Key Men

With Great Britain off the gold standard, the U. S. and France are the world's bankers. Economically, therefore, Premier Pierre Laval and President Herbert Clark Hoover are the world's two key men. Last week they made plans to meet in Washington the latter part of this month. To the international Press went most of the credit for the Laval-Hoover meeting. Fortnight ago in Paris, on the eve of Premier Laval's departure for Berlin (see p. 19), it was reported that M. Laval "was considering an American trip." Apparently this report was purest fiction, but there was nothing for fleshy Ambassador Walter Evans Edge to do but go over to M. Laval's office in the Ministry of the Interior and invite him informally to Washington. Last week a formal invitation followed the French Cabinet's formal assent to the journey. Ambassador Edge again drove to the Minister of the Interior, this time with six silver inkstands, gifts from himself and Secretary of the Treasury Mellon to Premier Laval and colleagues "in commemoration of the friendly collaboration following President Hoover's moratorium proposal--Paris, July 6, 1931." At the same time Ambassador Edge delivered the White House invitation. Swart little Premier Laval graciously accepted the invitation and the inkstands, remarking facetiously: "We are infinitely touched by your gesture. . . . Your compatriots who, we are told, use only fountain pens, will interpret this as a good-natured compliment to the tenacious habits of our ancient civilization." Arrangements were made for the Premier to sail on S. S. lie de France with Ambassador Edge. At first he said he would not take his daughter Jose, 20, with him. But after she saw her name mentioned in the newspapers as a possible member of the entourage there was no stopping her. Since her father speaks no English, she will be his interpreter. In Washington, Secretary Stimson beamed his approval of the visit, did not reveal the probable nature of the Hoover-Laval conversations but guessed that "the sky would be the limit." With visiting Prime Minister James Ramsay MacDonald of Great Britain two years ago (who also brought his daughter along), President Hoover was principally concerned with disarmament. The Laval visit should be an event second in importance to none so far during the Hoover Administration. Because their nations now own 64% of it, it was safe to say that Premier Laval and the President would be chiefly concerned with the world's Gold and what to do with it, especially in relation to the politics of Europe. P: Back from the American Legion convention (see p. 13) where he scotched, temporarily at least, further Bonus inroads on the Treasury, President Hoover issued a grave statement last week warning the country against excessive national expenditures. He pointed out that the last Congress had been asked to spend seventeen billion dollars more than it did, largely by "group and sectional interests" and "organized minorities." Observers thought he had in mind such proposals as a $5,000,000,000 "Prosperity Loan," advocated by Publisher William Randolph Hearst and supported by Insurgent Senator Smith W. Brookhart of Iowa. Said the President: "Unless there is a general recognition that this is no time for such activities, these same pressures will again arise. It is important that there should be a great effort on the part of organizations of our country to express their disapproval of such expenditures now, even though the projects may be most meritorious. They should be withheld until the country is in better condition."* P: Rain and cold greeted President Hoover when he arrived at his Rapidan camp for the weekend. Most of his time was spent sitting around a roaring log fire talking to Governor Theodore Roosevelt of Porto Rico--possibly, guessed the Press, about Governor Roosevelt's being sent to the Philippines to relieve Dwight Filley Davis (see col. 3).

* For other comment on pressures and organized minorities, by Citizen Calvin Coolidge, see P. 15.

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