U.S.A. RECOVERY ACT

Press, Volume LXX, Issue 21082, 6 February 1934, Page 9

U.S.A. RECOVERY ACT

UNDERLYING DANGERS WARNING BY ECONOMISTS (united press association—by electbio telegraph—copyright.) (Received February 5, 5.5 p.m.) NEW YORK, February 4. While viewing the National Recovery Act as a "humanitarian" measure, 11 noted economists, members of the cpmmicsion of economic reconstruction, to-day issued the warning that nevertheless the act contained certain dangerous economic fallacies. Its outstanding danger appeared to be that the code powers would be used for a competitive limitation of output "at the expense of the present and future national welfare." The economists also recommended the establishment of a world bank, which should issue international currency. Pending the formation of this bank they suggested that the Federal Reserve Bank should be linked to the Basle Bank of International Settlements. They also advocated the levelling of tariff barriers and a rise in the world price level. A PRIEST'S VIEW OF STABILISATION INFLUENCE OF AUSTRALIAN POUND (Received February 5, 5.5 p.m.) DETROIT, February 4. Father Couglin, the Roman Catholic priest who has gained an immense following by his radio sermons and addresses, in his weekly nation-wide broadcast to-day declared that because of the difference between the British and Australian pound "We dare not stabilise the American dollar with the British pound." "If this were done," he said, "we could hang 'for sale' signs on our American farms or give them to the Australian farmers." STRIKERS' VIOLENCE NEW YORK TAXI-DRIVERS ATTACKED (Received February 5, 5.5 p.m.) NEW YORK, February 4. The taxi-cab strike was marked by violence to-day when a number of independent drivers were beaten and stoned. Passengers were dragged from the cars, tyres were slashed, and ignition systems were destroyed. Seventy-five cabs were wrecked or disabled.