Evening Star Newspaper, April 23, 1933, Page 11

INDUSTRIAL PLAN 0 BE PRESENTED “Production Warrant” Would | Be Included in Profit- Sharing Scheme. BY G. GOULD LINCOLN. A profit-shering plan for industry and labor, designed to bring about mass distribution and mass consumption as corollaries of mass production, has been proposed by Ge o H. Hull, jr., of New York, to Government ofiicials here. Mr. Hull hopes to have an opportunity to present this plan in detail to the House Labor Committee when it begins hearings on the Black 30-hour work- week bill nexg week. Mr. Hull's plan, worked out after years of study of the economic prob- lems which confront this country and others, looks to the use of a new me- dium of exchange—the “production warrant.” With the country off the gold stand- ard and thg necessity for rebuilding economically “clear to the country, Mr. Hull suggests that the steps taken should fundamental and not merely a tempo- rary cure. The auxiliary medium of exchange—*“the production warrant’— to supplement money credit when it re- fuses to distribute full capacity produc- tion should be adopted without delay, he asserts. The gold standard would remain, but 1t would become a yard stick to meas- | ure the relative value of products to each other, not the relative value of each product to gold, which now Kills prices, insolvency. Gold—or whatever money standard is finally set up—will become the yard stick and production warrants the medium of ac- complishing the interchange of goods. Essentials of Plan. The essentials of the Hull plan are: First, the adoptiaa of the principle of co-operative distribution by means of a profit-sharing wage system. Second, complete redistribution of currently earned corporate profits. Third, the adoption of “production warrants” as an auxiliary medium of credit and product distribution. Fourth, the acceptance of production warrants by the Federal Government in payment of taxes. Fifth, the establishment of a pro- duction’ warrant exchange and clearing hcuse. Sixth, the introduction by Federal Reserve banks and national banks of the necessary machinery for receiving deposits in the form of production war- rants. Mr. Hull believes that if his plan is adopted it may have also a bearing on international trade, sweeping away tariff walls and bringing about a free | interchange of goods. This, he insists, Would cause armies and navies to be no longer needed in settling by war the trade balances which “cannot be settled in gold and which we do not ailow to be seitled in goods.” For Capitalistic System. Mr. Hull rem a friend capitalistic system, as opposed to So- cialism and Communism. But he in- sists that the capitalistic economic gov. ernmen: ¢ political system of the and must be this new author of recovery is a firm opponen: it companie i now p the position that pros- the possession by ceessities, comforts cnter into high e those things,” Mr.| . “in large quantities unless | duce them in large quantities. N can we have them continuously unless after having produced them in 1:rge quantities we then proceed to dis- | tribute them widely among the people.” Employment Insurance. | Through the adopticn of the principle of co-operative ditsribution by means of a profit-sharing wage Mr. Hull insists | class warfare and m ribution of | credit would be eliminated in large part. It would also tend to give a more com- plete and continuous consumption of capacity production, thus acting as em- loyment insurance on a self-supporting asis. _The complete redistribution of cor-| porate profits, currently earned, every three months is proposed by order to keep credit and profits in cir culation, buying or consuming product: in a continuous cycl This would, he contends, tend to put an end to the custom of hoarding currently earned corporate profits in undistributed profit account and using them to finance stock market inflation instead of dis- tributing them in order that they might buy products. | s corporzte hoarding | | distortion as between plant-productivity day conflicts with the Demo- | plan_for | BY WILL P, KENNEDY. HE first Democrat ever to repre- sent the third district of Wash- ington State in Congress is Representative Martin F. Smith of Hoquiam, who gained wide prominence in_the last itical cam- aign because of his leadership in the Pacific: Northwest in advocating the nomination and election of President Roosevelt. For more than a year preceding the Democratic national convention Mr. Smith visited leading cities along the | Pacific Coast, particularly in Washing- | ton and Oregon, pushing the nomina- | tion of Roosevelt. He organized the first Roosevelt-for-President club in | Washington State and was its presi- dent. He was the principal speaker and guest of honor at a banquet in Portland, Oreg., when the Roosevelt- for-President League in that State launched its activities. Mr. Smith, a lawyer by profession, was born in Chicago and is 42 years old. He was admitted to the Wash- | ington State Bar in 1911 and has made his home in Hoquiam for the last 22} jvears. He served as municipal judge |'from 1914 to 1917, was a member of | the Hequiam city council for two years when Hoquiam returned to the council- manic form of government in 1926, and | served as mayor from 1928 to 1930. | When Mr. Smith was elected last | November he succeeded his fellow townsman, Albert Johnson, Republican Representative for the last 20 years. Mr. Smith has been a progressive in | politics. He campaigned years ago in favor of the initiative, referendum and recall amendments to the State con- stitution. Two years ago he was an THE SUNDAY STAR, WASHINGTON, D. C., APRIL 23, 1933—PART ONE New Faces in Congress REPRESENTATIVE SMITH ACTIVE IN LAST CAMPAIGN. MRS. PETERMAN FREED IN HUSBAND’S SLAYING Charlotte Crowd Congratulates ‘Woman at End of Three-Day Trial. By the Associated Press. CHARLOTTE, N. C., April 22.—A Su- perior Court jury after deliberating 35 minutes today acquitted Mrs. Ruth Pe- terman of a charge of murdering her husband, a public utilities executive, after a liquor party at their fashionable home here. The woman who screamed “I killed him” when police found her husband, Roy L. Peterman, shot to death in the midst of broken furniture and a topsy- turvy household, had been on trial three days—maintaining that Peterman, a vice president of the Southern Public Utilities Co., had committed suicide. %uhu the widow, to kiss her smll to e her hand. i ‘The well-wishers gathered about Mrs, Peterman as she attempted to thank the jury, which filed out of the court room during the confusion, while the ‘widow, -except for fleeting smiles of ac- knowledgment to her friends, remained impassive. RACING BILL PASSED OKLAHOMA CITY, April 22 () — || The Oklahoma Legislature gave final approval today to legalized horse racing || with wagering on the pari-mutuel or certificate system, but the measure faces. other hurdles. Should the bill escape & veto by Gov. W. H Murray, anticipated in some quarters, it may be attacked in the courts on the grounds it is a revenue- raising measure and, as such, should REPRESENTATIVE M. F. SMITH. active worker in behalf of the grange district power bill throughout South- west Washington. He is a member of the American Bar Association, the American Legion and is. both a Rotarian L?l’ld a Kiwanian. His fraternal affiliatfons include the Benevolent and Protective Order of Elks, the Loyal Order of Moose, Fra- ternal Order of Eagles, Order of Vass and the Order of Runeberg. He ds married and has two small daughters. Mr. Hull says, “innates stock prices and the volume of stock dealings and the increase of plant capacity, while simultaneously undermining the con- sumption of plant output. “The fact that we have invented a stock certificate representing fractional ownership of the plants that produce products, but have failed to invent a similar product-certificate to represent products in the same freely interchange- able manner brings about an inevitable and product-saleability. The produc- tion-warrant will cure this. “Perpetual Prosperity.” Mr. Hull, in a book entitled “Per- | petual Prosperity.” discusses the origin and method of operation of the “pro- duction-warrant.” He says, in part: “Suppose that a corporation pro- l ducing some kind of consumer-goods round that it could sell at the moment, | in exchahge for money at a profit, only | 80 per cent of its capacity. It would | continue paying dividends, wages, sal aries. etc., in the usual form of money | credit, out of the sales of goods which | it could make in money form. The | other 20 per cent would be paid out to the workers and the proprietors of that | industry or enterprise, in the form o production-warrants. What would be | the effect of this operation? Industry | would have been saved from the calam- | [ Radio or Aut WILLIAMS [EOMAT] 1t's Bigger, Better and Cheaper nteed by the Houte tt and its makers— QugHanC WIRE FENCING Put up a new wire fence NOW at today’s money- saving prices. we have wire fences, gates, etc., Come to J. Frank Kelly’s today... at reasonable prices. We can have it installed if desired. AAARAAARA AL AN "‘“""Q‘ '0“"1“Q.L K :&‘c’o’ % 'O'z’f o I Q> Wire Fencing 80 ft. 36-inch wire vard fencing. strongly made and rein- forced to give durable, last- ing service. By the Roll Makes your flower bed more attractive—keeps out pests. J. FRANK KELLY, Inc. Lumber; Millwork, Paint, Hardware, Cement, Coal 2121 Ga. Ave. N.W. Wire Fence GATES 36-inch swinging gates made of iron nicely orna- mented and finished with heavy fence wire. \AVAVAVAY o NN Ii!llffiml‘nlmnq Border 6c ([ 16-in. wire Tim. ft. . ... 22-in. wire lin. foot .. NOrth 1343 ity of having to partially shut down its plant and discharge workers and re- duce dividends. Moreover, instead of producing only 80 per cent as much wealth as it was capable of, it would produce the full amount, and that wealth in physical form would all be distributed to the people. Eighty per cent of if would be distributed through the usual medium of money-credit. The other 20 per cent. instead of being abandoned entirely, would be dis- tributed through the medium of pro- duction-warrants. A stockholder would get 80 per cent of his dividend in check and the other 20 per cent in a production-warrant. A worker would receive 80 per cent of his total wage in money and the other 20 per cent in a production-warrant.” ‘When the verdict was announced, the crowds of Charlotte's social set that packed the court room during the trial rose in & mass and pressed forward to GENERAL 903-N-NW. OUR LININGS GUARANTEED TO HOLD-WET.r DRY" SPECIAL — THIS WEEK ONLY — SPECIAL have been passed five days before legis- lative adjournment. This was the last day of the session. The bill would be- come law July 11, SERVICE DEC. 5483 Plymouth® Sfudebak.er Brakes relined, 4 new brake drums complete, including lining, labor and adjustments. 9.95 —— e e SHOWS THE WAY TO DOUBLE SAVINGS _— e ——— 39-inch All-Silk Flat Crepe Excella Patterns 10c 15¢ 25¢ Excella June Fashion Book 10c All the smartest new styles. Al a new June Fashion Sheet for you with- out charge. Ask for your copy in the piece goods department. 36-In. 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