In the decision of the French Government to devanttate the frane 10 a point more consistent with condi. tions is the beginning of an era international "financial "ce-operation which is likely to have a profound effect on world prosperity." Acting concert with the British and American Governments, a definite move has been made to achieve a stabilization of world currencies and with these three major powers in agreement others must. follow, Switzerland hasbeen' prompt 10 ceide on a readjustment of her cur~ veney in the light of the French Aecision and Belgium is already doing so, Such a swift response by Switzerland cannot fail to have in= fluence on the attitude of other eountries, and already the original determination of Tlaly to resist any such ection has given place to a hesitancy. Ca-operation with the British and American Governments will prevent any serious disturbance to" international exchange which would have followed otherwise, and the British Government's statement makes- it Abundantly clear that the maintenance of the greatest possible equillbbrlum in the international system of exchange with a view to promoting world prosperity is the common desire of each of the three partiel= puts and the dictating factor behind fis citizens from starving or being without shelter. and expenditure to this end, provided the money to be spent is forthcoming, is fully justified. If the money is not forthcoming. then there is nothing for it but na-anal banicruptey. and the condition of the United States is very far from such an extreme. Bankers, especially, have much to thank' President Roosevelt for. When he took office the American nation was in the throes of one of the worst financial crises "in its history, with banks closing their doors all over the country and depositors being: threatened with the loss of their all. By energetically devising measures to cope with the situation, President Roosevelt and his advisers brought the country back to normal, As was only to be expected, much of their legislation to meet the emergency was of an experimental nature—the New Deal was new in every sense, ineluding that which requires that new wine should not be put Into old bottles. It is easy for orities to say that the United States would have recovered, whether President Roosevelt had inaugurated his New Deal or nol, and to charge that, with Feeovery an accomplished fact, the New Deal has been a hindrance rather than @ help. Without desiring to take sides in a controversy which is primarily a national and internal tone, the opinion can be vouchsafed
Text read from the printed page and cleaned; old type leaves the occasional error.