GOLD BILL SIGNED

Dominion, Volume 27, Issue 109, 1 February 1934, Page 9

GOLD BILL SIGNED

United States Monetary Measure REGULATIONS ISSUED Preparations to Carry Out Provisions CONFERENCE OF EXPERTS By Telegraph.—Press Assn.—Copyright. (Received January 31, 7.50 p.m.) Washington. January 31. President Roosevelt signed the Gold Jjiill to-day and prepared immediately to carry out its provisions, the first feature of which Is to assume possession for the Treasury of all monetary gold. Details of how the technical transfer will be effected or how long it will require will not be known. After they are accomplished, however, it is understood that the President, on the basis of conferences with his fiscal advisers, will issue a proclamation fixing the gold content of the dollar within a specified range of 50 or 60 per cent, of its old value, and will immediately start the operation of the two billion dollar stabilisation fund to maintain the desired value. Immediately after President Roosevelt had signed the Bill Mr. Morgenthau, Secretary to the Treasury, promulgated a several thousand words of Treasury regulations dealing with gold operations under the new law. President Roosevelt conferred this afternoon with monetary experts, but no announcement was made except that tlie experts were recalled for another meeting to-morrow. DECLARED INVALID Agricultural Adjustment Act GOVERNMENT TO APPEAL (Received January 31, 7.50 p.m.) Tampa (Florida), January 30. Federal District Judge Akernian today declared tlie Federal Agricultural Adjustment Act unconstitutional, and accordingly issued an injunction to a group of citrus growers restraining the State control committee from enforcing orders under the Act. Judge Akerman said: “When considered in the light of tlie Constitution tlie Act is so full of holes that you could drive eight yoke of oxeu through.” He added : “The Act makes the Secretary of Agriculture so great in power that he has an army of men greater than 'Washington’s, more power than Caesar or Napoleon, and all without constitutional authority. The Act was undoubtedly passed at the request of the Department of Agriculture ami approved by the Attorney-Gen-eral. Congress used to pass its own Bills, but that is not so any more.”

The Government, whose only defence was a motion to dismiss tlie application on tlie ground that the court had no jurisdiction, announced that it would appeal. NAVAL BILL PASSED Lower House Decision (Received January 31. 7.15 p.m.). Washington. January 30. After a six hours' debate the House of Representatives to-night passed the Vinson Naval Bill without recording a vote. Attempts to lower the authorisations were defeated. The Vinson Naval Construction Bill provides for appropriations of 470,000,000 dollars and is designed to bring the American navy to full treaty strength through tlie construction of over 100 vessels. INDUSTRIAL DISPUTE President Promises to Act Washington, January 30. Taking cognisance of tlie threat of a general strike in the steel industry, involving perhaps 450,000 m<n. President Roosevelt to-day promised the labour leaders that lie would force a re-poll of the Weirton workers to ascertain whether they wished to be an independent or a “company” union. N.R.A. officials would supervise the voting and insure a fair election. The long-disputed labour , section of I he Recovery Act appears to be reaching a head, with the unionists determined to force “closed shop” conditions in large industries, notably steel and coal, while the owners are striving to maintain a semblance of free labour competition. ’Phe Weirton officials will not make an immediate answer to the President's proposal, but it is believed that they will insist that the first election which favoured a “company” union was fair and should not be abrogated.