OCR Text |
Show The Issue At London The French, and certain European Europe-an countries, are bringing all the pressure to bear possible at the London Economic Conference to force America to stabilize the value of the dollar. These nations want to maintain the gold standard, one essential part thereto being the prevention of wild fluctuations in International exchange. President Roosevelt has refused to agree to any definite program in this regard. His domestic policy is primarily based upon a rise in commodity prices as a necessary preliminary to a return of prosperity. pros-perity. To tie the dollar to a fixed ratio with the franc and the pound might possibly conflict with the needs in this country, and the President is unwilling to jeopardize jeopar-dize the improvement already made here and abandon one of his strong weapons in combatting the depression. depres-sion. Forced to take a choice. President Roosevelt has shown a determination to pursue an economic econ-omic policy based primarily on A-merica's A-merica's own needs. A fact which many do not realize rea-lize is that France and those nations na-tions seeking to maintain the gold standard and stabilize currencies cur-rencies are seeking to improve present conditions by the same old methods with which the world has always been familiar. President Roosevelt, however, has drastically broken with former customs and traditions in America. He has a-bandoned a-bandoned gold, he is seeking to reorganize and control industry and agriculture, and is beginning a policy which, when completed, will have totally changed America economically. Old methods have failed to end the depresion. Old methods have periodically produced the cycle of prosperity and depression. It would appear wise for the world to try new methods. President Presi-dent Roosevelt, having had to initiate them in America, is willing wil-ling to take the reponsibility of attempting at-tempting to lead the world along similar rfeths. |