Evening Star Newspaper, April 21, 1933, Page 3

PRESIOENT ORDERS SPEED ON INFLATION Debate May Be Limited to Kill Filibuster if Course: Is Necessary. (Continued From First Page.) would suffer immediately in the rise in the cost of living. It would be felt in | the groce:y bill, the fuel bill, the cloth- ing bill, in the cost of transportation, insurance, education and every other item_entering into the family budget. “There are_ 50,000.000 savings ac- counts in the United States. As prices rise. each savings depcsitor, each per- son with money in the bank or in a building and loan association, loses money daily by simply keeping his money on deposit. “There are 122,000,000 life insurance policies in force in the United States. Millions of . policy holders are wholly dependent on the proceeds of these policies to educate their children -or provide for their own old age. Value of these policies goes down with the dollar, and exactly to the same extent & the policies are payable in dollars. As prices rise and the dollars . are worth less, the insurance policies are worth ~ less, the prospective annuities disappear and the carefully saved | education fund with it. There are| millions of boys and girls whose college careers are wrapped up in these policies. Many of them would be denied an education it the dcllar drops in value. “There are 48,000,000 persons gain- fully employed in the United States. There are 10.000.000 in agriculture, 14,000,000 in manufacturing industries. 6,100,000 in trade, 4,000,000 in trans- portation, 4,000,000 in electrical em- loyment, 5,000,000 in personal service, ,000,000 in professional pursuits and 1,000,000 in mining. Every man who draws a pay envelope or receives a pay check would suffer an immediate wage cut, probably followed by further re- ductions as the dollar declined in value and.the cost of living rose. “There were in February 4,100,000 families, including approximately 17,- 000,000 persons directly dependent on public or private relief agencies. They ‘would get less to eat and wear or it would cost the country more to feed and clothe them as prices rose. . They cannot be allowed to starve or go un- clothed. That means taxes would rise and the Government would have to pour billions more into relief funds. “It is contended by advocates of in- flation that it would help the farmer by raising the prices received for his crops. How would the farmer benefit if wheat sold for $10 a bushel if the $10 wouldn't buy a pair of overalls or a gallon of gasoline?” Reed said there have been fewer mar- riages in the United States during the last two years than at any time for the past 10 years. He said this was due directly to the depression and that it is to be assumed that a rapid rise in living costs will discourage marriages. These deferred marriages represent, he said, a huge backlog cf building, house- furnishings, of buying of all kinds that are ready to be released as soon as business improves. Reed did not wait for the plan to be formally reported to the Senate, but opened the floor debate by reading a statement he had previously given to the press. Vandenberg Presents ‘“Mark.” When Reed said German inflation | had led to an “avalanche of worthless money,” Senator Vandenberg, Repub- lican, of Michigan pulled out what he | called a 100,000,000,000 German mark and said its face value would have re- tired the werld’s debts, but unfor- tunately it was worth about 212 cents. thank the Senator,” Reed said, “and in return I hand him a note for 10,000 rubles.” Reed said he had no criticism of the | gold embargo as he thought that a “wise” move, but he did seriously ob- ject to the inflation plan. At about the same time, a high offi- elal of the Federal Reserve said in an interview that an agreement had been reached for the Federal Reserve System | to support wholeheartedly the adminis- tration’s inflation program by purchas- $ng Government securities. The purpose would be to release the funds tied up in those securities for other investment. Amendments Approved. The committee approved an amend- ment authorizing the Federal Reserve ‘Board to place a check on inflation by requiring member banks to increase or decrease their reserves against deposits as the situation required. ‘Woodin and Budget Director Douglas had indorsed the Thomas bill and ex- plained administration plans for pro- ceeding under it to boost commodity prices, thereby spreading work. The Thomas amendment was intro- duced in the House today as a separate bill by Representative Rankin of Mis- sissippi. Meanwhile the House - Republican Bteering Committee—meeting with Og- | den Mills, Hoover Secretary of the| Treasury, who has been busy knitting Republican opposition to the bill—| decided it would be futile to oppose the | legislation in the House if it passes the | Senate. “Lobbying” Probe Asked. Aroused by Mills' activities, Repre- sentative Dies, Democrat, Texas, intro- duced a resclution of congressional in-‘ vestigation of the same, which he termed “lobbying” against the Roosevelt program. H ‘The amendment to put a check on Inflation was offered by McAdoo, Secre- tary of the Treasury under Woodrow ‘Wilson. Senator Thomas left the Senate com- O O e e SPECIAL NOTICES. ANNUAL MEETING OF STOCKHOLDERS, Washington Permanent Building Association, will be held at the office, No. 629 P st. n.w. ay 8. 1943, at 3:30 pam.. for election of officers and directors. Polls open from 10 am to 2B HERMANN H. BERGMANN. Secretary. AY CASH REWARD FOR INFORMA- WILL P tion leading to the location of Davies & Sons grand piano No. 11634, removed from either 1300 block of Belmont st. n.w. or the 1400 on ‘of_about Janu- M. STEIFF. INC, block of Spring rd. n.w.. Notify CHAS. n.w. THE FOLLOWING CARS TO BE SOLD AT Weschler's Public Auction on Saturday, Ma; 6th, 1033. for charges: H Essex Sedan, D. C.. T 9530, left by J. V. Buick Coupe. D. C. V 5840 (1932). left Tt A. Ruseell. Ry AL, CARL “ING 614 H St. N.W. ELECTRICAL_ WORK—When vyou need an electrician call the Electric Shop on Wheels. n A complete shop on wheels brought tt your door: 24-hour service. _Wisconsin 4! ‘The dislike of loss! Sun., 8 pm. Ce e S SALE AT WESCHLER'S AUC- 5 t. n.w.. includes bed room. din- & room and living room suites, odd pieces, pianos, radios, rugs. etc. By order furniture company for churgés, et al. LONG-DISTANCE MOVING BETWEEN ALL Eastern points. vice since 1896." Da- yidson's Transfer & Storage Co. 1117 H ai LAWN MOWER: work guaranteed: 6623 Eastern ave, | | PAY CASH REWARD FOR INFO! tion leading to the location of Davies & Sons grand plano No. 220197 removed he 100 block of Tasior st.. Md. on or about March 1, 1933. N ‘CHAS. M. STIEFF. INC.. 1340 G st. D.W. SPECIAL RETURN-LOAD RATES ON FULL and part loads to all points within 1,000 miles: padded vans: guaranteed service: lo- eal moving also e _Nat. 1460. NAT. DEL._ASSOC.._INC . Y. ave. —from rust and decay with our grand old Protec-Tin Roof Paint. " Kich, red oxide of | jron and pure lnseed oll.” we appiy it.. ROOFING 3 V St N.W. COMPANY North ¢423 | MUSICAL INSTRUCTION. i ' PIANO TAUGHT . IN tudlo. MRS. C. L POE‘DOUPXOP 6th ? studio. . C. 3 2 3 Met, 9223, % mittee hearing before the session was over and said Secretary Woodin had agreed to the bill. “With this bill” Thomas quoted the Treasury chief as saying, “the depres- ston is over. If administered in a busi- nesslike way we can combat anything.” Indicating the credit expansion pro- vision would be used at first, Thomas sald “there never has been any idea of turning inflation loose.” After the committee had been in ses- sion almost two hours, Secretary Woodin emerged and summoned Walter Wyatt, general counsel of the Federal Reserve Board, to com= down from the Treasury for consultation. Before the comunittee met Senator McNary of Oregon, the Republican leader, said he probably would call a party conference tomorrow to formulate its attitude toward the sweeping pro- posal, while Senator Reed clung to his original plan to debate it at length to “point out its dangers” to the public. Senator Robinson of Arkansas, the Democratic leader, had announced President Roosevelt was in accord with the purposes of the legislation and would permit adequate debate. But he does not want unduly to de- lay the farm bill which already has been before the Senate nearly three weeks, and he is ready to call a halt when he deems it necessary. The administration spokesmen ex- plained to the Senators that the *“con- trolled inflation” proposal would be ini- tiated in practice as an ‘“expanded credit” arrangement, with provision for purchases in the open market by Fed- eral Reserve banks of $3.000,000,000 of Government securities. If such a pro- gram did not work out, the President would be authorized to issue $3,000,000,- 000 in Treasury notes or currency, re- duce the gold content of the dollar up to 50 per cent, or accept $100,000,000 of the war debts in silver at 50 cents an ounce. At the Treasury, meanwhile, admin- istration efforts to have the Federal Re- serve Board and governors of the 12 Reserve banks approve plans for the system at once to expand its open mar- ket operations in heavy purchase of Government securitles was being pressed before_a joint session of the governors and board. It had been hoped to get approval of a supplementary plan for the sys- tem to begin the operations as far as possible under present laws at once, on the theory that to do so would aid | in the administration’s general scheme of continuing the improvement in busi- ness brought about in the last few days. Secretary Woodin, while declining to discuss how the board and governors had viewed the proposition, was said | to have presented the plan at a confer- ence of the governor and the board yes- | terday. . Decision Up to Governors. The governors of the 12 banks form the “Open Policy” Committee of the Reserve system, deciding what securities should be bought or sold to support and aid business of the country. The Federal Reserve system now owns $1,837,000,000 of Government securities purchased largely to aid banks a year ago. \yhen the policy was inaugurated it was with the idea that the purchase of the securities would build up the re- serve of member banks throughout the country and make possible freer exten- ston of credit to business and industry. The board continued its purchases until more than a billion dollars of the securities had been added to the portfolios of the bank. The amount {of Government securities now held is | $759,000,000 more than a year ago, and constitutes 75 per cent of the total Reserve Bank credit now outstanding. As the Senate Committee got under way, reports circulated that & proposed substitute plan was under considera- tion declaring a new monetary policy under which a stabilization board would maintain commodity prices at the 1926 level. This plan, which was not expected to receive serious consideration, would direct the Secretary of the Treasury | to purchase Government obligations at | | the rate of $300,000,000 a week until | the 1926 price level had been reached, and to sell or purchase after that to maintain that level. So much interest was shown in the inflation program that many Senators, not members of the Banking Com- mittee, attended the executive meeting. Once the Senate passes the farm bill with its inflation rider, House leaders do not expect to accept it with the numerous Senate amendments, but rather to insist cn the differences be: tween the two branches being recon- ciled in conference. Representative Byrns, the Democratic leader there, predicted to newspaper men that the currency expansion propo: sition would be accepted by a substantial House majority. “We've reached the point where we have got to have scme currency expan- sion, or else,” he said, terming enact- ment of the farm bill necessary because “inflation would be too slow to remove the need for immediate help for the farmer.” Byrns does not expect the expansion plan to bring drastic inflation, however. “The reaction we get in the next few days,” he said, “might—I'm not at all sure of that, though—bring us a greater increase in prices than the expansion justifies. In other words, prices might Tise very high very soon, only to drop back a little when the expansion pro- gram has begun. From that point onward the rise should be in proportion to the expansion.” Will Fight Wide Power. Once the Thomas bill Is in the Sen- ate, the Republican forces intend to op- pose the unprecedented grant of power to Mr. Roosevelt long enough to arouse public sentiment and to show the coun- try, as Senator Reed said, “what has happened in other countries that have taken this course. An official explanation of the legis- lation, introduced late yesterday after a day of feverish conferences during which the rising prices on stock com- modity exchanges drew a variety of comment, said the purpose was to re- store commodity prices, hold them up and then create expansion, not of cur- rency, but of credit, and to make it easfer for Mr. Roosevelt to take inter- national action for currency stabiliza- tion. \ It was added that nothing of the printing press or unregulated inflation ‘was contemplated. Democratic leaders view the Thomas bill as giving the President a strong hand in the world economic negotia- tions which open tonight with the ar- rival at the White House of Prime Minister Ramsay MacDonald of Great Britain. It would empower him to lower the gold content of the dollar and Mr. Roosevelt seeks to bring about a revised world gold standard to which all nations could adhere. Senator Robinson, the Democratic leader, in a formal statement, said of the legislation: “One of its main purposes is to strengthen and support the President in negotiating agreements for the stabi- _THE _ EVENING STAR, WASHINGTON, D. C., FRIDAY, APRIL 21, 1933. Text HE text of the inflation amend- ment to the farm bill, as pro- posed Senator Thomas, Ilge:mu:nt. of Oklahoma, fol- Wa Part 6 of the farm bill—financing —and exercising power conferred by section 8 of article 1 of the Consti- tution: To coin money and to regulate the value thereof. Section 34. Whenever the President finds, upon investigation, that (1) the foreign commerce of the United States is adversely affected by reason of the depreciation in the value of the cur- rency of any other government or gov- ernments in relation to the present standard value of gold, or (2) action under this section is necessary in order to regulate and maintain the parity of currency issues of the United States, or (3) that an economic emergency requires an expansion of credit, or (4) that an expansion of credit is neces- | sary to secure by international agree- | ment a stabilization at proper levels of the currencies of various governments; the President is authorized, in his dis- cretion, (a) To direct the Secretary of the Treasury to enter into agreements with the several Federal Reserve Banks and with the Federal Reserve Board where- by the Federal Reserve Board ill, and it is hereby authorized to, notwith- standing any provisions of law or rules and regulations to the contrary, permit such reserve banks to agree that they will (1) conduct, pursuant to existing law, throughout specified periods open market operations in obligations of the Federal Government or corpora- tions in which the United States is the principal stockholder, and (2) purchase directly and hold in portfolio for an | agreed period or periods of time, | Treasury bills or other obligations of | the United States Government in an| ggregate sum of $3,000,000,000 in ad- | dition to those they may then hold, unless prior to the termination of such period or periods the Secretary shall | consent to their sale. The provisions | of existing law requiring an automatic | increase in the discount rate shall not result in an increase in such rate by reason of operations under this section. | Note Issues Provided. | (b If the Secretary, when directed | | by the President, is unable to secure| | the assent of the several Federal Re-| serve Banks and the Federal Re-| Board to the agreements authorized in | | this section or if operations under the above provisions prove to be inadequate to meet the purposes of this section of | this act, or if for any other reason addi- tional measures are required in the| judgment of the President to meet such purposes, then he is authorized— | (1) To direct the Secretary of the | Treasury to cause to be issued in such | amount” or amounts as he may from time to time order, United States notes, | as provided in the act entitled “Ar act | to authorize the issue of United States | notes and for the redemption of fund- | ing thereof and for funding the float- ing debt of the United States” ap- | proved February 25, 1862, and acts sup- | plementary thereto and amendatory | thereof, in the same size and of similar | color to the Federal reserve notes here- | tofore issued and in denominations of | 1, $5, $10, $20, $50, $100, $500, $1,000 | and $10,000, but notes issued under this subsection shall be issued only for | | the purpose of meeting maturing Fed-i eral obligations to repay sums borrowed | by the United States and for purchas- ing United States bonds and other in- | terest-bearing obligations of the United : Provided, That when any such | notes are used for such purpose the ’bond or other obligation so acquired or | taken up shall be retired and canceled. | | Such notes shall be issued at such| | times and in such amounts as the; ‘Pruldem may approve, but the aggre- | gate amount of such notes outstanding | |at any time shall not exceed $3,000,- | | 000,000. There fs hereby appropriated | out of any money in the Treasury rnot otherwise appropriated an amount suf- | | ficient to enable the Secretary of the| | Treasury to retire and cancel 4 per| centum annually of such outstanding’ | notes and the Secref of the Treas- ury is hereby direct to retire and | ancel annually 4 per centum of such | utstanding notes. Such notes and all | | other coins and currencies heretofore | |or hereafter issued by or under the | authority of the United States shall be | | legal tender for all debts public and | private. Could Change Dollar. (2) By proclamation to fix the weight of the gold dollar in grains nine-tenths fine at an amount that he finds is nec- of Inflation Plan Senator Thomas’ Am;ndment to Farm Bill Would Give Roosevelt Broad Power to Control Currency. essary from his investigation to protectof this section. the foreign commerce of the United States against .the adverse effect. of depreciated foreign currencies, or in case Government of the United States enters into an agreement with any government or governments under &e tex;ms o‘( wl}:’ch the ratio between e value of gold and other currenc; issued by the United States and by In; such government or governments is established, the President may fix the weight of the gold dollar in accordance with the ratio so agreed upon, and such gold dollar, the weight of which is so fixed, shall be the standard unit of value and all forms of money issued or colned by the United States shall be maintained at a rlnty with this. stand- ard and it shall be the duty of the Secretary of the Treasury to maintain such_parity, but in no event shall the ;d‘hdt of t’h': gold dollar be fixed so as reduce present weight more than 50 per centum. ShE of the Section 35. The Secretary . with the approval of the Treasury, President, is hereby authorized to make and promulgate rules and regulations covering any action taken or to be taken by the President under subsection (a) cl's(eb:1 of .;ecllon 34. ction 36. (a) The President of the United States is authorized to a silver, in amounts not to exceed in the aggregate in value in the United States currency $100,000,000, in pa; ment of the whole or any part of any amount of principal or interest due from any forelgn government or gov- ernments on account of any indebted- ness to our Government, such silver to be accepted at not to exceed the price of 50 cents an ounce. The authority of the President to accept silver as herein authorized shall be limited to a period of not to exceed one year from the passage of this act. (b) The silver bullion purchased under the provisions of this section shall be subject to the requirements of existing law and the regulations of the mint service governing the methods of de- termining the amount of pure silver contained, and the amount of the charges or deductions, if any, to be made; but such silver bullion shall not be counted as part of the silver bullion authorized or required to be purchased and coined under the provisions of | existing law. . (c) The silver accepted and received under the provisions of this section shall be deposited in the Treasury of the United States, to be held, used and disposed of as in this section provided. Currency Planned. (d) The President shall cause silver certificates to be issued in denomina- | tions of $1, to the total number of dollars for which such silver was ac- cepted in payment of debts. Such silver | certificates shall be used by the treasurer of the United States in pay- | ment of any obligations of the United States. (e) The silver so accepted under this | | | section shall be coined into standard | currency at a fixed level. silver dollars and subsidia: coins | sufficient. in the opinion of nl;z Secre- | tary ‘of the Treasury, to meet any de- | mands for redemption of such silver certificates issued under the provisions | of this section, and such coins shall be retained in the Treasury for the pay- ment of such certificates on demand. The silver so obtained and deposited | under “this section, except so much thereof as is coined under the pro- visions of this section, shall be held in the Treasury for the sole purpose of aiding in maintaining the parity of such certificates as provided in existing law. | Any such certificates or reissued certifl- | cates, when presented at the Treasury, | shall be redeemed in standard silver | dollars, or in subsidiary silver coin, at | the option of the holder of the certifi- cates: Provided, that in the redemption | of such silver certificates issued under this section, not to exceed one-third of the coin required for such redemption may, in the judgment of the Secretary of the Treasury, be made in subsidiary coins, the balance to be made in stand- ard silver dollars. (f) When any silver certificates issued under the provisions of this section are redeemed or received into the Treasury | from any source whatsoever, and be- long to the United States, they shall not be retired, canceled or destroyed, but shall be reissued and paid out again and kept in circulation, but nothing | herein shall prevent the cancellation and destruction of mutilated certificates and the issue’ of other certificates of like denomination in their stead, as pmvlde_t.xi‘h by law. § (®) e Secret: of the is authorized to mfie Tules ln’x:e"r!gu“r! lations for carrying out the provisions lization of exchange through the re- adjustments by international agree- ments pertaining to the content of the gold dollar or the use of an increased amount of silver by the principal com- | mercial nations, or by both such methods.” Amid the chorus of Democratic ap- proval that met President Roosevelt's currency plans there came from Chair- man Somers of the House Coinage Com- | mittee a warning that the proposed | method of handling silver is “a hoax, a | false raiser of hopes.” “The Thomas amendment as origi- nally proposed set up a stabilization board,” he said. “This has been dropped from the final draft, leaving the manip- ulation of the gold content as the only means of stabilizing the dollar. Conse- quently it is obvious that the new amendment contemplates a 50 ger cent reduction of the value of the gold dollar. “The amendment also contemplates the acceptance of silver on war debts at 50 cents an ounce, or just twice its present value. Inequity Alleged. “Thus, in advancing one thing up you knock the other down, leaving the | value of silver precisely where it was before. “In other words, a 25-cent handker- chief now can be bought with an ounce of silver. When the gold dollar has been revalued that same ounce of silver will buy 50 cents’ worth—but it will be the same handkerchief. “The net result will be simply this— the silver-using countries, whose mar- kets we need, can buy just as much and no more than they can now. But the countries that pay their war debts to the United States in silver will-be get- ting' a 50 per cent reduction in the $100,000,000 they can pay.” 54 %Je vetter Rain won’t harm a du TONTINE Because it is impregnated with pyroxyli It is beautiful, long lasting, w: as du Pont DUCO. waterproof. MADE TO MEASURE D s 33243325 w. 5TOKES u Pont Window Shade! basically the same AT FACTORY PRICES 830-13™StNW NN SAMMONS FRENCH RETALIATION BY HIGHER TARIFFS FORECAST IN PARIS (Continued From Pirst Page.) frankly bewildered by the situation. Facts to guide their deliberations aboard ship were very meager and news Teports were scanty. The former premier is understood to have been in communication by tele- phone with Paris last night. Any policy to meet the new situation must be formulated in Paris and trans- mitted to the special -envoy. Narrowly limited in the terms of his mission before he left Paris and without authority then to comniit his govern- ment to any definite proposal, M. Her- riot’s possibilities of initiative are now further reduced almost to nothing. BRITAIN WELL REPRESENTED. LONDON, April 21 (®).—Although the government was being importuned today to maintain the ratio between the pound and the dollar which existed be- fore the United States abandoned gold, there was no indication of any official move to meet demand. A highly articulate section of the press held it was necessary that Britain t | and others needing | e retain the advantages that have ac- _—_— A BERIES OF FRIENDLY MESSAGES TO WASHINGTON U. S. Depository TERMS OF PENDING CURRENCY SCHEME Operations of Roosevelt’s Controlled Inflation Meas- ure Clarified. By the Associated Press. Members of Congress discussed today just how the administration-supported currency expansion bill would work and here are some of the things they found: ‘The measure, offered as an amend- ment to the farm bill, would permit negotiations between the Secretary of the Treasury, the Federal Reserve Board and the 12 Federal Reserve banks under which the Reserve banks would buy $3,- 000,000,000 worth of Government obli- gations and hold them for a specified time. The holders of the obligations would recelve cash in return for the securities. Many banks now hold Government obligations bringing them interest. In place of these they would get cash, cur- rency, drawing no interest. To make & profit, they would have to lend the money to some one at interest. This would act to liberalize loans to industry funds. Individuals who got cash, earning | nothing, instead of bonds would, it was | bellived, prefer to put that cash to work, Issuance of New Notes. If the Secretary of the Treasury could not obtain the necessary agreement with the Reserve Board and banks, the Presi- dent could direct him to issue $3,000,- 000,000 in United States notes in de- | nominations from $1 to $10,000. This money would be used to purchase and retire Government obligations, the new notes in the end lacing in the banks or the possession of individuals $3,000,- 000,000 worth of Federal securities. Each year there would be appropri- ated by Congress enough money to re- tire 4 per cent of the outstanding notes, bringing complete retirement after more than 25 years. ‘The Treasury’s new currency would be legal tender, and the intention is to have it backed by a precious metal, gold or_silver. Next, the President could say that the gold dollar shall contain only 11.61 grains of fine gold as against the 23.22 now in it. This would make the dollar just half as valusble, make & shirt or | dress now worth 23.22 grains of fine | gold—or $1—worth the same 23.22| grains of fine gold, or $2. | 50 Per Cent Gold Reduction. The bill fixes at 50 per cent the max. imum amount the gold content of the | dollar could be reduced. Any Presi- | dental proclamation making a reduction would have to be predicated upon an investigation showing the United States | is suffering because of depreciated for- ign currencies or upon an agreemeqt | with other governments to stabilize the | Then the President for one year could accept as much as $100,000,000 | worth of silver from a forelgn nation | as a payment on a debt owed to the | United States. The maximum price at | which he could accept silver would be | 50 cents an ounce. Silver now is around 35 cents. | The silver received on debts would be held as a base for an issuance of $1 certificates—the common $1 bills— in an amount equal to the total dol- lars of the debt payment. 1If, for in- stance, Great Britain paid her next, debt installment with $100,000,000 worth of silver, there would be issued 100,- 000,000 more $1 bills. These certificates would be redeem- | able at the Treasury in coined silver dollars or subsidiary coinage—nickels, | dimes, quarters. If the silver went | above 50 cents an ounce the Govern- | ment would have a surplus of the metal on which it could issue more currency, but additional sauthority would be | needed. All silver certificates redeemed at the Tre: would be reissued. The method by which $1 silver certificates would be id out is left with the ‘Treasury, it one method would be by using them to pay running expenses of the Government. crued to her through the depreciated pound. “The British government must see that the pound moves correspondingly away from the dollar,” an editorial in the Daily Express said. The Daily Mail declared that “if world currencles are re-valued it should clearly be understood that Britain owing to her unfavorable trade balance, will keep sterling at the present ratio with other currencies.” In financial quaters the indications, are that the present policy of letting | sterling and dollars find their level will be maintained, with hope that Presi- dent Roosevelt's economic discussions in Washington and the World Economic Conference will prevent the nations from starting competition in debased currencies. A reported declaration by experts ac- companying former Premier Edouard Herriot to the United States aboard the Ile de France, to the effect that Amer- ica’s financial action rendered the World Economic Conference futile, found no support in British government quarters. On the contrary, British officlaldom indicated an unqualified belief that the conference has become more imperative than ever if there is to be rehabilita- tion of the world. Government sources indicated satis- faction that Britain is to be represent- ed on the ground in this crisis by such men . as e Ramsay Mac- Donald, Sir Frederick Leith-Ross, chief economic adviser to the government, who is_accompanying Mr. MacDonald to Washington, and Sir Ronald Lind- say, the British Ambassador United States. nlBll' Pf:;l,efltk 15 held to be e country’s grea xperts, and Sir Ronald also is distinguished in financial counsels. With Mr. MacDon- ald, as head of the government, pres- ent in Washington, British officials say they will have a strong team every confidence. | IF You Spend ALL .... What Is A lével-headed person, one Left For YOU? who gets ahead, is the fel- low who consistently spends a little less than he earns and saves that narrow margin for his needs in later life or for the necessary foundation upon which he hopes to build his fortune. When one fails to put aside a part of earnings, he writes his owrr future in those letters which only spell failure, Bank of Commerce & Savings IN THE EX4&v =< THE SHOPPING DISTRICT INUTE [lystegy SanYou, Dr. Fordney is professor of criminolos at a famous university. His advice often sought by the police of many citl hen confronted with particularly baf- ng cases. This problem has been taken | overing hundreds of tions. your wits on it. ' It takes but ONE M to tead. Every fact and every clue necessary to its solution are in the story itself- there is only one an- swer. How good & detective are you? Capt. Wiard’s Reasoning. BY H. A. RIPLEY. APT. SETH , one of America’s leading firearm and bullet identification experts, was hastily summoned by the police to the scene of the . Because of the wealth and promi- olds was taking no chances. 8 nces the capitalist had killed hm he wanted expert confirmation. As he entered the sumptuously fur- nished library Wiard observed the man slumped at his desk in a tall-backed chair, & gaping wound in his left temple. With & nod to Re Y nolds he carefully picked up from the floor a| revolver lying near Straus’ left hand, ‘which dangled over the side of the chair. Assured it hadn’t been touch- ed, he praceeded to | examine it. | “Suicide, all| right, captain,* re- | arked ~Reynolds. | ‘But that gun now | —can't make it out | —never saw one like it before! Know what it is?” ‘Yes . . . 8 445 caliber Webley, ‘Wiard quickly told him. “English offi- | cer's service arm. Wonder how he got | hold of it: It's only the second one I've run across in this country in 10 years.” Continuing his examination and ob- that the hammer rested on an cartridge, he looked up and | 'What does the coroner say, | e unexpl demand sergeant “He learned Straus was left-handed, | all right. He says the wound could ly have been self-inflicted, that it was instantly fatal and that he believes it suicide.” “Sorry, gentlemen, but you'd better | get busy looking for the murderer— Straus didn't shoot himself.” Wiard | stated after carefully looking at the | wound. HOW DID HE KNOW? Perhaps you have a story or problem | you. would like to submit to Prof. Ford- ney. If so send it to him in care of | this paper. He will be delighted to re- | ceive it. (For solution see Page A-10.) SENATOR TO STUDY RETIREMENT PLAN | Bulow Refuses Comment on Budget Bureau Recommendation at This Time. Senator Bulow, Democrat, of South Dakota, now chairman of the Senate Civil Service Committee, plans to make | a study of the effect of the Budget Bu- reau’s recommendation for the retire- ment of all civil service employes after 30 years’ service. Until he has analized the proposal he said he was not pre- pared to comment upon it. Senator Logan, Democrat, of Ken- | tucky. a member of the Civil Service Committee, said he thought optional re- tirement after 30 years would be all ht, but he was not inclined to look | ith much favor on compulsory retire- ment for those who are efficlent and want to stay in service. He added, how- ever, that he had not studied all phases of the recommendation and that if re- tirement plans would result in savings and if it was proposed as an alternative to dismissing employes he probably | ‘would support it. | result of rickets, Rabbie Burns, e —— MUSSOLINI OFFICIATES AT HOLIDAY EXERCISES By the Associated Pre ROME, April 21.—A busy Mussolini officiated at Rome’s birthday celebra- tion today. He was kept rushing about from one part of the 2,686-year-old city to another unveiling statues and inau- gurating ruhuc ‘works. ‘To noon Mussolini dedicated the statues of five emperors erected on Via Del Impero (Street of the Emph'a).unl Stores, schools and public offices were closed in observation of a full holiday. This afternoon the Duce will inaugu- rate a number of important public works, including new streets and gov- ernment buildings. BRIEF PRICES BYRON S. ADAMS I Nover Diagaoons™ For more than a third of a century Chetsnut Farms Dairy has supplied its thousands of patrons with a product rating HIGHEST the three major ns by which perfect judged . . . PURITY ... SAFETY ... SUPERIOR QUALITY! Consistently the best—and priced no higher than ordinary milk! It's easy to start Chestnut Farms Serv- ice to your door. Just phone POtomac 4000! FURTHER PARLEYS HELD FOR BANKS R. F. C., Federal Reserve and Treasury Officials to Meet Today. Further conferences between repre- sentatives of the Reconstruction Pinance Corporation, the Federal Reserve System and the Treasury Department were scheduled for today in an effort to develop a general plan for reopening closed banks in the hands of con- servators. | Progress was understood to have been made yesterday and last night in con- sideration of this general plan which would be used for handling the local banking situation as well as the prob- lem of reopening throughout the country. Walter J. Cummings, executive | assistant to the Secretary of the Treas- ury, who is handling the problem of reopening the 13 closed Washington banks, said today that no details could be made public at the present time, | but that further conferences would be | held by representatives of the three | agencles concerned. — | Unable to walk when a child as the of Bridgeton, Scotland. persisted in devel- oping himself until he has become & boxer of promise. Lazy Fires - *hd A—=3 '[ Cold air is good for furg, and Securicy’ Certified Cold Storage provides protection from all risks+~not only for furs, but for rugs and cloth- a safe depository for 43 years at 1140 Fifteenth St. THY Root Beer 8 @ Your Guarantee of Real Root Juices Make 40 bottles of delicio and healthful Hires Root B; from 1 bottle of Hires Root Beer Extract. Costs less than l_¢ per glass. Save money, yet give your family a pure, wholesome beverage. Must Leap into action now and then during Washington’s Spring. 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