AGAINST INFLATION

Greymouth Evening Star, 16 March 1934, Page 7

AGAINST INFLATION

MR. ROOSEVELT WATCHFUL

"'I “PRINTING-PRESS MONEY”

[By CABLE —PBkSS ASSN.—COPYRIGHT.]

March 15.

Ih reiteration of’ his determination to veto the Veterans’, Bonus BiU,if it passes the Senate ? as; it has. passed<the House, President Roosevelt made it clear that he is opposed to ahy sort of printing press? money, such as is being now strongly agitated for. in Congress. For the first time, v the President indicated that he realised that dangers might result from some of the provisions of Mr Thomas’^-in-flation amendment, if it is made operative. , The President considers that the proposal for the issue of a quantity of non-interest bearing “baby bonds” in order to retire outstanding Government securities, is thoroughly sound, and is not equivalent to currency inflation, but he probably will not take such action, due to a fear that, it would tempt Congress to. use such baby bonds in greater-quantities'for other purposes.. SILVER SPECULATION.

(Received March 16, 10 a.m.) ; WASHINGTON, March 15.

The Treasury’s investigation of speculative silver holdings was said by Secretary Morgenthau to have shown that some advocates of higher silver prices “were not entirely disinterested,” and he opposed a further change in the Government silver policy at this time.

FOREIGN TRADE INCREASE.

WASHINGTON, March 14.

Increases in the dollar value .of the American foreign trade during January compared with that of January 1933, were revealed in the trade figures of the Department of Commerce to-day. The exports increased by 51,585,000 dollars and the imports by 32,529,000 dollars, although represented in devaluated dollars.

LINDBERGH AND AERIAL MAILS

NEW YORK, March 14.

Colonel Lindbergh has informed Air Secretary Dern that he is unable to accept his appointment on the Aeronautical Committee to conduct the inquiry into the accidents to the Army planes carrying mails. He said he felt that the use of the Air Corps to carry mails was “unwarranted and contrary to American principles.” He expressed the opinion that the Army Air Force did not have the proper equipment, nor adequate time for training for this field of aviation. Colonel Lindbergh stated that he considered the use of the Army Air Corps to carry air mail was unjust to the Air Lines whose contracts were cancelled without a trial. He added: “It has unnecessarily and greatly damaged all American aviation. I do not feel I can serve on a Committee whose function it is to assist in following out an Executive »

order to the Army. to take over the commercial air mail system of the United States.”

ST. LAWRENCE WATERWAY.

WASHINGTON, March 15. The United States Senate to-day rejected the proposed Treaty between the United States and Canada regarding their joint construction of the St. Lawrence waterway* ; The voting was 42 for ratifying the" Treaty and 46 against. The Senate’s action is the major legislative setback for the administration. and for President Roosevelt personally, the President having urged the ratification of the Treaty in two messages to the Senate. The Senate’s action again illustrates the difficulty of ratifying any treaty which is undertaken by the executive.

Senator Lewis, of Illinois, leader of the opposition to the Treaty, is jubilant over the outcome, stating that no treaty could get the Senate approval that does not recognise Lake Michigan as being purely an American body of water. President Roosevelt has announced that he will send the Treaty back for reconsideration later, stating that he feared that a failure to ratify it would place the St. Lawrence waterway entirely under Canadian control if Canada decides to undertake the construction of the waterway herself. .

WHEAT SOWINGS.

WASHINGTON, March 15.

The Crop Reporting Board announced to-day that farmers reported on March 1 that they intended to plant 18,595,000 acres of spring wheat. This represents 97.5 per cent, of the 1933 acreage.