FISCAL: Apology for the Dollar

Last week when Secretary Morgenthau announced that he would review the New Deal's monetary policy by radio, financial papers worked themselves up into a lather of anticipation: he was speaking to pave the way for more dollar devaluation, for remonetization of silver, he would make "an important announcement."

He spoke and the U. S. heard, not of events to come, but a belligerent defense of steps already taken, a rebellious defiance of foreign critics and domestic detractors. His defense on major points:

Stabilization. "The world should know that when it is ready to seek...

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