AMERICAN DEVELOPMENTS

Evening Star, Issue 21634, 1 February 1934, Page 9

AMERICAN DEVELOPMENTS

PRESIDENT CONFERS WITH MONETARY EXPERTS Press Association —By Telegraph—Copyright. WASHINGTON, January 31. Immediately after President Roosevelt had signed the Monetary Bill Mr Morgenthau promulgated 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 the experts were recalled for another meeting to-morrow. DECLARED UNCONSTITUTIONAL AGRICULTURAL ADJUSTMENT ACT. Press Association —By Telegraph—Copyright. TAMPA (Florida), January 30. Federal District Judge Akerman today declared the 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 the Constitution, the Act is so full of holes that you could drive eight yoke of oxen through it.” He added: “ The Act makes the Secretary of Agriculture so great in power that he has an army of men greater than Washington’s and more power than Csesar or Napoleon, and all without constitutional authority. The Act was undoubtedly passed at the request of the Department of Agriculture and approved by the Attorney-General. Congress used *to pass its own Bills, but that is not so any more.” , The Government, whose only defence was a motion to dismiss the application on the ground that the court had no jurisdiction, announced that it would appeal. THE DOLLAR REVALUED WASHINGTON, January 31. (Received February 1, at 11.30 a.m.) President Roosevelt to-day revalued the gold dollar at 59.06 per cent, of the former weight. The new gold dollar became effective immediately the proclamation was signed by the President, who announced that tho Treasury would _ purchase any and all gold at the price of 35d0l per fine troy ounce, subject to the usual deductions for mint and handling charges. (Received February 1, at 12.30 p.m.) The presses of the Federal Bureau Printing and Engraving Department were busy to-day clicking out gold notes, which go to the Federal reserve banks or other holders in exchange for metal deposited with the Treasury. As the notes are not designed for circulation they are printed in 10,000dol denominations.