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world peace lies through freer and duller international exchange of nwoey and goods but that any country wanting to build an approach to that road must first lay down a firm financial footing.
That is not a new lesson. Two of Virginia’s most honored sons, President Woodrow Wilson and' my own revered predecessor in the United States Senate, Carter Glass, showed they knew it when they advocated lower tariffs and constructed the Federal Reserve System forty years ago as a bulwark to the American financial and economic structure.
The International Bank and Monetary Fund must follow similar sound principles. The feeling among those attending tthe meetings here has been that these agencies must proceed cautiously with expansion plans until there is more stability in Western £urope, tangible evidence that the surge of extreme nationalism which followed France's repudiation of EDC can be curbed and assurance from our Congress that “trade and not aid” is something more than a political shiboleth. It was disturbing to our friends and allies when the last session of Congress turned down the President’s recommendations in that behalf.
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