The Secretary of Treasury, Mr. Henry "Morgenthau, hinted. to-day luat the United Siates had area begun international conferences in 3 Jattempt to encourage the use of silver Jand gold on a ce-ordinated basis 2 monetary standard.
Meanwhile, Mr, Morgenthau continued to confer with the Mexican Secretary of Treasury, Senor Eduardo Suarez, "and said lat satisfactory. progress "was being made. The conversations will be resumed, on Monday.
Asked whether the slver-produc-Ing countries of the world "should Joresent a united front against the Merling and "managed-currency bloc, Jas advocated by" Senator Elmer Thomas, the Secretary of Treasury Jdeclared, "I think it is the duty of the silver-producing "countries to work closely together." He declined to amptity the statement.
Mr. Morgenthau did, "however, refer his questioners 10 the message Jdelivered by President Roosevelt to [Congress in 1934, on the subject of siver. In that message, the President" declared that "because of the Jereat world supply of silver and its just in varying forms by the world's Population, concerted action by' the silver-producing nations Is necessary the value of metallic money, including both gold and silver, is. to made standard all over the world."
To arrive at that point, the Secrelary quoted the President as declaring, "we must sock......0 world agreement, although it may turn out that this nation will ultimately have to take such independent action as its interests require 'Accordingly, 1 have begun to confer with Jsome' of our neighbours in regard to the use of both gold and silver, preferably on a ce-ordinated basis, os a Jstandard of monelory value. Such an agreement would constitute an important step forward toward a mone tary unit of value more stable in Jpurchasing and debi-paying "power than any present unit"
The Secretary's emphasis on the [President's declaration was gener: taken to mean that the conversations with other countries had now reach-Jed an active and important stage.
Text read from the printed page and cleaned; old type leaves the occasional error.