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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (Sept. 11, 1962)
TUESDAY. SEPTEMBER II. 1962 A 3 Dennis the Menace W MONTGOMERY WARD MEDFOHD MAIL TRIBUNE. MEDFOBD. OREGON TrIAT'WEW'MJIJ mi HAPPENS TO BE PURE SALTAlPi fczy. Your Money's Worth By SYLVIA PORTER Copyright, Hill Syndicate, Inc. KENNEDY TO PLEDGE NO DOLLAR DEVALUATION Any foreign speculators who try to stage a raid on the U. S. dollar in these days remaining before the West's most powerful financiers convene in Washington Sept. 17 for the annual meetings of the World Bank and International Mone tary Fund are going to lose their gamble. For the President of the United States will stand up be fore the finance ministers and central bankers representing their nations in these organizations next week and will tell them unequivocally that the U. S. will not devalue the dollar. ' President Kennedy will say it in the polite words of a gentleman heading the world's strongest financial nation However much he may resent the way our allies are draining the U. S. gold reserve and their newspaper com mentators are sniping at the U. S. dollar at a time when 1he tiniest adverse movement undermines confidence in our currency's stability, he'll not stoop to the language he justi fiably might use. However much he may despise the spec ulators, he'll not lower the prestige of the U. S. by censuring them for buying gold in the world's market in the hope that if they attack our gold price enough, they can force us to raise it so they can reap a killing. Bui polilo though his words may be. Kennedy's mes sage will be unmistakable. The very fact thai he is appear ing in person to make a major address before the free world's financiers telegraphs lhat he'll say Ihere will be no hoo in our aold Drice. He wouldn't appear otherwise. Kennedy's speech has not yet been written and what I'm reporting here can only be informed guesswork, but it. is informed. ' It may give you a queasy feeling to realize the extent to which our dollar the pivot of the tree world s monies, the currency which has helped build and rebuild nations the globe over since World War II has been battered in recent months, but the bitter fact is that it has been. The reason is that for years we have been spending much more abroad than we have been taking in from other countries, running a big deficR in our balance of payments as a result, and thus permitting foreign creditors to stack up enormous claims in dollars against our gold reserve which we are nledeeri to honor in Bold on their demand. The requests have been piling in. our gold hoard is down to a 23-year lnw nf SIB billion, the foreign claims are now much larger than our gold reserve and, should our creditors make a con certed run on our gold, we couldn't possibly pay off. This Is the background for the speculators' gamble that we'll have to retreat, boost our gold buying price, and by so doing devalue the dollar. Against this disturbing background, what might the Presi dent say? Surely, he will outline the progress we are making in bringing our international accounts into balance - even as we continue to pour out billions in foreign military and econom ic aid. He will tick off the steps we are taking to boost our exports of goods, to slash our foreign expenditures, to set up defenses against speculative raiders. Surely he will point out that the deficit this year is run ning at $1.5 billion, down from $2.5 .billion in 1961, $3.9 billion in I960, $3.7 billion in 1959, $3.5 billion in 1958 - and that we intend and expect to erase the deficit entirely by the end of 1963. . Surely he will inform our allies - politely, but plainly -lhat they are now able lo lake over a larger share of lhe burden for the West's defense and development. "In the corridors" our second echelon - Treasury Secretary Dillon, Reserve Board Chairman Martin. Treasury Undersecretary Roosa - can spell this out. make it clesr lhat overnight we can solove our balance of payments problem if we shed some of our defense-aid burden, but if we do so they'll be tlB ktnnaci titffarftrs. Surely he will say that, unsettled as the picture is as of i mot nn fnr "Hpnfra1p' or "ffim- ocpiemoer iu, wicic a cvu . . mick" measures and we need not add extra gold "guarantees In holders of our dollars. Surely he'll remind the delegates of the West's economic financial suDerioritv over the Soviet Bloc and by implication remind them that they have as much of a stake in mainten ance of the dollar s value as we - lor me aonar underpins the whole structure. Fnr almost two vears our dollar has taken a pushing around, at times merciless, from our "friends" as well as foes. 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