U.S.A. “ARISTOCRACY”

Greymouth Evening Star, 3 January 1938, Page 12

U.S.A. “ARISTOCRACY”

"BIG BUSINESS” WARNED. . WASHINGTON, December 30. Apparently continuing Mr Jackson’s attack, Mr Ickes, in a speech broadcast throughout the nation, made the charge that, sixty families, who control American wealth, have threatened a. sit-down strike of capital. Mr Ickes issued a. warning that unless they co-operate with the New Deal, new and more stringent laws will be enacted. "It is the old .struggle between power and money,” he said. The moneyed. aristocracy of America constitutes an even greater menace to our institutions than would a titleu class. Big business cannot deal with the Government as one sovereign power with another. American big business must learn to get along with public, opinion, as it has learned in England.” The Securities Exchange Commission’s third annual report to Congress, charged the National Securities Exchanges that they had: not yet demonstrated their capacity to police their markets effectively against manipulative deceptive practices, thus compelling the Securities Exchange Commission to maintain constant extensive surveillance. The Commission adds that it made numerous investigations into unfair practices in the effort to protect the investing public.

PRESIDENT’S DISTINCTION. WASHINGTON, December 31. Mr Roosevelt, at a Press Conference. referring to Mr Jackson’s speech, explained that the Administration’s attacks on business were aimed only at certain “malefactors of great wealth,” not against all men of great wealth. PRICE OF SILVER. WASHINGTON, December 31. Mr Roosevelt has lowered the price the Treasury is paying for newlymined domestic silver from 77.57 to 64.64 cents an ounce, for a year. With the New York price of silver about forty-five cents, the Treasury has been paying a bounty* of approximately thirty-two cents an ounce The new price is more in harmony with the world price. The United States Treasury announces the renewal of agreement with Mexico and Canada, under which it will take newly mined silver at forty-four to forty-five cents per ounce.