THE PERQUIMANS WEEKLY,.. HERTFORD, N, C, FRIDAY, JULT 23, 1948.
Currency Problems , N
Hurt World Trade " x
"v Recently, representatives of the
United States and Great Britain con
ferred in London about "vexing cur
, rency problems" involved irTthe pro
, motion of European trade.
Jllr. f, W. Averill y Harriman, the
American Ambassador-at-Large for
the Economic Cooperation Adminie-
tration, is understood to believe the
- lack of exchangeability of currencies
in Europe constitutes a grave handi
cap to jntra-European trade. It is
very doubtful if any intelligent per-
r son can take- an opposite view.
While on the question of currencies;
it might as well be admitted that the
difficulties of securing international
" exchange constitute the greatest bar
rier to a worldwide development of
trade. " Officials of nations who desire
to promote the welfare of all peoples
: in the world would, therefore, do well
to consider the possibilities of estab
lishing some international currency
to be used in the promotion of com
merce between the various nations
of the world. .
In the United States, for example,
we have forty-eight states, with a
vast population, covering a consid
erable land area. There is no difficul-
ty whatever when a citizen of one
state attempts to purchase an article
,-in another state. This is not the case
in connection with an attempt by a
citizen of one country to purchase
: goods from a citizen in another. There
must be a delicate estimate of the
. relative value of the national curren-
cies of the two countries, or the na
tionals involved must agree' upon val-
ues. expressed in terms of dollars or
. pounds.
' While there are considerable diffi
. culties connected with any attempt
. to establish an international . curren
cy, they are not insuperabl'e and, in
.s fact, no more than those that have
been raised in connection with the
solution of 'other problems. A start
- in the right direction might be made,
it seems to us, if the United States
, and Great Britain could get together
and fix the rate of exchange of their
currencies or else inaugurate some
form of -currency that could be used
internationally.
Another solution to the commercial
difficulty, connected with the problem
. of exchange, lies in the establishment
of a union of the democratic peoples
of the world. Naturally, in such a
union, there would be a common cur
rency, which cpuld be used to pur
chase goods in any of the nations in
cluded in the union. This would be
a great etep forward and might pro
duce an expansion of commerce comp
arable to that which has been wit
nessed in the United States in the
past one hundred years.
. No Special Session
Likely To Be Called
One of President Truman's indict-
' aient against the Eightieth Congress
is that it failed to do anything about
the "high cost of living" or to pass
-satisfactory legislation about the
, housing situation.
ThePresident, in his trip to the
' West Coast delivered some vigorous
attacks upon the Congress, assailing
it for inaction and terming it prob
ably the worst in the nation's his
tory. This naturally aroused the ire
of Republican leaders and caused
prominent Republicans to speak out
in defense of the record of their
Party. , '
'Since adoption of -the Republican
.. platform, there have been suggestions
that the President ' should call Con
gress into a special session in order
to pat the Republicans on the spot,
f In brief, the idea is tp give the -Republicans
an opportunity to pass the
"legislation that they say, in their
platform, they want adopted..
Some observers do not believe that
' thgjresult8 would warrant a special
; session and some of the Republicans
point out that nothing would be ac
complished because ; the President
would veto any bills passed, by the
, majority. This is probably a correct
appraisal of the situation because,
it may be assumed, the bills passed
by the Republican majority ' would
' contain provisions not to the liking
of Mr. Truman. . 1
Unless We Get Goods ' -
In Return We Lose
It is necessary for us, if we hope
to understand the operation of the
Marshall Plan in Europe, to realize
that the voting of a money appro
priation by the Congress of the
United States does not automatically
solve the problem.
For example, the Economic Coop
erative Administration, from April
through June,., allocated 1762,747,140
to the Marshall Plan countries, and
Trieste and China. Obviously, it will
do these countries no good to ship
to ase ki buying the products of other
countries.
Consequently, the essence of the
Marshall Plan is not the lending of
money but the shipment of goods and
products'. Therefore, we ' find officials
authorizing credits for the purchase
of foods, commodities and raw mater
ials, with the bulk of the buying to be
done in the United States. Other
countries will provide some of the
stuff that Europe needs but much of
it will come from this country.
We emphasize the shipment of
goods to other nations because of the
fact thatevery boatload of commod
ities or products of any kind, which
leave the United States, depletes our
natural resources by that much. Ob
viously, if we do not want to weaken
our economic position, we should be
willing to accept from the other coun
tries similar shipment of goods, raw
materials or products that we can
use.
If the United States undertakes to
ship an endless stream of its natural
products to other countries without
getting anything material in return,
except an I. 0. U., the United States
wilf gradually give away its re
sources for the pleasure of saying
that othe countries owe us some
money. Obviously, we do not need
money because at Fort Knox, Ken
tucky, we have most of the world's
May Warn of Disordered
Kidney Action
Modern life with Its hurry and worry,
irregular habits, improper eating and
drinking its risk of exposure and infec
tibn throws heavy strain on the work
of the kidneys. They are apt to become
over-taxed and fail to filter excess acid
and other Impurities from the life-giving
blood.
You may suffer nagging backache,
headache, disziness, getting up nights,
leg pains, -swelling feel constantly
tired, nervous, all worn out. Other signs
of kidney or bladder disorder are some
times burning, scanty or too frequent
urination.
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gold. ' . v .f '. . ". ,
The smart thing for the neonle of
the United States to understand at
the present tin is that we must re
ceive goods in return for the goods
we send abroad. When high tariff
walls stand between us 'and the re
ceipt of the goods offered to us in
swap for goods shipped abroad then
the high tariff wall must come down.
The welfare of the great mass of
the people of this country requires
that there be no gradual depletion of
our, material resources.
Pay Boosts Increase
Cost Of Government
The cost of operating the Federal
Government goes up about a half
billion dollars a year, due to the re
cent measure of Congress, granting
increases in pay to Federal employees
throughout the country.
An increase of $330 a year is giv
en to 840,000 Federal employees in
Civil Service classifications and an
increase of $450 a year goes to 478,
000 postal employees.
While it is easy to understand the
necessity for increasing the pay of
Federal employees, it is somewhat
surprising to note that Congress did
not likewise increase the nay of muni'
cipal employees and teachers in the
District of Columbia, which, the
cynics note have no vote.
It is also interesting; in connection
with the pay increase, to note that
the fostomce Department, which op
erated at a deficit last year, will have
its expenses increased by more harf
$200,000,000. Obviously, no private
enterprise, operating at a loss, could
grant a pay increase until it was op-
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U. S. Should Use Surplus
To Reduce Its Budget
The Federal Government operated
PAGE THREE
the fiscal year 1948, which closed
June 30, with a surplus fit $8,419,
469,843, which is described by the
(Continued on Page Twoj
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