SENATOR HULL SPEAKS OUT

Rotorua Morning Post, Volume 2, Issue 574, 4 July 1933, Page 5

SENATOR HULL SPEAKS OUT

NO ARTIFICIAL PROPOSALS Rec. July 4, 1.25 p.m. London, July 3. Senator Cordell Hull has issued to President RooseVelt, the following ,-statement:— "I shall regard it as a catastrophe amounting to a world tragedy if the conference called to bring ahout permanent financial stability and assured prosperity, ■ should, tef ore it has made any serioiid effort' to bonsider this problem allow itself to be diverted by pro- • posals, purely artificial, temporarily affecting the monetary exchange of only a few of the nations. "Such a diversion shows a singular lack of proportiQn and a failure to remember the larger purposes for which the conference assembled. Our hfihad pilrpose is to bring ahout the permanent' stability of every nation's currency. The United States seeks a dollar which, a geheration hence, will be the same in purchasing power and in debt paying value as-'the stabiliSed dollar value. We hope, in the near future, to attain that object, which means more for the good of nations than atiy fixed ratio' of the ffaric or the pound' for a month o'r two. , "Gold and silver can still constitute the metal reserve hehind cur-

rency, hut this is not the time to di'ssipate a gold reserve. A temporary fixation of exchaiiges will not' assist the restoration of "world trade. We wcrald he ihuch better to mitigate t^e existing embargoes."