INFLATION PLAN

Manawatu Standard, Volume LIII, Issue 251, 20 September 1933, Page 7

INFLATION PLAN

FREE COINAGE OF SILVER. PROPOSAL IN AMERICA. ULTIMATE POSSIBILITIES. (United Press Association—rßy Electric Telegraph.—Copyright.) Received September 20, 9.45 a.m. . WASHINGTON, Sept. 19. Senator Pittman (Democrat), accompanied by the United States delegation to the recent World Economic Conference, was called to White House to-day by President Roosevelt, when Senator Pittman filed a brief for the free coinage of silver as a means of inflation. Ho contended that the President had a legal right to allow the unrestricted coinage of silver produced in the United States, and that if producers were allowed to have bullion coined and used by them 29,000,000 to 33,000,000 dollars would be put into circulation. It is understood that Senator Pittman contended that the free coinage of silver would raise the price of silver from 41 to 129 cents an ounce. COTTON PLANTERS’ PRESSURE. AN ADROIT TRANSFER. Received September 20, 11.40 a.m. WASHINGTON, Sept. 19. The pressure upon President Roosevelt from the southern cotton planters for the immediate exercise of his inflationary powers was carried directly to White House to-day, but from there was adroitly transferred to the Department of Agriculture, where Mr Henry Wallace, however, declared himself unable to meet the delegation headed by All- John S. Wannamaker, president of the Cotton Association, and led by Senators Thomas and Smith, of South Carolina. The delegation found that the President was compelled to cancel all his engagements due to a cold. Air Wannamaker, following the failure to obtain a hearing with Air Wallace, complained of being “shuffled around” and urged the cotton men to remain in AVashington until they obtained a hearing by the President. BANKING COLLAPSE. GOVERNAIENT BLAAIED. DETROIT, Sept. 18. Judge Harry Keidan, who took testimony for three months in a one-man grand jury investigation into the reasons for the collapse of Detroit’s national banks, to-night laid the blame on the United States Treasury Department, under the Hoover Administration. He found there was “no evidence of criminality” on the part of the bankers. One of the points of controversy throughout the hearing was whether the Government was justified in placing the two banks under conservators. Judge Keidan commented: I am constrained to find that the two national banks on February 11 were solvent. TRADE RECOVERY. PROGRESS OF SCHEAIE. COAL CODE SETTLED. AVASHINGTON, Sept. 19. The protracted negotiations in connection with the National Recovery Act coal code were definitely completed to-day as President Roosevelt signed the instrument after eliminating the highly controversial section attempting to interpret the labour clause of the Recovery Act. This is regarded as a victory for the Labour leaders. President Roosevelt held that the original law covered the matter. General Hugh Johnson, the administrator, and others within the National Recovery Act organisation, hailed the signing of the code as the most significant development so far. Some viewed it as a possible prelude to direct Governmental control. The section of the code providing that the Government must be supplied with such statistical information from the employers as iirice scales, sales volume, wages, etc., makes possible comprehensive protection for consumers. The strike situation generally is unchanged. It is hoped that the signing of the coal code will settle the labour troubles in that industry. Meanwhile the Arbitration Board has announced the settlement of a few small strikes, while others have developed. Some 8000 shoo workers at Brockton, Massachusetts, walked out, rejecting a plea to withhold action pending intervention. The employers’ proposal for ending the New Jersey silk strike has been submitted to the authorities. The employers agree to take back the workers with the exception of fifteen alleged “trouble-making Communists.” No decision lias yet been reached. Tlie Administration’s fears that the price-fixing provision for petroleum might have to be invoked have been lessened with reports that the. industry is on the way to righting itself. The epidemic of petroleum price-cutting wars is on the wane generally. Perhaps the most outspoken objection to the National Recovery Act and tlie entire Roosevelt recovery programme so far is contained in a seventv-fiftli birthday interview with Mr George AVickersham, former Republican Attorney-General in tlio Taft Administration who denounced the movement as leading to State _ Socialism, undermining the Constitution, and' likely greatly to increase the cost of government for tlie average person and benefit special interests.