Joint Statement with Doctor Schacht of Germany.

In our conversations we have been guided by the hope that the World Economic and Monetary Conference may be successful. Quick and far-reaching solutions are necessary to save the economic life of the world.

We are convinced that this aim cannot be achieved unless, along with economic disarmament, there is military disarmament. We emphasize the necessity of a speedy elimination of the obstacles to international trade, and we feel that the creation of stable conditions in the monetary field is equally important. Economic and monetary questions are so interdependent that the adjustment of both must necessarily go hand in hand.

Until the restoration of order in economic life has had its effect in relieving unemployment, all possible endeavors must be made to help the unemployed by sound internal credit expansion and by a synchronized international program for the mobilization of public and private credit for productive purposes. International cooperation is needed above all else to restore economic life and to insure peace. We fully agree in our firm resolve to help the world situation by attacking present problems vigorously along these lines.