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. It has come through, though, it is coming through - and
this is what President Kennedy will tell the world next
week.
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