoundland's debt, which has reached the point where the interest consumes 50 per cent of the state's Income, Is "largely due to reckless waste and extravagance extrav-agance and to the absence of constructive con-structive and efficient administration." administra-tion." Newfoundland was the first of Great Britain's oversees colonies. Labrador is Included in its government, govern-ment, and one of the suggested so-ntions so-ntions for the island's difficulties has been to sell Labrador to Canada, Can-ada, paying the public debt with the proceeds. f N DECEMBER 5 the Fascist grand council will be convoked to discuss the question of Italy's membership in the League of Nations, Na-tions, and informed opinion In Rome is that Italy will withdraw from the league unless France consents con-sents to the holding of a disarmament disarma-ment conference In Rome under the four power pact that was engineered by Mussolini.. J (1. 1D33, Western Newspaper Union. Cuban situation which was designed to let President Grau know that the United States Is not ready to recognize recog-nize his government and will not do so unless he can persuade per-suade the island factions fac-tions to cease their warring and agree among themselves. are faced with the alternative either of giving up the present policy or of the meeting of government expenditures ex-penditures 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 to take the field against the Roosevelt policy, believing be-lieving that the last chance of averting avert-ing a currency inflation debacle lies In arousing public opinion. Another of the President's financial finan-cial advisers, though unofficial, James T. Warburg, New York banker, bank-er, joins with Sprague in protest against the present monetary policies. poli-cies. Like the professor, he will undertake to arouse public opinion against them. This he announced at a meeting of the American Academy Acad-emy of Political Science In Phila delphia. At the same meeting Prof. Irving Fisher, Yale economist, said the President's monetary policy was "substantially right"; and Senator Thomas of Oklahoma asserted that he was opposed to Inflation, which will cause general surprise. Members of the advisory council of the federal reserve board, com-, posed of prominent bankers in each federal reserve district, met in Washington and adopted a resolution resolu-tion favoring the re-establishment of the currency on. a gold basis, together to-gether with safeguards to be agreed upon by international action. The resolution was circulated privately among all the member banks in the federal reserve system. ACTING Secretary of the Treasury Treas-ury Morgenthau - replied to criticisms by saying that "the credit cred-it of the United States Is as good as the Rock of Gibraltar"; but at the same time he let it be known that, in order to bolster up the prices of government securities, which havt been dropping, the Treasury department Itself would Sumner Welles iterated the administration's policy of recognizing any government, regardless re-gardless of Its partisan or factional color, which proved itself representative repre-sentative 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, did not at present meet these conditions. . Mr. Roosevelt supplemented his statement by the announcement that, though Ambassador Welles would return to his post in Havana after visiting Washington, he would soon be replaced by Jefferson Cnf-fery Cnf-fery artd would resume his former 'position, as assistant secretary of state for : Latin American affairs. .. - - ..... . . ;.c ". ..' ' |