Evening Star Newspaper, January 8, 1933, Page 24

"4 TH Wide Variety of Inflationary Bills In Congress Are Carefully Weighed (Continued From First Page) Tenc They point out the sit- O e 15 different than in depres- sions previous to the enactment of the Federal Reserve act in 1913. There has been no occesion for the banks to issue scrip, as was true in the depression of 1807. Under the Pederal Reserve act, an elastic currency has been provided. The volume of cur- rency fluctuates with the demands of business. The Government authorities hold there is available at present ample credit and currency. The difficulty is to make use of the cre’it. The excess reserves of member b:is with the | | thorities, however, insist the new Treas- | eral Reserve agents and $454,451,309 in cireulation. According to Mr. Owen's theory the or if it is not, Congress can make it s0. Called Fiat Money. Treasury and Federal Reserve au- ury notes issued under the Patman bill would be fiat money, for the reason that no provision is made for new gold reserves to insure redemption. Of the $3,073,- 316,291 in gold held by the Treasury, only about $240.000,000 of this amount might be used to redeem new currency | these authorities hold. Of this am: Federal Reserve Banks have reached $156,030,088 is the fund sel up under a record total of abouf $500,000,000. Either the banks have been afraid to for the $346,000,000 of outstanding make use of it or industry has been | greenbacks and the slightly more than unwilling to borrow it. of the trouble is a lack of confidence. Helf in Roserve Notes. Since the Federal Reserve sys | ‘been in operation, Federal Reserve notes | have constituted more than half of all| At the botiom | a million of Treasury notes of 1890. The grecnbacks, which date back to Ciuil War time, originally were without any than™40 cents on the dollar in the 70: carmarked for some specific purpose amounts to only $34,702,907. currency in circulation. As these notes return to the Federal Deserve Banks | they are credited to the accounts of member banks and are cancelled, If| other forms of currencv which are not | thus automatically retired reach Federal Reserve Banks and then return to the member banks, the effect is to | disnlace an equal amount of Federal | Réjerve notes. In arguing against the Patman bill | and other measures which propose to issue new currency in forms that would remain in circulation, the Government | authorities admit that it would provide | T some benefit to the first persons re- | ceiving it. Thereafter, they say, the menss werelv would displace the other | form of currency. is what happened in the case of new setior bank notps issued under the Borah- Glass a'pfendment to the Home Loan | Bank lefv. About $125,000000 of new | nationall bank notes have taken the | place of an equal amount of Federal | Reserve notes. That it is futile to issue more cur- rency than there is a demand for in business is held to have been demon- strated in the open market operations | conducted by the Federal Reserve Sys- | tem last Spring. The Federal Reserve | Banks bought more than a billion dol- lars worth of Government bonds from the member banks, with a view to ex- panding credit and stimulating indus- try. The payment for the bonds in the first instance was in the form of a credit in the deposits of the member banks with the Federal Reserve Banks. Seeks to Liberate Credit. The immediate effect was to enable the member banks to pay off their in- debtedness at the Federal Reserve Banks. After that was accomplished the eredit piled up in the form of ex- cess reserves. In normal times it is to the advantage of the member banks to put this money to work, as it draws no interest. It was the theory of the Goldsborough price stabilization bill that if the Pederal Reserve Banks were instructed to pour out credit under this process, industry ‘would make use of it. with a consequent stimulus all along the line and an ad- vance in prices. The recent operations demonstrated that this is not necessarily so in times of depression. The huge excess re- serves, which can be muitiplied by 10 times in terms of potentiel credit, are available for use, but neither the banks n;:mmdumy are willing to make use of tl . There was little expansion of cur- rency through the open market opera- tions during 1932, due to the fact most of the credit has not advanced beyond a bookkeeping transaction. Theoret- ically the credit can be converted into Federal Reserve notes n there Is a demand for the currency. The latest circulaiion ctatemént of the Treasury shows thet as of Novem- ber 30 the total money ocutside the Treasury and the T:deral Reserve Banks was $5647,569,816. 'This was $45.13 per capita. In 1928 the currency in circulation, when hoarding was not a serious factor, totaled about $4,800,- 000,000, or about $40 per capita. In 1814 the currency in circulation was about $3,500,000,000, or about $35 per capita. - Of the currency in circulation on No- vember 30, $2,674.734,978 was in the form of Federal Reserve potes, $826,- 395,857 in national bank notes, $635,- 076,419 in gold certificates, $454,541,300 n gold eoin, $360,660,300 in silver cer- tificates, $201,195,630 in United States notes or greenbacks. $258,365,892 in sub- sidiary silver, $113416,457 in minor | coin, $29,387.312 in standard silver dol- lars, 62,668,268 in what are known as Pederal Reserve Bank notes, as distin- guished from Federal Reserve notes, and $1,217400 in Treasury notes of 1890, which dete back to the silver law of that year. Means 45 Per Cent Increase. In offering the various currency ex- pansion schemes. their sponsors go on | the theory that the issuance of $2,300,- | 000,000 of new currency, as contemplated under the Patman bonus hill, would in- crease the currency in circulation by upward of 45 per cent Under the quantity theory of money, | 1t is assumed by some that an increase of this percentage would have a very | substantial effect upon prices. The fal- | lacy of this reasoning, according to op- | ponents of currency inflation, is that | more than 90 per cent of the business | in the United States is transacted by check or in what is known as deposit currency. An increase of 50 per cent in the volume of currency represents only about 5 per cent of the total money and deposit curren: Furthermore, the vel y or the num- the | | of that wawly issued, but | scheme for a controlled inflation. | Treasury deficits with “Liberty Of the other fold in the Treasury $1,496,969.467 is held in trust for Fed- eral Reserve banks and agents as se- curity for Federal Reserve notes and $1,335,604,820 is held in trust against an equal amount of outstanding gold certificates. The Treasury would have no right and it is doubtful if Congress could give it the right, according to Treasury and Federal Reserve officials, to approprigte gold from either of these funds to use for redemption of ot forms of currency. Nor could the reasury reach the 811,777,795 of goid held by the Federal Reserve banks and agents. Fear Lack of Corpfidence. The theory of opponents of the Pat- man bill is hat if two billlons or m of new currency should be issued with- out provision for additional gold re- serves, it would create & lack of con- fidence in the soundnfss of the mone- tary system. The effect would be de- flationary, instead of infiationary. There would be a run on the gold dollar. Foreign nations would become panicky and withdrew their balan this country. Our own citizens woi gold, demanding redemption of paper money in gold. The Treasury would be unable to withstand the drein and soon would have to cease to redeem currency in gold, or, in other words, would have to abandon the gold standard. With the abandonment of the gold standard teere would be a deprecia- tion of thv value of currency, not only all other forms of paper money. Such a de- preciati wouyld hit farmers and all other erican citizens as well. The farmer would be paid in depreciated currency for his products and would have to meet his mortgage obligations in terms of gold. Wage earners and the salaried classes would receive their compensation in depreciated currency and would have to meet mortgage cb- ligations in gold. It would take more than one paper dollar to meet a dol- lar’s worth of obligations contracted in terms of gold. European Cases Cited, If the United States should embark on a course which would lead to aban- donment of the gold standard and a depreciation of currency, o%ponems of currency inflation assert, the outcome would be similar to what happened in Germany, Prance and other European couptries after the World War, Those natlons resorted to the printing press to issue currency without a specie cover, with the result the value dropped to zero in the case of Germany snd to almost as low a point in the case of France and some other nations. One of the greatest dangers involved in the whole procedure, it is declared, is that Congress would not stop with the issuance of new currency as pro- vided by toneglbce of legislation. Hav- ing once found how easy it is to finance & project in this manner, there would be an irresistible temptation to do the same thing for some different purpose. The advocates of the Patman and Rankin bills ridicule these alarmist theories and point out a protection against inflation #s provided in both measures. The oviginal Rankin bill merely authorized the Secretary of the Treasury to issue legal tender Treasury | notes for the payment of the boi The bill as passed by the House con- tained a provision suggested by former Senator Owen to make possible a con- traction of the note issue. Bonds equal in amount to the Treasury notes would be issued and deposited with the Fed- eral Reserve banks. If any danger of injurious inflation developed, the Fed- eral Reserve Board might direct a part of the bonds to be sold, the proceeds | to be used to retire Treasury notes “Liberty” Notes Proposed, Similarly, the Rankin bill, which Mr. Owen also has indorsed, contAlm.nl ‘The bill, sponsored by Representative John E. Rankin, Democrat, of Mississippi, in the House, and by Senator Elmer Thomas, Democrat, of Oklahoma, in the Senate, provide for the payment of notes, until the general commodity index of | the Department of Labor, which now stands at about 64, returns to 100. If the Index rises above 103, currency rev- enues or proceeds of bond issues shall be used to retire Liberty notes sufficient to restore the price level to 100. If the | p; index drops below 67, more Liberty notes shall be issued The situation of the Liberty notes | under the Rankin bill, in so far as re- | demption in gold is concerned, is the | same as in the case of the Patman bill. Of the bills proposing the issuance of | currency without gold or silver backing, | the bill of Senator Lynn J. Frazier, Re- | publican, of North Dakota, introduced ber of times money changes hands is|in the House both by Representative held to be the price rency together about a trill hess in e volume of cur- bank transac worth 8 busi- I it conditions. ntity theory of money. more important factor in| Patman and by Representative J. ‘times, or about half | tal H. Sinclair, Republican, of North Dakota, its | for the refinancing of farm mortgages | Christmas ca of | might mean & tremendous currency. Existing farm mortgages t about $8.000,000.000. Und in this bill, which has consider: backing among farmers in the N 1 to the amount west, these would be refinanced y of turnover, h of busin There 1 deposits s transactions. however, bar as well as actual currency Recently mor have been turning be included, bject to check | be issued with interest at 11 per cent interest rate by the Go ment without any deflation of v: Bonds secured by farm mortgages would per cent Feiling to sell for sale to the publie. and bank deposits | the bonds at this low rate, the Tressury | over loss than nait| would turn them over to the Federal| te Reserve banks, in return for which gold in the Treasury is interehangeab!”. | the gold standard act of 1800 =5 cover! gold backing and depreciated to Jess | The gold In the Treasury which is not |sily a silver dollar, equal in weight to 16 times the amount of gold in a_gold dol- lar, hed the ceme intrinsic value. little chance of Senator for free coinage of silver 16 to 1 ratio making head- embers of Con- a unit in support of it. 1 Th o bimetallism without an international ement for a similar | standard countries is that, under w, the baser metal 1 drives cut the other. Gold would flow out, with a consequ difficulty in maintaining a perity between the two | metals and the soundness of the mone- tary system. | A larger measure of support is being |given to bills such as that of Senator Key Pittman of Nevada, who would have the Tre:sury purchase up to 5,000,000 ounces of silver monthly, pay- ing for it silver certificates. This plan is similar to that in effect under the Shermen law of 1890, which was re- pealed in 1893 after it was held to be in the depression of that year. er would be purchased at mar- D but the effect presumably would be to edvance the price. Re- cently siiver has dropped below 25 cents an cunce. A price of absut 65 cents 3 regarded as normal. While bimetal- prevailed, the silver in a standard r dollar was worth about a dollar, w it 15 worth only a little more than cents. Mills' Position Given. In opposing the Pittman and similar bills, Secretary of the Treasury Mills has taken the position that the action proposed would be a subsidy to the silver industry, that there is no need of additional currency and that it is 2ejally desirable not to issue more outside the control of the Recerve System. can Farm Bureau Feder- on's plan for a revaluation of the d dollar, as recommended at its ention in December, calls for an increase of the official price of gold from about $20 to $30 per ounce and & reduction in the redemption value of | 2ll monetary units to 16 grains to the | dollar to conform thereto. The weight |of the present gold dollar is 25.8 grains, the pure gold content being nine-tenths of this amount. The change in the official price of gold would be designed to restore the purchasing power of the gold dollar in terms of commodities to the basis which prevailed between 1921 and 1929. Thereafter the price would be regu- | lated by a Treasury bureau with a view to preventing fluctuations in purchasing power. The objection to the plan for the revaluation of the gold dollar, in the opinion of the financial authorities of the Government, is that discussion of such a proposal in Congress would precipitate both here and abroad a rush to convert all forms of currency into gold. The demand for gold, in_antici- pation of a lower gold value of paper currency or higher prices for the gold, would be so great, according to their theory, as to endanger the gold stand- (ard even in advance of the enactment of any legislation. They doubt if a century-old valuation of the gold dol- lar could be upset without causirg a new set of difficulties. Farmers Planning Drive. Despite these objections, the American Farm Bereau Federation is preparing to make a drive for the legislation in the new Congress as supplemental to the Goldshorough price stabilization bill The latter bill instructs the Federal Reserve Board, the Federal Re- ve Banks and the Secretzry of the Treasury to restore the average purchasing power of the dollar pre- vailing in the 1921-1920 period by con- trol of the volume of credit and cur- rency. It was opposed by Treasury and Federal Reserve officials on the | ground so many factors are invalved that it is impossible td" control prices by these means and that it would be unwise to lead the public to believe that it could be done. The Goldsbor- ough bill as passed by the House last Winter is expected to die on the Senate calendar. Such bills as that introduced by Representative Louis T. McFadden, Republican, of Pennsylvania at the re- quest of the Crusaders of Economic Liberty, for a new monetary system based on “human effort.” have scant chance for favorable action. Taking together all the different schemes to increase the volume of money, their combined backing pre- sents a strength probably sufficient to make the currency issue a_ dominant one in the new session of Congress. 20 American Legion Auxiliary U. S. S. Jacob Jones Post 2. The regular monthly meeting of the U. 8. S. Jacob Jones Post will be held tomorrow the Thomas Circle Club, 1326 Messachusetts avenue, at 8 p.m. Initiation of new members will take place. Classes in Braille shellacking for the blind were resumed Tuesday and will be held every first and third Tuesdays at the Red Cross Chapter house, Sev- | enteenth and E streets A card party will be held on Thurs- Gay, Jenuary 19, at 8:30 p.m. at the Southern Deiries, 80 M street northeast. nneth H, Nash ! 1d January 11 at | Co. Galleries at 8| Corwin. department | r staff will make their official vis on this date. All auxiliary | members are invited James E. Walker Unit, No. 26, assisted by James E. Walker Post, No. 26, and the Girl Reserve department of the Whes Y C. A, gave a | party at the “¥” building, 901 Rhode Island avenue, Friday, December 23. About 225 children from the Associated Charitles, American Legion, Disabled World War Veterans and neighborhood were ente: wo plays were given, ¢ sung and Santa t r of attraction, a well loaded tree. Mrs. | was Santa Claus. arson, chairman: Miss ccretary of the Girl | Mrs. Julia West The meeting of 68, wil Roebuck & { ) and Comdr. Stephen M. Madison of James E. Walker Post, No. 26, arranged the party | Mrs. Hamilion, president, announces following appointments of commit- ¢ chairmen: Americanism and Music, Mrs d UNDAY STAR, WASHINGTO! All material for this column must be in the state office, Room 501, 1201 Sixteenth street north- west, not later than the first mail on Wednesday preceding the Sun- d:id on which publication is de- sired. A regular meeting of the Board of Managers will be held on Tuesdsy, Jan- uary 10, at 1 p.m. in the N. E. A. Build- ing, Sixteenth and M streets. Blair-Hayes. ‘The executive meeting was held at the Hayes School January 5. e regular monthly business meeting will be held et the Blair School Thursday, January 12, at 3 pm. Kenilworth At the Fathers' night meeting held in the Kepilworth Church December 21 the children entertained the members with three Christmas plays. The study wup met January 3 at the home of 8. G. A. Lingebach. Bowen-Greenleaf. The asSoctation will meet Thursday at 3:15 pm. in the Bowen School. The Executive Committee will meet at 2:30 p.m., preceding this meeting. McKinley High School. The next meeting will be held at the school, Room 130, Tuesday at 2 p.m. W. T. Murphy of the Crime Prevention Bureeu of the District of Columbia will address the association. . Cranch-Tyler. The association will hold “Fathers' night” tomorrow in the Buchanan Au- ditorium, Thirteenth and D streets southeast, at 8 p.m. An interesting pro- gram has been arranged. The regular monthly meeting will be held in the school library tomorrow at 2:30 pm. Mrs. William Ross, State chairman of children’s reading, will be the guest speaker. In addition to her talk Mrs. Ross will have on display & number of books especiall children. A social hour will follow and refreshments will be served. garhe Executive Board met last Tues- ay. Gordon Junior High. ‘The Executive Board meeting of the Gordon Junior High was held in the school library on January 3. The physi- cal examination of pupils will be re- sumed by the District health officer, as- sisted by Mrs. Olff, the chairman on health at Gordon, and her committee. Central Highy A conference meeting with the teach- ors will be held tomorrow at 2:30 p.m. Bancroft. The Bancroft Executive Board will meet tomorrow at 1 p.n. in the teach- ers’ rocm of the school. The associstion will meet Tuesday at 2:30 p.m. in the recreation room. M J. N. Saunders, State president, will ad- drees the meeting on “Thrift.” ‘Wheatley. Special features have been arranged for Fathers' night, which will be held in the school auditorium Tuesday at 8! American Legion American Legion Post Meetings. Monday, January 9—Bureau of Engraving Post, No. 23, Red Men's Hall, 713 D street north- west, 8 pm.; U. 8. 8. Jacob Jones, No. 2, 1326 Massachusetts avenue northwest, 8 p.m. ‘Tuesday, January 10—Victory Post, No. 4, Odd Fellows' Hall, 419 Seventh street northwest. The seriousness of the present sit- uation in Congress, so far as the vet- eran is concerned cannot be over- estimated, :cmmln( to Past Comdr. John Thomfs Taylor of George Wash- ington Post No. 1, the glonur post of the American Legion, who delivered an address Tuesday night at the post club house, 1441 Rhode Island avenue. It was “past commanders’ night.” He gave a detailed report on legis- lative matters receiving attention by Congress, with particular reference to the hearings now being conducted by a joint committee investigating the operation of the laws and regulations relating to the relief of veterans of all wars and to recommend economies which will lessen the cost of the vet- erans’ administration. He pointed out that within a few days after the Senate economy bill was reported to the Senate “the National Economy League” and other organizations throughout the country started a campaign for the elimination of $450,000,000 ior veterans of the Spanish American and World Wars. For more than a year, he said, veterans have been wondering about the unprecedented attacks upon bene- fits of the disabled, which have been somewhat uniform in character. Here- tofore attacks have been on non-dis- abled benefits, such as adjusted com- pensation, but the sudden change in front has caused much surprise among veterans. Comdr. Taylor urged the members of the American Legion to conduct them- selves in an orderly manner and main- lain the same prestige which the organ- ization has always enjoyed and do everything possible to build up mem- bership. He gave the Legionaires ad- vice in discussing all matters pertaining to veterans and urged calmness during the months to come while these dis- cussions are to be carried on. He pre- | dicted that no action would be taken this session and that many months would be consumed in gathering data and information and holding hearings on this vital subject. Opponents, said the speaker, would have the average citizen believe that the huge taxes weighing him down are due primarily to Federal payments to veterans. The statement that World War veterans' costs will reach over 20 billion dollars by 1945 is designed to make the average citizen feel that his present tax sit- uation has an ever darker future, he said, due to World War veterans' payments, The meeting was opened by Post Comdr. Charles Demonet, who turned D. C, suited for | & .m. reetings will be extended by l?(lu P.OMorlz:ner. principal. Stephen E. Kramer, first assistant superintend- ent of schools, will speak on “Directing the Gang Spirit,” while C. C. Mullady, well known scoutmaster, will discuss the “Value of Boy Scouts, Clubs and the Y. M. C. A" Article 18 of the children's charter will be defined briefly by Mrs. Walter C. Jones. Mrs. Alice Manning, president, and Mrs. H. May- hugh, music chairman, will sing a duet. Mrs. Annie Honey, Wheatley health chairman, with her committee, Mes- dames Mannln{, I;llu.’uell. H}Hflm::t ht, Sengstack and Jones, will ass E‘:dmlnuunnz the Schick test at the Wheatley School tomorrow, at 1 p.m. The treatment will be given on four consecutive Mondays to those proving not immune. John Quincy Adams. ‘The executive board met Tuesday last | in the teachers’ room at the school. Money was appropriated for a treat for tl Boy Patrols, their officer, A. Minkell, and their teacher, A Muntz. A committee was appointed by the president, Mrs. George Cornwell, headed by Miss A. Muntz and Miss M. Bur- bank, eighth ;l’ldz teachers, and $10 given for the February graduation dec- orations. A finance table will be held on Tues- day at the afternoon meeting, where delicacies will be sold. ‘The next meeting of the association will be held Tuesday afternoon at 3 p.m., in the school auditorium. Mrs. Henry Grattan Doyle, first vice presi- dent of the Board of Education, will dress the group, her subject being ‘History of the District Public Schools.” Mrs. George Cornwell will preside. Janney. ‘The regular January meeting will be held Tuesday at 2 o'clock. e study group will have charge of this meeting which will give the assoclation a chance to see how the up meetings conducted. Young children will be cared for on the playground. Bryan. Through the courtesy of Miss Crook, r‘rmcipnl, and Miss Anna Murray and rs. McCausland, the dramatic teach- ers for Bryan, the Christmas play, “Why the Chimes Rang, especially for the Parent-Teacher As- sociation on Thursday. Miss Helen Harper's Glee Club, assisted in the sin and Miss Harper sang ‘“Holy Night.” Miss Margaret Moore, music leader of the school, led the chiidren in the assembly singing. January 17, at 1 pm, the District of Columbia Congress of Parents and Teachers, will hold its regular monthly conference in the Bryan 'mbly Hall. All parents are urged to attend. The Benjamin Stoddert. A meeting of the association will be held at the school tomorrow at 8 p.m. Mr, Rpbert L. Hlflcock assistant superin: tendent of schools, will speak on “Mod- ern Trends in Elementary Education.” Mr. Richard Allen, baritone, will sing. Other music will be furnished by the P.-T. A. Orchestra. following past commanders were then called upon for brief remarks accord- ing to their seniority: Howard 8. Fiske, Kenneth A. McRae, Lew S. Mohler, Wallace Streater, Charles O. Shaw, J. J. Murphy, Bernard C. McGee and Wil- liam E. Porter. The only ones absent were Percy B. McCoy and Gilbert T. Rude, . The audience stood in silent prayer for one minute for the departed past commanders of the post, which included Post and Past Dept. Comdr. E. Lester Jones, ome of the founders of the American Legion; Charles B. Han- ford, Charles J. Painter and Paul V. Collins. Other visitors present who ;Ild:‘ ]brle! remarks were Mrs. Joseph 3 ms, past department president American Legion Auxiliary, and na- tional executive committeewoman; Miss, Ml? Z. Weide, commander of the U. 8. 8. Jacob Jones Post; Miss Anne Pryde, commander Jane A, Delano Post; West A. Hamilton, past com- mander James E. Walker t; M Gertrude Lyons, Welfare Department; Post Comdr. Malcolm Coles, National Press Club Post; George Obsrndoerfer, Bureau of Engraving and Printing Post, ;m!l Charles Ailes, Quentin Roosevelt ost. Announcement wes made that Maj. Henry Leonard, U. 8. Marine Corps, re- tired, who was a charter member of the post. had been reinstated. o Through the courtesy of Sergt. J. H. Saum of the United States Signal Corps several movic reels of “Shots of the World War” were shown, one reel fea- turing the crossing of the Rhine at Coblenz, Germany, by the American | Army of Occupation, showing Past | Comdr. Taylor leading his command on | horseback. Tha ceremontes of the evening were | featured with the presentation by Past | Comdr. Smith of a past commander’s | jewel to Comdr. Taylor, who expressed | his appreciation and of the honor in being a past commander of the ploneer post of the American Legion. At the conclusion of the program of the evening refreshments were served by members of -the George Baldwin McCoy Unit of the American Woman's Legion. Costello Post. At the last meeting of Vincent B. Costello Post, No. 15, Comdr. Norman R. Grant announced the appointment of Camrades Charles R. Boone as chair- man and Whitemarsh A. Murray as vice chairman of the Membership Com- mittee. | Meyer Taske, chairman of the Wel- | fare and Relief Committee, made a report of the work and stated that it | had increased enormously in the last | two months. He also announced that | the committee had entered upon a very comprehensive clothes collection | and distribution prnfl'sm for the Winter | and the Legios has secured 1268 | artieles of clothing from the American | Red Cross, 250 articles of children’s clothing from the Needlework Guild of JANUARY 8, 1933—PART TWO. ever, the demand is such that he urges all members of the post to bring dis- carded clothing to the mext post meet- ing or leave it with the Greystone Al station, Elevegth street and Rhode Island avenue northwest, or with Comrade James Pistorfo, room 15, Dis- trict Building. If upable to bring the clothes in person, call Comrade Taske, National 0624, and they will be col- lected. With the completion of official scor- ing of all targets by the Fidac head- quarters in Paris, the American Legion, coached by Comrade Ollie Bhriver, marksmanship officer of the Costello Post, is shown to be the winner of the 1932 rifle competition with a score of 1,937 out of a possible 2,000 points, the National Rifie Association has announced. The British team was second with 1,930 points, Yugoslovakia third with 1.769, and Belgium fourth with 1,686. The American Legion has won these matches every year since they were started in 1930. A section of the Costello Post Drum Corps was de‘!;:lled ‘!or the nblllo:lllel commande! nquet, given by th National Sojourners in the Mayflower Hotel last night. Comdr. Grant has called an Execu- tive Committee meeting for Tuesday, 8:00 p.m., at 1010 Vermont avenue. Sergeant Jasper Post. Additional appointments to post offices will be announced by Lieut. Paul H. McMurray, commander of Sergeant Jas- per Pcst, No. 13, the can gion, at the regular meeting of the post on_Thursday evening to be held at the Thomas Circle Club, 1326 Massa- chusetts avenue, northwest. A contingent of the members attend- ed the funeral of Maj. Joseph V. Byrne, an active member of the Legion and Jformer Grand Chef de Gare La Socitet 40 Hommes et 8 Chevaux, an internai organization of the American Legion, on Monday. Past Comdr. Orlosky repre- sented the post at the Department Membership Committee meeting on Wednesday evening at department head- quarters, Transportation Buudmfi. ‘The chairman of the Department Ball Com- mittee, Maj. Edward H. le, s appointed Maj. Thomas J. Frailey, a member of the Annulrl‘ B.“t gamzu:v:; in cha of the department dance grand ;':XX to be given at the Mayflower Hotel in February. Othu;uron mem- bers on this committee includes William P. Kershner, Frederick F. Money and Russell W. Clarkson Fort Stevens Post. The Fort Stevens Post of the Amer- ican Legion devoted practically its entire | meeting at the Rock Creek Servicenter on Tuesday, January 3, 1933, to debate of the slogan “Be Loyal—Give American Products Preference,” which was adopt- ed at a meeting in November, 1032. ‘The membership teams reported hav- ing attained the full quota necessary for charter. The charter will be held o) until the middle of January, giving all eligible veterans of North Washing- ton an opportunity to associate them- selves as charter members. Plans for the formal closing of the charter are in the process of formation. A special meeting of the post will be held at the Rock Creek Servicenter, Georgia avenue and Peabody street, Tuesday, for the pu of considering an offer of consolidation with another Leglon post of the District. CHILE SEEKS TO ALLAY NITRATE MARKETS CLAIM Statement Issued as Result of Re- action to Dissolution of Combine. By the Assoclated Press. SANTIAGO, Chile, January 7—A Joint statement regarding the effect of the recent dissolution of the Cosach nitrate combine on the by-products markets was issued last night by the government’s Committee on Liquidation and Medley G. ‘B. Whelpley, president of the organization. Wk The statement alarming veaction has been felt in some foreign quarters because of uncertainty regarding President Alessandri's recent decree ordering dissolution and reor- anization of the combine, operators of e world’s largest nitrate t. It declared that liquidation would not affect the situation as regards nitrate, iodine and other by-products this season; the nitrate and iodine mar- kets will be maintained in an orderly manner and sales will continue to be centralized during the period of liqui- dation; all previous sales eontracts and new ones this season will be complied with, and that “there mi; no ?ln!u; of dumping in any sort, we trust buy- ers “’mi‘ have full confidence in this Joint declaration.” The statement was interpreted as alming to forestall any fears of open price wars. RESORTS. ATLANTIC CITY, | | | | sent several numbers. D. A. R. ACTIVITIES Mrs. Howard F. Kane entertained the Frances Scott Chapter on January 3 at a beautiful luncheon in her home, at | the Kennedy-Warren. The regent, Mrs. George M. Plerce, presided over the meeting, which fol- | lowed the luncheon. Mrs. John C. Eckhardt reported the presentation of a flag to the Boy Scout troop of the National Training School. Mrs. E. P. Andrew: zave an interesting | talk on “National Defense.” Among those present at the luncheon were: Mrs. Arthur Adelman, Mrs. War- ren E. Emley, Mrs. Gilbert Priend, Mrs. Alfred B. Garges, Mrs. W. Lawrence Hazard, Mrs. Walker Martin, Mrs. Rob- ert Reeder, Mrs. Harvey Sargent, Mrs. Edward B. Stephousen, Mrs. Robert L. McCameron and Miss Alice N. Balley, | Machias, Me. Dorothy Hancock Chapter held fts | January meeting on Tuesday at the Parrot Tea Room. Joint hostesses were | Mrs, John 8mall, Mrs. Eugene G. Adams | and Mrs. Willard L. Hart. The regent, | Mrs. Elot C. Lovett, presided. After the opening exercises, reports of officers were given. Mrs. George M. Grimes, State _vice regent, and Mrs. Pedro| Capo-Rodriguez, State recording secre- | tary, were guests of honor and addressed | the chapter. A letter from Dr. Mayo of the Blue Ridge Industrial Schoof ex- pressed thanks for the Christmas box | sent the children of the school. Mrs. J. Donald Halsted was elected to mem- bership in the chapter. Continental Chapter met for its De- cember meeting at the Washington Ho- tel. The regent, Mrs. Lora F. Manion, presided. ports were given by the chapter officers and State committees. A silver tea will be given by the cha) ter today, 4 to 6 o'clock, at the Evan- geline, 1330 L street, the proceeds of which will be used toward paying a scholarship at the Glen Eaton, Ky., D. A. R. School. The January meeting | will be held at the Evangeline, with Miss Lillie B. O'Donnell as hostess. Livingston Menor Chapter, D. A. R., Y. W. C. A. News The Sunday music hour tomorrow at | 5 p.m. will be given by artists from Lhc” National Symphony Orchestra. The Dupont Chapter of the Y. W. C. A. will be hostess at tea from 4 to 5 o'clock. The Sunday music hour at ¢ o'clock at the Downtown Center, 614 E street, will be under the direction of Mrs. John Milton Sylvester, director and accom- panist for the Madrigal Singers. Tea will be served at 5 o'clock. The Elizabeth Somers Y. W. C. A. will presert a music program Sunday at 5:30 o'clock. Miss Ednah Hopkins, violinist; Miss Edith Athey, pianist, and Miss Alta Smith, vocal soloist, will pre- Miss Athey will accompany Miss Hopkins and Miss ‘The music lovers’ hour will meet to- morrow at 5 p.m. | ‘The committee meetings for the week are as follows: Monday, Health Edu- cation at 2:30; Wednesday, Elizabeth Somers at®:30 p.m.; Thursday, Educa- tion Council at 6 o'clock, for dinner in the cafeteria; committee meeting at Priday, Industrial Committee at 12:30 In the health education department new terms in all gymnasium and danc- ing classes begin the week of January 16. Saturday will be devoted especially to children’s classes in swimming, nat- ural, ulg and social dancing. The Kamp Kahlert Players will pre- sent “The Romance Hunters,” a three- act comedy, by Elizabeth Gay, and di- rected by Mrs, Alice Sigworth Morse, an Saturday at 8 o'clock in Barker Hall. The 3-E Club will have a club din- ner on Monday, January 9, at the Downtown Center, followed by ng a travel tour through esday eve at 7 o'clock new roups in contract will be formed for business and fessional women, with groups for beginners and ad- mfl:’dflrhnfl. The course of instruc- tion include eight lessons and will follow the Culbertson method. ‘The Business Women'’s Glee Club will resume regular meetings Tuesday eve- ning at 7 o'cloek. Thursday evening the Blue Triangle Club of young business girls will meet for supper at 6:30 o'clock, after which there will be an hour of recreation in the gym. At 8:15 the girls will gather in the club room for a round table dis- cussion of the Geneva Conference. | ge will be led in this by Mrs. T. R. C] n. nan, ‘The Silverelle Club will meet on Fri- day night at 6:30 o'clock. They will lay basket ball for the first hour and ter have a program and play practice. | Smith JORT! ATLANTIC CITY, N. J. L AMBASSADOR ba INDOOR SEA WATER SWIMMING POOL the Boordwalk whers lly, different. Golf, indoor oftraetions with ound and famaus Ambassador comforts. Very Attractive Ameri i, o LY Y ALSO EURDPEAN PLAN Phons Ailantic Ciry 54141 ‘WM. HAMILTON, [ RTTINL A Two Famous, Beautifully Appointed Modern Hotels on Renowned Ormond-Dayto: Beach, Florida held its December meeting at the home of Mrs. Alanson D. Moorehouse, assist- ing hostesses being Mescames Jgcoby, Merritt, Brumbaugh and Miss Barnes A unique feature of the meeting was the presence of chapter mem- bers’ children, who entertained with de- lightful songs and recjtations. Miss Betty Sanborn also told Christmas stories, to the delight of all present, after which delicious refreshments were served. The Mary Desha Chapter was en- tertained by the regent, Mrs. Robert W. Morse, at her home, 2400 Sixteenth street, at a dinner Wednesday evening. A brief meeting was held after the dinner. The guest speaker of the evening was Mrs. David D. Caldwell, vice president general, who gave a talk about her trip to Prance as a representative of the president general, D. A. R. Other gasts were Mrs. William Boone, . Mrs. Danlel C. Walser, Mrs. Robert McCally, Mics Nellle McMichael and Mrs. Catchings. ‘The December meeting of Columbis Chapter was held at the home of Mrs. J Frank Campbell, 140 Twelfth street southeast, with the regent, Mrs. Prank Grasyenor, presiding. The guest speak- er of the evening, Mrs. Harry Colfax Grove, State regent, told about the work ig( the society for underprivileged chil- | dren. During the evening stockings were made and filled with candy for the Girl Homemakers. The social hour which followed was a Christmas party. Christmas carols were sung, under the | direction of Miss Hulda Braden, and from a. lighted tree each member re- ceived a gift. Refreshments were served by Mrs. McNulty, Mrs. Powers, Mrs. Scott, Mrs. Snavely, Mrs. Heider, Mrs, Hildreth and Miss Braden, who acted as hostesses. The Abigail Hartman Rice Chapter was entertained January 3 at the home of Mrs. Jasper Beall. ~Mrs. Catherine Estlow, vice regent, presided. Miss Evelyn Berry and Miss Elaine Fishback were voted into the chapter. Mrs. Gearge Maddon Grimes, State vice recent, and Mrs. Tonis J. Holzberg, State chairman national defense, were guests of honor. The chapter voted to go on record as being opposed to the recognition of Soviet Russia. Alternates for the Continental Congress were elected. By the aid of special gauges it has been determined that Londoners treated to an annual fall of soot of fiv tons to each square mile of the city's ares. __WINTER RESORTS—FLORIDA, MHAM!-PALM BEACH - HAVANA IMLET An Interesting [ntroduction (o Famous sorts Authentic Travel Data, May cal Skeiches. Beautiful I Spanish-Enslish on “Contract or write today Fa t Beach, Fia., for Complime; o N \01' Rest, Convalescent and‘Chronic Cases. ¥53 measomane TOR BOOKLET And economies do not stop with the fare. You can spend a glorious va- 9,."“_ cationinthis sub-tropical 4316 Paradise at a very reason- able figure. Forget pre- conceived ideas about costs, PRICES IN TUNE WITH THE TIMES Not only rates at the fin- est hotels, but rentals on bungalows and cottages, completely equipped for light housekeeping, are all revised—%éWN- WARD! Attractive tea- room type restaurants o5 Dearby serve delicious %5 food at_economical prices. Wide range of apartments available. Just the type and price you desire,small or large, modest or luxurious, all completely equigxe L rentin o from $2 $2500 for the season. All outdoor sports un- der ideal conditions, A life of Health and Hap- gl iness in the golden T ASH. E‘lorida sunshine awaits 43875 you. Come by train, plane, stcamer or your 0 85 rapidly as 29. An in- | Crease.in the Velocity"factor. i ie can | these banks would issu Federal Reserve | tended, would do much more toward a | hotes without the usual cover of gold| revival of business and an advance in and eligible paper. | M Consdtution st hesarts B return of ponfince 15 bold 1o 12| Opposed Bap))-Glass Bl { tertainment, Mrs. Ellen V. Johns: Me- What is needed to speed up the velocity. The administration (,n_nfi!xvd the ! morial Day, Miss Hattie Minkins; Na- A 50 per cent increase in currency BOTah-Glass plan under which there | tional Defense, Mrs. T. Edward Jones; would have little effect on prices, ac- h8s been a small expansion of national| Poppies, Mrs. Annie M. Lucas; Pub- Saie o e asoning, so | bank notes, on the ground it was a|li Ella Lofton; Radio, Mrs. S backward step toward inelastic bond- | long at the 1 d that it tends t Resolutions, Mrs, g he | socured currency and that it tends to sleman nics. Awards and pesent ming that | g i.ken the control of the Federal Re- : n I n o iforms, Mrs, Harriette J, Epps; U the new currency would be k2pt In eir- | (orveGystem over the credit situation. | Activities and Communicy Servie. B e by e Fedaral Retorvpsem PFOv| Acting Controller of the Currency F.|Cornelia G. Bhorter, and World War ed by the Federal Reserve act. G. Awalt in his recent annual report| Ory . Mrs. Rebecca Ramos. | recommended that no extension be Various Points in Dispute. o 5 =t i granted beyond the three years in| Victory Unit, No. 4, will hold an| ‘There are different elements of con-| which the 3% per cent bonds are given| Americanism rally on Friday, January troversy in the various types of cur-|the circulation privilege. 13, at Sears, Rocbuck & Co Gallerjes, rency inflation propesed in Congress. According to the administration au-[at 8 pm. Maj. Gen. Amos A. Pries, There is a fundamental dispute over | thorities, the privilege granted has re-|U. 8, A, retired, will be the principal whether the currency proposed to be| gylted in no net increase in currency in | speaker of the evening. A patriotic pro- issued under the bonus bill of Repre-| circulation, the new national bank notes|gram has ben arranged. Unit mem- sentative Patman constitutes fiat money. | taking the place of Federal Reserve notes | bers who have American Legion Auxil- The technical definition of fiat money | and the only advantage has been to|iary caps are urged to wear them in ac- is that it is paper currency which is|such bankers as were in a position to|cordance with motion passed in last made legal tender by fiat or law. but| make a small extra profit by the process | unit meeting. which does not represent or is not based | of the issuance of the eurrency. e —_ upon specle and contains no promise| The Borah-Glass amendment origi-| The Christmas tree sponsored by the of redemption. | nally was proposed es a substitute for| James Reese Europe Post and unit was Sponsors of the Patman bill, includ- | the Goldsborough price stabilization | quite a success, giving entertainment ing former Senator Owen, contend the | bill. Later it was added to the home|and gifts to the over 150 children who Treasury notes frrnvmnd under its term | loan bank bill. It became law because | gathered at the Garnet-Patterson Junior would not be flat money by virtue of | President Hoover did not want to veto| High School December 30. A program the mandate to the Secretary of the|the home loan bank measure. of instrumental music was rendered Treasury in the gold standard act of | The agitation for an infletion of the|first. Those taking part were the 1900 to maintain at parity with the | currency through increased use of silver | Sumbry brothers and the Misses Randall gold dollar all money in circulation.| as a primary metal in the monetary|and Hills. A volunteer program of Mr. Owen contends that, with its pres- | system comes chiefly from Western|songs, dances and recitations followed. ent monetary gold stock this l:'unn States, qusre':uver mining is an im- o hA‘; lghreee g‘\id uogh(g:epmn‘:{é‘essm curre; port: indust 2 e g B R e altver Jdivocates falk of the|nimercus artiis of - clothing were than at present. ver show a total mone- | “crime of 1873, when they charge this| given, also orddrs for 22 pairs of shoes, '!‘hma uwmz n‘:;"u.m,m,m on No- | metal was demonetized by surreptitious| The next meeting of the James Reese vem! of which u.n'l!,!lfi.?&m methods. Prior to that time there was Europe Unit will be held s:udl at held the Treasury, $811,77%. in | free coinage of silver on a fixed ratio the Garnet-Patterson the Pederal Reserve Banks and by Fed-|of 16 to 1. This meant the bullion in School the gavel over to Past Dept. and Past Post Comdr. John Lewis Smith, the senior ranking past commander of the vho made a brief address. The RESORTS. America, 340 articles of men's clothin; from the 3d Corps Area, Unite Btates and 15 layettes for babies from ‘hrist Child Society. Ho Mardelle Bundrant; Fidae, Mrs. Mayme Battle; Legislation, Mrs. T. M. Dent. sr.; Membership, Mrs. Mayme C. | Mehlinger; Constitution and Rehabili- Wien the North Js Held in Winler's Grip, I's Summer Time Here WO bundred feot from finest 18-hole #olf course in Florida. Open January 1,1933. Delicious Amarican plaa dedightful social ROOMS WITH MEALS FROM §; PER DAY HARRINGTON MILLS, Owne own car—the City of Miami Beach is easily reached by all. informat ach Miami YOUR SMART FRIENDS ARE HERE A glamorous _spof in Miami’s winter ayety . . . Hollywood Beach Hotel, of America, embraces a magnifi- cent ocean-front estate . . . ten acres of tropical paradise . . . a vacation home of 550 it rooms and suites « + » rivate course, movie theatre and bathing beach . . . largest roof solarium for sun-bathing in the coun- :'l{' 1Quickly accessible to races and L , tennis, sailing leep-sea - E‘ at_the door . . . the Hollywood Beach is a distinguished social center for the discriminating in this “Empire of the Sun”, In eddition ta pasing on the benefits o7 Drveod ocrhond” ccia: s ‘epecies W given guests remaining three 1weeks or longer. HOLLYWOOD BEACH HOTEL HOLLYWOOD BEACH-FLORIDA | C nter of Havana's fascinating winter season. Lux- vriously new. Convenient to everything — removed from the noise of the city. Swimming pool, dining terrace, tennis, golf. A bit of Europe easily reached by boat, train or plane. OPEN ALL YEAR Jhe NaTionaL HoteL ngu BA ¢ HAvANA v the direction of Reservations may be made President, at the Plaza and the MIAMI BEACH Now YOU CAN AFFORD MIAMI BEACH