Word: aldrich
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Married. Harriet Aldrich, 22, pretty, biochemist daughter of Chase National Bank Chairman Winthrop Aldrich; and Lieut. Edgar A. Bering Jr., 27, Navy research doctor at the Harvard Medical School; in Manhattan...
...place from which to begin anew, Banker Aldrich suggested a plan of his own, which soared so far above considerations of the practical political and economic possibilities as to make him seem an unworldly visionary...
...Banker Aldrich began modestly and well: the U.S. and the British should "enter into immediate conversations on such problems as tariff barriers, imperial preference, export subsidies, bulk purchasing and regional currency arrangements. . . . We must be prepared to effect substantial reductions in our tariff rates." But then, he said, the U.S. must also be prepared to hand Britain a "grant-in-aid" to stabilize the pound. "The sum may be large," said Banker Aldrich dreamily. The U.S. must also open its purse wide, through the Export-Import Bank, to borrowers from all the nations of the world. How much would this...
Once the prerequisites are obtained, the financial problem of currency stabilization becomes relatively simple." But Banker Aldrich's well-intentioned proposals began to come apart when he mentioned that there are a few other prerequisites to the success of his plan...
...This will not prove easy," Banker Aldrich commented and in closing, added sadly: "It is unfortunate that so much time and energy were given to the Bretton Woods proposals rather than to the main task of economic reconstruction...