Oct, 19.
Like Mr. Neville Chamberlain, the New York bankers carefully disclaim extravagant hopes of the immediate results expected from the monetary sigreement for technical ce-operation between London, Paris and Washington. Mr, Horny Morgenthau has described the arrangement as selting up a new type of gold standard; perhaps he would have made closer approse to accuracy if he had added that the restoration of freedom to deal with gold—through governmental and not through private agency—in essence created & man ged gold standard. "The break lown of the gold bloc, accompanying the devaluation of the franc has facilitated. this advance stablliza= lon of the world's currencies, which is So essential to the achieve ment of economic recovery by Towering or removing tariff barriers and other "fiscal Lindranees to international trade, The world depression which has. followed in the wake of the Great War arises directly from the violent political and non-economic inter ferences with the direction and objects of industry and commerce. with regret, as from September 30 The war itself and, later, the acute tine now yields. nationalism which sought to redress the political inequalities of the peace, have in their turn imposed an intolerable strain on the orlod of more than eight years." economic fabric. Whatever may be General J, Mr. Jones? letter was not published te success of individual nations in authority to apply martial law and
Text read from the printed page and cleaned; old type leaves the occasional error.