The Archive · 1939

U.S. Treasury Head Fears Money Crisis

Stabilization Fund Need During 1939 Stressed

Washington, Mar. 2.

Predicting a "recurrence of an international crisis" in the inter-rational monetary field in 1929, the Becretary of the Treasury, Mr. Henry Morgenthau, today appealed to the Senate Banking Committee to prolong the Government's $2,090,000,000 stabil "zation fund as a weapon against possible foreign currency devaluation.

Mr. Morgenthau also urged the Committee to extend President Roosevelt's power to devalue the dollar if be deems it necessary.

Republican Congressmen launched a campaign of concerted opposition to both extension proposals. Senator Carter Glass, conservative Democrat of Virginia, said "I oppose giving anyone the right of taking us on this course by further devaluation of our currency."—United Press.

The genuine "Bausch & Lomb's"

Text read from the printed page and cleaned; old type leaves the occasional error.

Your account