The Bismarck Tribune Newspaper, March 12, 1934, Page 3

WILLIAM F. HARKS Roosevelt Monetary SUCCUMBS SUNDAY) Policy Is Adopted AFTER BRIEF ILLNESS Preservation of Nation's Credit ‘ President's Most Important ae Well Known Businessman Had Objective Been a Resident of Bie- > ", — marok Since 1905 ‘This is the fourth of @ series of six articles on “Roosevelt's First in its effort to achieve national recovery. By RODNEY DUTCHER ‘Tribune Washington Correspondent (Copyright, 1934, NEA Service, Inc.) ‘Washington, March 12.—We have Biven our money and its value into the hands of D. Roosevelt. He is the manager of our new man- aged currency. His money policy is & vital part of his recovery program and is not less experimental than most other parts. Social—or political—control of money and credit has been substitut- ed for the control once exerted by the Federal Reserve and J. P. Morgan. * For stark magnitude, the devalua- tion of the dollar, the $10,000,000,000 federal Program for emer- gency expenses, the concentration of ‘$4,000,000,000 in gold under Treasury » the $2,000,000,000 stabiliza- tion fund, the billions of RFC financ- ing and the new government grip on banks, securities, markets, and other ‘business exceed the wildest dreams of the average citizen a year ago. es * * CREDIT 18 SAFEGUARDED Economic developments and political Pressure compelled inflation. Always intent on restoring the 1926 price level and reducing the depression’s intoler- able burden of debt, Roosevelt obtain- ed from Congress the permissive Thomas amendment and stalled off inflation by legislation. He wanted to manage inflation him- self, He believes he can control it. The president never has lost sight of the vital need of preserving gov- ernment credit. Billions of dollars of that credit are being used to put over the recovery program—and it must be There are nearly as many theories and doubts about the money policy as there are monetary experts, but the Objectives are expressed simply by Roosevelt himself. To him, “sound money” is the dollar of 1926—a dollar which would buy the same amount of goods and pay the same amount of debt as seven years ago. He wants a dollar with perman- ently ee power. TRADE I8 STIMULATED Rising prices stimulate business. The depreciated dollar, according to Roose velt, will raise commodity values to a level which will “enable agriculture and industry once more to give work to the unem} .” ‘The dollar, since its recent devalua- tion, contains but 59 per cent of its former gold value. The domestic price level, though gradually rising, has not. been affected violently. But the foreign importer finds that his own domegtic currency will buy some 40 per cent.more American goods than it would a year ago. So he buys heavily. First effect is to reduce our agri- cultural surpluses and stimulate those American industries engaged in ex: port trade. Other price-raising forces are at work—the NRA, the AAA, RFC, CWA, y|and other government spending and lending agencies. The official theory, is that a gradual price rise is inevit- able in the months ahead, amounting to some 40 per cent. ht and| That theory is tied to the commod- . |ity price index, now above 73 as against fair to-|the aim of 100, the 1926 figure, and as slightly warmer against 69.6 on March 4, 1933. It’s the ht; colder Tuesday afternoon in ‘ Sere cole highest since May, a GENERAL CONDITIONS SARIN OOETS ADB MOE Higher prices mean higher cost of A low pressure area extends from |iiving. Millions of us are going to be squeezed—at least temporarily—since it is axiomatic that wages and salaries 8o up more slowly than prices. Meanwhile, however, farmers, busi- ness men, and others who owe money will find it easier to pay their debts. As fixed charges become easier to pay, there will be more money with which to buy goods. Recent monetary moves insure huge expansion of bank credit, coin. ciding with a heavy return of Ameri- can capital from abroad and inten- sification of the administration effort marck hospital at 12:50 p. m. Sunday after an illness of less than 10 days. Pneumonia and resultant complica- tions ‘were the cause of death. ‘Mr. Harris was born at Warren, Minn., Aug. 25, 1883. He attended the the adjutant general employed until 1915. In that year he established, the sta- He its Bag ry : aghesee AE ; i g t Weather Report I —E— i | FOREC: COLDER For Montana: ternoon. ton! Tuesday; colder east portion night and Tuesday; Bismarck station barometer, inches: 27.99. Reduced to sea level, 29.78, : 3 Bag Pred z BNP tis i BRLaSLLKVS ERASSRSESRSSRSLKKSKSALSLERSESE! E RISRVTRSSRASKSALSSSSALAKRETSSSRILESLRISI E bebebbesesessessebeseesssesssEReseessses? 3 i a R i | | I i i : E lil 3 i rd | insurance and the RFC’s billion-dol- lar investment in preferred stock. Strict regulation and government lea- dership are assured. When Roosevelt took office, 10,000 banks had closed since 1920 and he had to close the rest of them at once to avert catastrophe. By making hoarding @ crime and weeding out insolvent institutions, he prevented further runs. Big banks which had engaged in an orgy of security-peddling are separat- ed from investment affiliates by the Glass-Steagall act, which also con- tains many other bank reforms and regulations. All bank deposits up to $2,500 now are insured fully, and those up to $10,000 will be in a few months, eee INVESTORS PROTECTED Moved by the fact that hundreds of thousands lost their savings through about $25,000,000,000 of worthless secu- tities in 10 years, Roosevelt vigorously sponsored the Securities Act, which requires the fullest information as to all new securities to be filed with the Federal Trade Commission, with pen- alties for misrepresentation. Recently, Wall Street was upset all lover again when Roosevelt asked for strict legislation controlling the stock market and commodity exchanges and the Senate committee introduced a bill aimed at short sales, marginal tradings, pool operations, and activ- ities of specialists on the floor. The general administration aim is to pro- tect the innocent investor and stop market racketeering at the expense of business structure. People’s F Forum (Editor's Note ‘he Tribune wel- comes letters on subjects of inter- est. Letters dealing with contro- versial religi subjects, which attack individuals unfairly, oF which offend good taste and fair play will be returned to ers. All letters MUST be wi spect sucl ¢) rese! the right to delete such parts of letters as may be necessary to conform to this policy. March 4, 1934. [Editor Tribune: Since the government is spreading its net for chiselers and grafters, big and little, we believe that all who pos- sess knowledge of anyone seeking to benefit through the various relief pro- jects and who is not entitled to same, should make this knowledge known and not merely complain of the mat- ter. In your issue of March 2 a writ. er in the People’s Forum says: “I know some farmers who are working on CWA jobs and are drawing relief on top of it, and on top of that they are selling hay to county or relief set-ups. How is that for a farmer? Tam asking you?” Brother, we don’t think much of a farmer who, by misrepresentation or fraud, gets his name on a relief roll, but we think that it is your duty as Well as that of all who have such per- sonal knowledge, to report them to|monly used local relief authorities and, if they do not act, to take the matter direct to Washington. We also believe it their business to visit and inspect the farms of all farmers, on relief rolls id not rely on their own statements, ind in only this way can such abuses be combatted and stopped. Of course there are all sorts of rumors floating around and no doubt many of them are caused by jealousy and spite but, since the government has drawn a certain line as to which farmers shall and which shall not re- ceive aid, it is our duty as public citi- zens to see that none overstep that boundary line. Any farmer who milks a number of cows or has other farm income, cer-|™ tainly is not entitled to government relief or help of any kind unless his neighbors in a similar position receive the same consideration. So we believe the time has come to emerge right out in the open and tell what we know. If there are any chiselers or grafters in our midst, the sooner they are weeded out the better it will be for the home community and the country in general. We furthermore believe more re- ports of this nature would be made were it not for the fact that one hates to be considered a tale-bearer. There- fore, we believe if each and every farm whose occupant is on relief. list were to be visited and a thorough report made as to all sources of farm income it would be of much help. No doubt many a farmer would thus He it it THE BISMARCK TRIBUNE, MONDAY, MARCH 12, 1934 tempts to break & negro street unsuspected would ( ( i os, strove main | Whi food than fas’ aigeaay Te dance as au ties = ere more cae thelr fir Guest mere ONTRA tain quiet owing to the labor turmoil. | been authorised is needed, application a farmer sold a load Miipadie) made ie Evo county begin oF 80 of would hardly be sufficient who. report state office to ber him from reli if he bad no wt BRIDGE PPLICATIONS FOR special form provided for that purpose, other income. The matter is grave RT! \Y : In cases requesting it, sufficient enough to merit a wheat and oats have been authorised and the earlier it is done the better. Lannea FEED RELIEF MUST fot Maro wad Aptl 90 Zee the ocaes as Lerner er wher : Today’s Contract Problem that the balance not needed during COMPLIMENTS TO DRENNEN BY WM. E. McKENNEY "|| An original psychic dle- peg ee peeing 4 Bismarck, N. on (Secretary, American Bridge League) | id bid by South dike put: BE IN BY MARCH y) | month, February 24, 1! im into a seven club con- Persons who exhausted Editor, Tribune: oy I receive many letters in a year's| | tract doubled. Can you make thats crete. se poor! rye I have read the statement of B. J./time ber ee you pick ie the hand? relief under the regulations edeptet aeaen ol ween of pouary th ‘io: |you ask for @ Rew deal?” Of course, | exe . Season Far Enough Advanced] for its distribution, Willson said, Felative' to, the Tnemployed ‘Councti Fou have high ahs clingy 33 so Final Needs Can Be A recent regulation announced by ‘and Drennen’s proposed Burleigh |S0mebody else’s good luck, and the Estimated the corn-hog poeoun of the AAA ba club. May we have a little space in| thing for you to do is to realize that empts farmers from the processing on up to 300 pounds of home butchered hog products sold or exchanged from their own production if the total sale or exchange does not exceed 1,000 pounds annually. If a farmer, sells more than 1,000 pounds of pork prod- ucts he does not get the tax exemption on the 300 pounds, the Peoples’ Forum column concern- ing this matter. ‘The Unemployed Council sprang in- to being just about a year ago by reason of the dire distress resulting from the economic crisis and indus- trial nightmare in which we find our- selves, By its very nature the Coun- cil has at times experienced a son:e- what stormy. existence. Concerning itself with the troubles of its suffering members, battling militantly for a right to live, has oc- casionally called for action that has gotten under the hide of some of the respectable ones of the “Powers that be.” So to wreck the Council would be their particular delight. In fact, this is the second time within a few months that such an ac- complishment has actually been an- nounced through the local press col- umns. Still the darn thing refuses to croak, as we now have a larger mem- bership than before the wonderful withdrawal. According to Drennen’s statement, he is particularly peeved because he thinks there are a few Communists in the Council. Why? The Council is non-political. No political activity has been permitted within tts meet- ings as yet. Members of all political faiths are enrolled on an equal foot- ing. The right of free speech (which is, and ought to be, the organic law of our land—the privilege of @ sov- ereign people) is rigidly maintained at all times, which is more than Drennen ber say for his organization. aie oun, te hate hea Shien ind is|@ueen of clubs and then led a smell thi is — .|Boston Harbor. They slso held a March 24 is the final date for mak- ing applications for federal feed relief, according to E. A. Willson, director of stock feed distribution for North Da- kota. Willson said Monday that the sea- son is now far enough advanced so that persons needing feed relief to carry their stock until pastures are thete, ‘fumping in his own hand with available should be able to estimate their needs. He urged that applica- sie Wess loan ae ale een tions be made at once by anyone qual- , rt the nine, Rast w! wih tha queen Hee under the regulations to receive Ceca ML BLL spades! “Persons who have already made an bt aati trumped with the six! sooiication for feed relief do not need Roberts now led the three of dia- monds. When West played the eight, he got a good reading on the West hand and refused to go up with the king in dummy, playing the seven Spot. East was forced to win the trick with the aoe, East returned the queen of spades, which Roberts trumped with the nine 2 @AKI10862 Solution in next issue. getting into the bidding. Here is an example of a hand that he played re- cently at four hearts, The Play ‘West's opening lead was the ten of spades, which Roberts, in the South, won in dummy with the ace. He im- mediately cashed his ace, king, and PROVED BY 2 GENERATIONS ENDS TONIGHT “I Like It That Way” with Roger Pryor - - Gloria Stuart STARTS TOMORROW Rubber bridge—E. and W, vul. Opening lesd—@ 10. North East INT. 26 Double Pass ee ae in dummy and the ten of hearts an five of diamonds were in Roberts’ hand, he was bound to win the last two tricks. 3 (Copyright, 1934, NEA Service, Inc.) Ky Laffoon Wins Open Golf Meet at Atlanta) Atlanta, March 12.—(4)—Young Ky jus- |L@ffoon, Denver professional, has! found that consistency pays. It paid! him $500 for four consistent rounds in the Metropolitan open golf tourna- a ee Six strokes behind the winner was the veteran Johnny Golden, Noroton, Conn., pro with 292, Young Dick Metz, Deal, N. J., had to be content with @ fifth place tie with Paul’ Runyan, White Plains, N. J., star. Both had 296's. Bits of News From Throughout World (By The Associated Press) VISITS NEEDLE WORKERS and is move. The real reason is that Drennen could permit the principles and spirit of de- mocracy to direct its course and thus establish team work with a united front. sonal “ambition ie. paramount, ‘nd guilotine and tn dungeons.” salute must be achieved even if the organ- ization ts wrecked in tts accomplish. vague. The com- mon definition for a “Red” is that he ts a Communist, not merely one who desires to change the ex- isting order by legal means. \Democrats of Kidder pairing hope that such servile activ- ity may result in recognition of above g Dance ond be goyl To o spy aothing matters q — vague, a8 is usually the case in such 3 discussions. ‘The term “Red” as com-| Elect Two Delegates) sen suan, Puerto Rico Mrs, Pronk- ais = is more or less a matter eee lin D. Roosevelt continued her tour of of individual conception, is applied to] Steele, N. D., March 12.—Delegates | Puerto Rico with a visit to the needle various persons according to ones/to the state Democratic convention at | work districts, tastes and information, or should I/Minot April 4 were elected here last say lack of information, but means|Tuesday. They are: Levi Lambdin, to one person one thing and to an-|Steele; Carol Thompson, Napoleon; other something else. and alternates, Mose Pruitt, Pettibone; Generally speaking however, the/and Henry Fisher, Tappen. Ex-officio “Red” as I understand it, is/delegates are John Hinkle, Tuttle, usually applied to anyone who is dis-|chairman of the Kidder county cen- satisfied with the existing rotten|tral committee, and George Elliott, economic conditions round about us/Tuttle, secretary of the committee. —who has sufficient intestinal stam-|The delegates were uninstructed. EXPLORER BELIEVES CLAIM London—Commander C. Craw- ford, who has explored remote Parts of Arabia himself, said he believed the two French explorers, M. Malraux and Capt. Molinier, actually had, as they believe, dis- covered the ancient capital of the Queen of Sheba, ONE KILLED IN RIOTING Havana—One negro was killed, an- other injured and two soldiers wound- ed in an outbreak which followed at- Wuicn Low-Pricep Car build ALTHREE! INTERVIEW WITH B. V, FRIEOMAN OF DETROIT, MICHIGAN : ROLAND Daily at 2:30-7-9 These Attractions 25¢e to 7:30 CAPITOL THEATRE 5 Tt was always this way. It was peo- ple like this who pulled off a tea party one dark night long ago in KNEW PICTURE & peed ee See Bol ip raat Mr. Friedman ot injure the delicate psatio, appata- pracsical lines im his car..- tus he carries in his Bas a a Somes day in hisbu- And, of course, anybo ty ho a ay pea at All Hydraulic Brakes and Safety-Steel We asked if he. m Ee Ti ee the sion Three” before buyiig Flyiouth. "drive without them,” he says, “but Looked at chem? ... Mister, et I'm eakingnounnecesssry build All Three! But just to sole wre can add 00 each of the low- ey hype ing str. sure, I drove eac! \ Me priced cars 100 miles. Bus we urge you'to do th wack ‘This owner says he demands two SCAN Thee before you buy. things in a.car—comfort and safety! year there's 2 surprising Of pod $0 Plymouth’s Floating. Power "tp be a mechasi Bagot) and Individual hel Springing AND UP 7.0.8. FACTORY DerRoit