THE SLUMP IN AMERICA

Evening Post, Volume CXIII, Issue 3, 5 January 1932, Page 7

THE SLUMP IN AMERICA

MEASURES TO MEET IT

PRESIDENT'S PLAN

(Received sth January, 1 p.m.) AVASHINGTON, 4th January. A resolution authorising tho distribution of forty million bushels of Farm Board wheat to tbe unemployed was adopted on Monday by the Senate. | Tho Democratic Senate and House Policy Committee on Monday agreed on a Tariff Bill to Vje brought up for action in. the House probably on Thursday. This does not touch the rate structure of the tariff, but sets out the policy the Democrats -would follow in event of their capturing the Senate and House at the fall elections'. Tho tariff proposal carries provisions authorising an international economic conference to be called by the President to promote the lowering of international tariff walls. It would also provide for a tariff commission to make recommendations to Congress instead of the President for changes in duties, and embraces a provision for the creation of a consumers' counsel for the tariff commission, and looks to lowering duties as the result of the proposed international conference.

President Hoover in r surprise special message to Congress on Monday urged immediate action upon his emergency economic programme, declaring that tho need was eveii more evident than when it was first laid before Congress. "Wo can and must replace unjustifiable fear in the country by confidence," the President said, enumerating the measures requiring immediate assistance. He said that they were designed to check a further degeneration of prices and values, to fortify the United States against continued shocks from world instability and to unshackle tho forces of recovery. The measures include the strengthening of the land bank system, the creation of half a billion dollar reconstruction finance corporation the creation of home loan discount bank system, and tho reduction of Federal expenditures. ■