Evening Star Newspaper, December 5, 1932, Page 7

ATTCKOF FRANE ONDOLLARDENE French Attache Here S‘s' U. S. Is One of Republi‘ s Editor's Note: The financial atfche of the French article presents withdrawal of Lo embassy in the fllowing the French gse for gold from New Pprk and eplies to the chfge that ked the Americaf dollar BY EMMANUEL MONCK, Financial Attache of the Freng Embassy. I am beund to express ggst surprise ] at the prevalence of statefients to the | effect that France has jttacked | dolar. The truth i> thit Francz has done nothing to justify fuch a charge, a5 the following will ghow To attribute any suds policy to France would be to convict ir not only of &n antagonism to the Ullted States, which is unthmkable, but®f great stupidity ! 50 far as France's ovh interests are con- cernsd. America bdng cne of France's best custamets, es without saying thst, the purchacinj power of America | is regarded in'Frajee as valusble from ! the French standpjint. { Keep God Standard. | Furthermore| an understanding of the ] situation requiges mention of the funda- mental fact that since Septe 193 the United States and France are alone among the grgat powers remainigg o the god S!antflrd If the dolla: had been forced cff the gold standaré, the fianc, as evey one in France realized, | would have %ten gravely threatwed. | From this it should be under:tod \hat | compiete solidarity existed between the dollar and the franc from that time on and now exisis more than ever If internatinal speculation had bewn successful in forcing the dollar of gold, it would have turned its effors next against the franc. Both Frane and the United States are today con- fronted by economic dangers arising | from the fact that they remain on the; gold standard although surrounded by countries whose currencies are depre- clated. The export trade of these two great countries is thereby reduced and their own industries are threatened. The words of the joint statement of President Hoover and Mr. Laval of October, 1931, should be recalled: “The ‘maintenance of the gold standard in Prance and the United States constitutes the most impor- tant factor for the restoration of the economic life of the world.” This is just as true today as it was Inst year. What hurts the dollar in- Jures the franc, It is hard to conteive that a country, should attack another when it knows ir advance that it will be itself the firg victim of such an attack, If the American people should coi- sider thoroughly this deep solidarity of the franc and the dollar, which will be more and more marked during the con- ing months, we would not hear any of those critics who lately have recebed such wide publicity. Withdrawal Action. Let us consider now the ciram- stances which brought about the hwavy gold_withdrawals from New York by the Bank of France. It is very eay to bring in to full light the technicalside of this operation. Before the lega)sta- bilization of the franc—that is, lefore June 25, 1928—the Bank of Fance possessed about $1,000,000,000 of ‘oregn balances, half .in' London and }aif in New York. I can safely venture to say tiat the largest part of these credits were of foreign origin, because foreigy capital was coming to the Bank of France, security and gartly in that the franc be / The bill stabilizing the fanc, June 25, 1928, placed Prance of the gold standard, compelling the Bajk of France to transform all foreign eredits into gold. None of the fomign central banks showed any surpris¢at the time, and they all stated ly that if such bal ¢ repatriated, they had no objection to raise. Can the Bank of Frajce be accused of having withdrawn tiat gold in an untimely manner and With a lack of co-operative spirit? M fact, the ex- ample of what happmed in London, where the Bank of Frince had kept the largest part of her ialances when the pound sterling went #ff the gold stand- ard, shows how cargul she was not to act inconsiderably. In that instance her spirit of co-operation cost her a Joss’ of $100,000,000 on the value of sterling balances Attitude Toward United States. Toward the Usaited States, the atti- tude has been jyst as considerate and courteous. 'The fepatriation of French gold was made progressively and not without previow agreement as to the best way it could be accomplished. A deeision was tagen to repatriate gold only on. Prench wessels, thereby insur- ing a slower ouiflow from the United States, which, i itself, was another proof of moderation. Such an aftitude is the best demonstration that the Bank of France recognized at all times the complete solidarity of the franc and the dollar. The facts given above show that there is absolutely no foundation in the be- lef that France attacked the dollar. Moreover, those in America who are in 2 position to know exactly how things develope@d never voiced such an accu- sation. On the contrary, the Bank of Prance has received from the most rep- Tesentative financial quarter in Amer- ica the assurance that her course in the matter had been highly appreciated. Such ap assurance from such a source has more weight for France than the present campaign of attack, and we believe that ultimately American public opinion will be similarly en- lightened. (Copyright, 1932, by paper RULING BY TREASURY ON COAL TARIFF HIT TUnited Mine Workers' Representa- tive Terms Decision ‘Disastrous Blow” at Industry. North American News- nc. The Treasury Department ruling that poal imported from Canada, Great Britain and Germany need not pay tariff duties was termed yesterday by the United Mine Workers of America “unjust” and “a disastrous blow” at the toal industry. The protest, lodged with President Hoover, was made over the signature of Ellis Searles as representative of the union. Senator Reed, Republican, of Penn- ivania, last week submitted to the esident and Secretary of State Stim- son, during a joint conference at the White House, a Vigorous protest against the ruling. Searles’ letter urged reconsideration, Molding “that it seriously retards any provement in the condition of 700,- American coal miners and their ilies.” “There has never been a time™ he @id, “when the coal industry of the United States was in such a deplorable N dition as today. Tens of thousands mine workers are unemployed, de- ved of the opportunity to earn a liv. for themselves and their families.” i 1 Licensed to Wed. __PAIRFAX, Va., December 5 (Spe- —A license has been is- i Best Customers. / ' f THE EVENING STAR, WASHINGTON, D. C., MONDAY, DECEMBER 5, 1932. — Goats’ Milk Dealers Will Seek Larger Share of Business ROBERT H. LUCAS QUITS 6. 0. P POST Resigns to Practice Law Here—Sanders Expected to Remain Chairman. Resigns Post By the Associated Press. CHICAGO, December 5.—And now the goat is trying to butt into the cows’ milk business. Members of the American Milk Goat Record Association will meet here today for the their annual election and, according to Will L. de Walt of Vincennes, Ind., president, with intent of stimulating drinking of goats’ milk. He sald goats’ milk has a larger butter fat content and is "more easily digested than cows’ milk. Robert H. Lucas, who flashed into | the political limelight in 1930 with his | | appointment as executive director of the | | Executive Committee of the Republican | | National Committee, yesterday severed | | his committee connections to enter law | practice in Washington. | He resigned the post of assistant to | during the Harding and Coolidge admin- istrations as collector of internal reve- nue for Kentucky. From this post he was lifted to the job of commissioner of internal revenue in 1929 by Presi- dent Hoover. He resigned in 1930, to become executive director of the Re- the | i ROBERT H. LUCAS, | Who yesterday retired to private law { practice upon his resignation from the post of assistant to the chairman of the Republican National Committee. $50,000,000 COTTON LOANS TO BE SOUGHT Representative Warren Will Ask Legislation to Aid 1933 Crop Production. By the Associated Press. Introduction of legislation to author- ize $50,000,000 in 1933 crop-production loans was announced today by Repre- sentative Warren, Democrat, of North Carolina. ‘Warren said Atlee Pomerene, chair- man of the Reconstruction Corporation, had advised him that seed loans of the | type made during the last four years on crop liens would not be made by the newly established agricultural credit corporations. “This was the intent of Congress,” Warren said. “I will vigorously push | Everett Sande | publican Natic | to stick in | the chairman of the Republican Na- tional Committee. Meanwhile, there are indications that chairman of the Re- al Committee. intends the political arena after March 4 and direct the destinies of the Republicans in spite of rumors of | a general reorganization of the party | set-up. His recent statement to a newspaper man that “I am still chairman and have no intention of resigning” has been ken to mean that he was speak- ing @ the basis of an understanding with President Hoover, although no such understanding was mentioned. It is also generally held that President Hoover intends to remain titular head of the party and to supervise any re- | organization that is undertaken. ctive in Norris Race. Previously, the supplanting of San- ders as the first step in a general re- organization had been freely predicted abo Capitol Hill. Picked to help direct the destinies of Luc the Republican party, Lucas immediate- | lv became involved in a spirited fight with the Democrats and a sensational battle with the insurgent Republican, Senate Campaign Investigating Com- in_the 1930 election. Lucas’ part in the fight against Norris was revealed in testimony before the Senate Compaign Investigation Com- mittee that Lucas had sent literature into Nebraska in an effort to defeat Norris. This was the campaign Senator Norris successfully waged, in spite of publican National Committee. He is entering the law firm of Smith, | Moore and Lucas, the other members of !the firm being A. T. Smith and Virgil | Y. Moore. SPEAKS ON SHAKESPEARE Sir Willmott Lewis to Address | Meeting Tomorrow Night. | sir Wimott Lewis, Washington cor- | respondent of the London Times, will speak on “Shakespeare’s Enrichment of the Meaning of Englich Words” at a ‘nwe(lug of the District of Columbia | Library Association at the Brookings Institution tomorrcw night M. Angus Fletcher, director of the British Library of Information, alto will speak at the meeting, which will open at 8 o'clock. POLAND HONORS “Y” SIDE ‘WARSAW, Poland, December 5 (#).— Earl Richard Cummings of Cleveland | was decorated with the Polish Gold Cross of Merit yesterday in connection with the inauguration of & new Young Men's Christian Association building here, ‘The edifice was made possible by the late 8. P. Fenn of Cleveland, who willed IPRATT MAKES PLEA AGAINST NAVY CUT iFleet Strength Other Major Nations, He Warns in Report. Admiral William V. Pratt, chief of naval operations, in his annual report made public today, added his voice to that of Secretary Adams in declaring the Navy is not up to the strength of those of other major nations and warn- ing that “the cost of operation and maintenance of the forces afloat has been cut to the lowest point consistent with national security.” Pointing out that economies have been effected where possible, the ad- miral said “it is difficult to see where further cuts can bé made without im- pairing the efficiency of the naval sefvice, or if any of our navy yards affecting the situation.” Is Below, M. C, commanding the 4th Regiment, who “averted what might have been serious consequences.” Conditions in Nicaragua, the admiral asserted, “‘cannot be said to have shown {any marked improvement during the year, due to the serious economic de- ression and continued bandit activ- ities.” Conditions in Haitl were quiet, he explained. Due to demsnds for economy and curtailment of funds, Admiral Pratt revealed that “it has become necesnrY to abandon for the present practically the entire improve- ment program.’ PRESIDENT AND WIFE iMrs‘ Hoover Spends Several Days | There Picking Out Personal Belongings. President and Mrs. Hoover have paid | their Mst_visit to their camp on the Rapidan_River. Mrs. Hoover visited there several days | recently with close friends to whom the camp has meant the most—Mrs, Edgar Rickard, Mrs. Dare Stark McMullin and | Mrs. F.'B. Butler, Mrs. Hoover’s secre- | | tary. She had the task of “closing up” PAY CAMP LAST VISIT| He continued: “The strength of the | and picking out personal belongings principal navies of the world is at|brought back here. present fixed by the Washington and| To the State of Virginia, with the London treaties. Due to their continu- | recommendation that it be reserved for ing and well rounded programs of naval | the use of succeeding Presidents, Mr. construction, the other principal navies | Hoover has given the mountain camp are in general up to treaty strength, | which he purchased at an estimated with relatively new shivs. For lack of | cost of about $15,000, and on which he such a program the United States N made improvements estimated to have is not up to strength in certain classes, | cost $200,000. and in others our ships are largely et obsolescent.” Citing conditions abroad, Admiral| Cardinal Bourne Recovering. Pratt said “political unrest in China ROME, December 5 during the past fiscal year e 5 & sl Ve o e pan Cardinal Bourne of Westminster, Asiatic Fleet in protecting American lives and property.” He added that the conduct of the United States naval forces at Shanghal uring this trying period was highly creditable,” paying | tribute to the tact and ability displayed | by Admiral M. M. Taylor, commander in chief of the United States Asiatic | Purcellville will hold Fleet, and Col. R. S. Hooker, U. S. Wednesday, beginning at 3 p.m. to be out of danger today. Library to Hold Tea. PURCELLVILLE, Va. December 5 (/P).—Francis | who | has been ill for several days, was said | (Special) —The Blue Ridge Library of | its annual tea | my measuree. Without it, a large sec- tion of the Nation would be unable to even start a crop next year. This kind of relief is more necessary now than Luces' efforts, against George W. Norris, | $300,000. Premier Prystor awarded the Broken Bow, Nebr., grocer. medal to Mr. Cummings, who is director After getting his pplitical baptism as|of the Warsaw Y. M. C. A. Members prosecuting attorney for the police|of the American embassy staff attended I court in’ Louisville, Ky., Lucas served the exercises. From NEW YORK AVENUE ot FIFTEENTH IT PAYS TO PAY CASH AT P-B'S THIS SEASON THE MOST MODERN MENS WEAR STORE IN AMERICA Sale! —of— Men’sOvercoats and (@)Trouser Suits at $1 845 Ends Wednesday at 6 P.M. ERCOATS in double-breasted styles, Chester- fields, ulsters and belted models. Deep, warm chinchillgs, meltons, whitneys and boucles. Blues, oxford grays, browns and smart mixtures. Richly lined with Skinner’s satin or finest celanese. Sizes 34 to 50. ITS in single and double breasted styles, all of fine worsteds that 'will give exceptionally long service. Browns, blues and grays in the newest pat- terns and plain shades. Lined with fine celanese. All with two trousers. Sizes 35 to 46, regular, short, long, stout, short stout and long stout. NO CHARGE FOR NECESSARY ALTERATIONS Bk Bt o New York Avenue at Fifteenth at Ha EVERY DAY in Comfort at any TOMORRO S siuiteg Al HALF!PRICE SPECIAL Fried Liver, with Bacon or Onions, and Potatoes , Rolls or Muffins) (Inclading Bre: MENU PRICE 40¢ TOMORROW'S PRICE (Served from 11 A. M. to 9 P. M.) Py i shathd 600 No. Capitol St. « 1423 Pennsylvania Av 71340 New York Ave. 33 PERSONS RESCUED FROM SHIP AGROUND Captain Remains Aboard Vessel Battered by Waves in Mouth of Columbia River. By the Assoclated Press. ASTORIA, Oreg., December 5—Res- cued through angry seas and treacher- ous breakers, a woman and 32 men, aboard the {ll-fated freighter Thrush were safe here today, while Capt. Ernest Landstrom rrmmn;d at the aboard the grounded vessel mouth of the Columbia. Battered by high DON'T take chances when you buy coal! waves and the Sea | | said: * A7 e T e e e e e e —————— treacherous currents near Clatsop Spit the 5,807-ton East Coast- vessel was hard aground. An attempt was to be made to pull her off at flood tide today, but Coast Guard officers aboard the eut- ter Red Wing standing nearby fearsd the ship could not be moved. Miss Frances Whiting, a writer from Olympia, Wash., was taken off by & Coast Guard small boat. She was & passenger. A stowaway later was found among the rescued. Nine officers, in- cluding Chief Mate R. Nelson and Chief Engineer H. E. Rumph, both of New York, and 22 members of the crew were saved. Bound from Seattle to New York, the Sea Thrush was putting into the Columbia early yesterday in foggy weather when it went aground. At Seattle, Capt. Landstrom’s wife ‘He will never give up. That's what worrics me sometimes about him. Now you can SEE that you get the very best coal—every time you order O LONGER s all coal black when you by it. Now when you spend your hard-earned money for quality coal you can see that you're getting it. For the same famous D. L. & W. Seranton and Wilkes-Bar: thracite that has been America’s largest selling home fuel during the last fifty years is trade marked. Actually colored blue so that you can tell it at a glance. Its tradename is ‘blue coal” ‘blue coal’ comes from the rich- est veins of the Northern Penn- sylvania anthracite fields. It’s not too hard . , . it’s not too soft. No other coal is prepared more scien- tifically—inspected more critically. “blue coal’ Radio Revue Columbia Network Every SUN,, 5:30 p. m. 1319 G St. Millions of gallons of rushin water wash it free from wast imparities. And what a quick starter ‘blue coal’ is, even on zero mornings... how little draft it needs to_bu evenly for hours. It won’t die down when you need it most . . . it won’t require watching every hour of the day. Note, too, how completely ‘blue coal’ burns. Steady warmth in all of your rooms. Neo lost heat up the chimney. No half- burned cores in your ash pit. You get what you're paying for , . . all heat! Play safe this Winter. Ask for ‘blue coal’ every time you order fuel. Identify it by its blue color. ‘blue eoal’ Better heat for less money “For years we've used REM--Elaine and our other chil- dren, my mother and myself. We found nothing else was so quick for stopping a cough.” Mrs. George A. March 420 Glenwood Ave., Phila. Pa. q Ask for REM and get what you ask for!