Roosevelt “Farm Dictator”

Manawatu Times, Volume LVI, Issue 7104, 13 March 1933, Page 7

Roosevelt “Farm Dictator”

Normal Banking Activity Resinning

GOLD FLOWS BACK TO BANKS

United Press Association —By Electric Telegraph—Copyright. Received Sunday, 11.30 p.m. WASHINGTON, March IT.

President Roosevelt announced that the “technical difficulties which operated to delay the opening of banks, both State and national, have finally substantially been overconio, and the banks of tho country will bo opened progressively on Monday, Tuesday and Wednesday mornings.” Tho Prosidcnt will address tho nation over tho radio on Sunday night to “explain in simple language to all of you just what has been achieved.” The day’s developments in banking and related matters included a continuation of payments by banks on a very restricted scale for the most necessary transactions. There are indications that farm leaders will ask President Roosevelt to bccomo "farm dictator” in order to cope with tho emergency in agriculture, the passage of the Economy Bill by tho House, and the continued redeposit of gold by hoarders in the banks of tho country.

Largo New York banks aro preparing to resume virtually normal activity on Monday. Wall Street is expected to resume, other financial operations gradually. Tlieer is little likelihood of the Stock Exchange resuming on Monday, and other principal security and commodity exchanges aro expected to follow suit. Gold continued to pour in tho Federal Reserve Bank, 16,000,000 dollars in gold coin being received, the largest "yet; and 7,000,000 dollars in gold certificates.

Reopening Complete by

Wednesday

Received Sunday, 9.50 p.m. WASHINGTON, March 11

The twelve central cities of the Federal Reserve Bank district will open on Monday on tho unrestricted basis of the Roosevelt programme. The reopening of tho financial institutions will bo virtually complete on Wednesday, when the new issue of currency will be in circulation at all banks officially approved as solvent and stable.

Congress Gives Roosevelt Authority

Received Sunday, 9.50 p.m. WASHINGTON, Mar. 11. Democratic membership of the House refused in a caucus on Saturday to be bound to support President Roosevelt’s economy measures. President Roosevelt to-day decided to withhold indefinitely his special message recommending a bond issue and enlisting 500,000 unemployed into camps.

The House rallied behind tho President this afternoon to pass his Economy Bill, Republican support inoro than making up for Democratic defections on legislation empowering tho President to slash half a billion dollars off Federal spending on account of veterans and pay rolls.

The Senate Finance Committee favourably reported on tho Bill with a few minor changes but the Senate Democratic leaders decided to postpone calling tho Bill until next week. Tha Senate prospect is doubtful in view of tho apparently increasing opposition promoted by the veterans and labour organisations. Tho House vote was 262 to I3S. The Democratic caucus had failed by 14 votes to bind tho party. The House decision followed a two hours’ sharp debate in which both parties split, a stormy fight centreing on the proposals to reduce veterans expenditures.

The Price of Gold

Received Sunday, 0.30 p.m. LONDON, Jur-\ .11

Gold is quoted at £5 I9s 91 d