Washington, November 28, 1933.

Senator Borah says no alternative to the President's monetary policy has been presented. Well, perhaps not publicly. But the number of suggestions laid before President Roosevelt urging an entirely different course from that which be is pursuing would fill volumes.

To summarize a program of action that Mr. Roosevelt has been asked to follow is not difficult. Here are some of the main items:

First, the announcement of an intention to return to a metallic standard, either gold alone, or gold with silver.

Second, the establishment of a 25 per cent ratio of gold to all currency or notes issued by the Federal Government.

Third, the fixing of a gold bullion, and not a gold exchange standard. Gold coin would not circulate, but all certificates would be gold certificates. Redemption in $5,000 bullion bars would be permitted, very much as the gold bullion standards of England and France have been operated in the past.

Fourth, a clearing house for gold settlements arranged through the bank for international settlements so that there would be economy in the use of gold, or, to put it another way, so that there would not be the same necessity in the future as in he past to ship gold from country to country. This would be analogous to the clearing houses in the Federal Reserve System.

Fifth, consultation between the Federal Reserve of New York and the central banks of Europe with respect to a program of stabilization so that other currencies may be adjusted to our proposed plan. This would not necessarily mean immediate stabilization, but a simple announcement of intent would mean a steadying of world currencies.

Sixth, a balancing of the American budget by the setting up of no further appropriations that are in the nature of direct grants, with the exception of relief appropriations for subsistence. All other advances of money should be on a loan basis. American industries should be given loans directly by the R. F. C. unless it is intended to modify the securities law and permit a return to private investment financing.

Seventh, adjustment of private debts through the passage of the McKeownLa Guardia bill, providing that when '66 2-3 per cent of the creditors of a corporation agree upon a plan of settlement or reorganization, this shall be binding upon the minority. The proposal passed the House, but failed in the Senate last February and was not pressed in the extra session.

Eight, clarification at an early date of the part the government is to play in the various code authorities to be set up under the NRA so that the relation of government to the profit-making system may clear up doubts as to future tax revenues.

Ninth, confiscation of the gold profit arising out of the revaluation of the dollar so that the Treasury of the United States may acquire the excess from the Federal Reserve Banks by using the taxing power. This excess gold or gold profit would be used by the Federal Government as a basis for the issuance of currency notes with which to help retire public debt or as a means of credit expansion for the benefit of American industry requiring capital loans.

The most important item not included above but inferred from the program outlined is instant action--a clarification of public policy so that its broad principles may be understood by the American people and business in particular