Evening Star Newspaper, April 23, 1933, Page 3

HERRIOT ARRIVES INCAPITAL TODAY Paris Instructs Envoy to Seek U. S. Return to Gold Standard. the face of changed conditions in his conversations with President Roosevelt in Washington. Under thes: circumstances his func- tion in' Washington would bs only to listen apd observe. He arrives in the Capital late tomorrow. ! The former premier was represented as belleving that, although he may Dbe powerless at this time to make any decisions on the propositicns to be dis- cussed in Washington, it is possible that | in the near future he may again b2 in a position of authority. This thought, it was believed, u doubtedly will inspire the . form: premier to establish the best possible relations between himself and the lead- ers in Washington. A vast amount of speculation has developed regarding the attitude the French would adopt in the event an irfflaticn race developed between Brit- ain and America. An excellent authority takes the view that French sympathies and monetary interests would, at the present, lie with the United States. But because of the situation in Europe, this authority as- serted, France needs the political sup- port of Britain and ccnsequently would hesitate to take any monetary position likely to alienate Downing Street. So, for the present, M. Herriot’s- position remains strictly neutral. CANADA STAYS ON GOLD. | Status Subject to Shipment Licensing Restrictions. OTTAWA, April 22 (#) —Canada re- mains on the gold standard, subject to shipment licensing restricticns, depart- ment of finance officials said today in Tesponse to reports, chiefly from the United States, that the gold standard has been abandoned. The situation remains unchanged since the restrictions were imposed in September, 1931. Two shipments of gold, totaling £1,.- 500.000 went from Montreal to London yesterday. Ju! GETS 2 AIDES. Treaty and Currency Experts Named by Duce. ROME, April 22 (#)—The business- like aspect of the mission of Guido Jung, Italian minister of finance, to Washington for conversations with President Roosevelt, was enhanced to- day by Premier Mussolini’s appointment of two experts on commercial treaties ;nd money stabilization to accompany im. They are Eugenio Anzilott, chief of the industry and trade division of the ministry of corporations, and Giorgio del Vecchio, first undersecretary of the treasury. ‘The trio will sail Tuesday on the Conte di Savoia. FOREIGN BALANCES IN AMERICA SHRINK Position of U. 8. Held Strong Enough to Miss Injury by Further Drains. right: Bel HE following is the full text of the address of Prime Minister Ramsay MacDonald yesterday at ihe National Press Club: Mr. Chairman and hosts of the National Press Club, I am really delighted to be your guest once again. As I was being led into this rcom my attention was drawn to one of those plaques, the matrix which you have used for decoration purposes, and upon that plaque I saw what I 00k to be a very humane warning—“The food gets worse.” You do yourselves a great injustice. Lively as are my recollections of the last lunch you gave me fcur years ago, I can assure you. my friends, I will take away with me now a still live- Jier reccllection of your very hospitable entertainment. ‘The Commerce Department said yes- terday foreign short-term capital bal- ances in the United States have reached virtually “a working minimum” at ‘which, with or without a gold embargo, America’s position could not be im- paired seriously by further drains. As a result of the unprecedented with- drawal of short-term funds during 1931 and 1932, the department pointed out, this country had become an interna- tional creditor on short-term capital for the first time in years. On answers to questionnaires sent 165 banking institutions engaged in interna- tional commercial transactions, the de- partment estimated the net outflow of short-term capital from the United States in 1932 at $371,000.000, follow- i;;%lne’t withdrawals of $709,000,000 in This brought short-term capital in America due to foreigners to $913,000,- 000 at the end of the year, and Com- merce Department officials estimated the figures were further reduced to of press communique. That com- munique, so brief, so true, so econom- ical, practicing the great national virtue of the moment, couched in such good English, and ieaving you an ab- solutely boundless field for the exercise of your own imaginaticn. Well, as the chairman has been good enough to say, I have come to America once again upon a mission. The last time disarmament. The last time we wera trying to tackle that extraordi- nary trouble of why people build up ear upon vear and decade upon decade piles of armament for their security, although, as a matter of fact, every chapter of history tells you that those arms have never been used for se- they have always been used s and_hestin: rhanging. PO, 5251-W. AND_SCRAP- City refer. NO. 6772. price: $600,000,000 before President Roose- velt's embargo proclamation March 5. _ The department said this represented | Curity: mostly working capital of commercial | for War. in:tdlltuuo?abrrtuaUy nl{ u;e b:hnn-term “An Trrational Position,” credits of Europe's central banks hav- irrational position. Tt is T N R A g e - th:twwr:soluzhmg that mms sane men drawal movement. e O e paychiology: The $600,000000 figure contrasts| “roday I am here on the invitation of sharply with the more than three bil-| v president, your very mild, forcetul lion dollars in short-term credits held i courageou‘a President, to face an- by forelgn accounts at the peak in |30 CTTRSENNS ICn o oious, equally I absurd.in its features. In America at > = this moment and in Great Britain there are millions of men who want Work an ELKS’ OYSTER ROAST can’t get it. There are millions of FIRST IN 16 YEARS |familes that want to be clothed and cannot be clothed. There is spare la- = bor; there is potential del{:m;mmg'{:d i at s T Washington Lodge Celebration | 3¢, b Wab (AEC, 7 (S02" Cothe the naked be kept from clothing the Tassley W Incne Do naked? Why is it that those who are Music and Dancing. inadequately clad, wishing to give serv- jce to the community for an economic Mmg:lx its old-fashioned ~oyster | return, whilst the community is crav- Toasts the first time in 16 years,|ing for that service, cannot have the Washington Lodge, No. 15, B. P. O.|opportunity of rendering it so that they Elks, will celebrate Tuesday at the club | might demand the Iabor of the workers house, 919 H street, with oysters, beer,| who consume its products? music and dancing. The same is true in England. We are Hundreds of bushels of oysters will| told almost every day that we have got be prepared in various ways, draught| three million unemployed men. We are beer will be served and a boys' band|told in the adjoining column of the will play. Dancing will be from 9|newspapers that hundreds of thousands o'clock to midnight. of families are living under inadequate In charge of the affair are Gus|conditions of life. And yet, the text Brahler, chairman; James A. Farrell,| of both columns, by some strange de- vice chairman; Al Hollander, treasurer, | vice, cannot be brought to wipe each and S. A. Gatti, director, assisted by a|other out and bring happiness, peace committee of 25. and contentment to the mass of the —_— | people. = Governments can not be indifferent SPECIAL NOTICES. to a state of things like that. Your WILT PAY CASH FOR - | President and I, with our friends, our tion Jeading to thi admirable expert friends, have begun o ek of Belmont. st, DY 1405 | o consider what we can do to find the o D Bpring rd. n.w.. on of about Janu- | solution to these problems. a bwlgfl,fi S TR . . C.| time, the Xntemngaml Economic Con- NG hope, is to meet. LONG-DISTANCE MOVING :fl;wm LL ference, we Tidson's Rraniter & n‘t'ux'-'::'co‘.“uu H Purpose of the Parley. st_n.w._Nat._0060. _: And what is it going to meet for? ENED. RECATRED: | 1t is going to meet for the purpose of Shépherd 1683-J. | trying to discover how, by wise inter- nationai government action, the Amer- ican farmer can acquire a market and I ‘econ ration so ehtes.” Bpring cleaning prices. NO. 07 and mw‘g' '_&, “&?,‘:;".5, of labor m:g: TLL PAY CASH REWARD INFORMA. | effective e 8 consume, Honeatios o ihe lecation of, Daviss & | former may g0 out In lightmess o eart aylor Chevy Chase. | sowing his seed in the Springtime, come e 100 OFEhout March 7| in the Autumn still with gladniess of . M. STIEFP. INC - | heart, bearing in his sheaves, knowing CHAS. M. i - ELECTRICAL WORK—When You nee Joir_ door: Da-hour service. - Wisconsin 4821 that there is not only a market for him, but t.h:tbth:re‘u ";. gtoog pgmea ‘)?g wmnmonm""hemp o i & price he may in turn become an em- all Doints within 1:000 | Dloyer of town labor, and labor in all £1 moving alej. 'Prone Nat, 1400. NAT. | its' forms of expression from one end D R i s - o5 | °f the wrldme: the other.” ALID AIRS. FOR RENT OR | We want machinery of produc- Al ser aiien and '.’fii,'...!'..‘u o :.’:'f tion and of consumption to_begin price Also_folding chairs, 'oo‘ golu round again; and we can't do that 18 Toth . N > STORAGE ¥Oiney g any of pure nationalist FIONEY—6-LB_CAN. FURE, 90¢, DE economies. And, my American friends, ed; for folks who c .-...E“'m ity Lt L¥NCO CTS. 54, by 10 a.m. | nationalist, go SPECIAL RETURN. and part loads to iles: padded vans: guaran FRODUCTS: West 6 N EXPERT FURNITURE AND MOVING SR R b cetizbte. 323..3:'"’ BARFPETT TRANS- ¢ ‘25¢ We have set today a perfect model | Forbes Herrick, president of the club; Miss MacDonald and Mrs. Susan H. Walker of the Department of .« MacDonald’s Speech at Press Club Declares President and Himself Have Begun a Co-operation W hich With Others’ Aid “Will Discover How the Present Distress of the World Can Be Removed.” of my kith and my kin; I am proud of 5 the part we have played in the history of mankind. But if I translate that pride | of mine, that nationality of mine into | nationalist economics, if I engage in| | the tragic delusion of imagining tha | Scotland, made economically self-con- {tained, is going to make its contribi {tion to the world’s wealth, then what | I shall find is this: That I shall both | impoverish myself and _impoverish | |my neighbors outside of my own| boundaries. Wealth, happiness, contentment en- | joyed by large populations living on | | high standards of life can only be | maintained by & freely flowing inter- | | national exchange. And how we are | | going to devise that freely flowing ex- | change is to be the main purpose of the | International Economic Conference. Representative Democracy. Self-sufficiency in the economic field |on the part of nations ultimately ends | |in_the poverty of their own people. | Waen I speak to an American audi- ence I am sensible of the fact that I am speaking to an audience that be- lieves in representative democracy. And when you come to think aBout 1t I think you will agree with me that the | problem is not merely one of economics |and poverty. Your people are now | educated. The working classes of the | world are no longer serfs. They are | capable of thinking; they are capable | of understanding the reasons why and wherefore. Crush those people down by economic | |failure to poverty and you do not | merely rear a stunted population, but | you create a revolution in your popula- | tion, an impatient population, a popt |lation that will not dare to look upon year after year the slow moving mu- chinery of democracy,” that will rush vo quicker and rapider methods. Why? Because those methods promise what they never can perform to men without hope, men with broken hearts, men who see life savings disap- pearing, and people who have not got long views. They are people who characteristically have short views. And this conference, therefore, is not only going to deal with the problem of an economic machine that for var- ous reasons has ceased to work effec- tively, but indirectly this conference is going to be a great steadying demo- cratic power in the world, maintaining liberty and self-respect the same time when it sets broken men and ‘women upon their feet. There is a tremendous responsibility upon the press at the present moment. When we were coming over, a great crisis broke out. When we left South= ampton, we had no warning of it a all. When we landed in New York, it had broken. These crises create very, _vrehry deu?t:e )lxnmafloml reactions. ey can’f el . Nobody can be blamed for them. I remember our own. My friends, if I live until I reach the age of Methuse- lah, I shall never forget that hectic week end, the week end beginning with enormous drains upon our depoesits in banks, not from inside the country, but from outside—drains which we had to meet in gold. Can you imagine that in the early days of the crisis we said, gayly and light-heartedly: “Let it rip, let it rip. We will go off gold. There are benefits in being off gold will reap them.” My friends, that is doing the whole genus of the British nation a grave in- Justice. We had honor; we Tespon. sibility; we strove to fulfill both. We borrowed, borrowed, borrowed; but the drain kept on. “and we was no alternative. gold our costs of prodi high in relation to the value of commodities. We were living under an increasing and adverse drain. went off we saved the situation. we did not fall off; we gradually slipped tion.’ of retaliation is rep: worse than the coun am p-oud of my culture; I am proud | (n2 spirit behind it t | down through a vicious spiral, a de- Above: The British prime minister, Ramsay MacDonald, at the National Press Club luncheon yesterday. Left to|economic failure to poverty and you do ‘Undersecretary of State William Phillips, the prime minister and Raymond Brandt. president of the Press Club. | not merely rear a stunted population, low: Miss Ishbel MacDonald as she lunched with the Women's National Press Club. Left to right: Genevieve | but you create a revolution in your Agriculture. A. P. Photos. Nations, the United States, Great Britain, France, must protect the; selves. But how do you protect your- selves? By retaliation? That is to drag conditions down and down and scending spiral course. ‘When I came here four years ago I was trying to persuade you that com- petition in armaments was wrong. Now I say precisely the same thing in rel tion to this new position that the na- tions of the world have got to face. Come to Agreements. If you, politically and nationslly, went to keep secure and be- protected, come to agreements with the other na- tions; get your round-table conferences going and honored by other nations. Then you can sit under your fig tree, no man making you afrzid. And so on this currency question agreement is the only protection. We have ben going through difficult times. ‘What is the way to handle them? Agree to get out of them. Come to- gether and show that combination to. gether to do the right, the wise, the sane thing, to pursue policies which meet all our requirements, which are based upon mutual understanding, and then carry those out like honorable gentlemen. That is the only spirit in which we can get our international exchanges settled, so shat all nations will flourish under them and no nation be victimized by any other nation’s obligations. So I say that it is more necessary than ever that the international eco- nomic conference should be held. Its difficulties may have been somewhat in- creased. What are we for but to meet difficulties, whether they are increased or not? The very fact, that the diffi- culties have been increased, showing| that the world is still deteriorating, at we have not yet reached sh thy moz'qnufilbrl proofs that that is lum, 50 only mean t there is more need to hasten up this conference and to make every nation feel that it is its duty, both to itself and to its neighbor, to agree with all the others on common Y herete erefore, I hope that our French friends and our Italian friends and all the others will be spurred to seek agree- ment rather than to discourage or to mmlknz no attempt to come to agree- “Miserable Isolation.” So that is, briefly, my friends, what our purpose is. Tariffs, restrictions of all kinds, quotas—of what use are they in a free and sane world? Exchange is as profitable in trade as it is in ideas. How miserable we would be, even you men with such a great experience behind you upon which you can draw, if you were isolated amongst yourselves. But even you men, if you were doomed— for that is the word—if you were doomed to isolation in this world, cut off from the great living world of ught and ideas and experiment outside and had to live upon the imagination which you could create for yourselves and the lnowledgz Which you have already ac- Ho will that energy remain in yo:'whlch makes your writings so virile and your thoughts so much worth other peoples’ while studying? us, , DA whole world—and that Nobody can live long under that, and when we | both WORLD INFLATION ACCORD PUSHED Plan. Discussed at Whit House to Check Fall of Prices. (Continued From First Page.) when we were off, can you blame us? Will any of you put your hands cn your hearts and say you blame us if we said: “Never again, if we can help it, shall we go through the terrible days cf that 1.cek end?’ 27 what is the meaning of that? some people using the ugly word ‘retaliztion.’ To me the very sound of retalia fon is repulsive, but what is worse than the sound of the word is the spirit ‘back of it. Natiors, the United States, Great Britain, France, must protect themselves. But how do you protect yourselves? By retaliation? That is to ‘drag conditions down and down and down through a, vicious spiral, a descending spiral wur‘," . Recalls Former Visit. He sald that when he visited Wash- ington four years ago, he was trying to persuade the world that competition in armaments was wrong. Today he insisted that if nations, politically and nationally, want to keep secure and be protected they must come to agreement with other nations. “And so on this currency question,” continued Mr. MacDonald, “agreement is the only protection.” The Prime Minister insisted that it is more necessary than ever that the In- ternaticnal Economic Conference should held. “It’s difficulties,” he said, “may have | been somewhat increased. What are we for but to meet difficulties, whether they are increased or not. I hope that our French friends and our Italian| friends and all the others will be spurred to seek agreement rather than to be discouraged or make no attempt to come to agreement.” At the outset of his speech Mr. MacDonald spoke of President Roosevelt as “your very mil forceful and courageous President.” After describing the terrible condition resuiting from un- employment, the prime minister issued the following warning: “Your people are now educated. The working classes of the world are no longer serfs. They are capable of thinking: Lhey are capable of understanding the reasons why and wherefore. Crush those people down by population, an impatient population, & population that will not dare to look upon year after year the slow moving machinery of democracy, that will rush’ to quicker and rapider methods.” If the administration is successful in what seems to be its object today—cur- rency inflation on an international | scale—the arguments of the foreign debtor nations for the cancellation of their debts to the United States would be weaker, for it has been held by the debtors that their debts-to us remain ~|it was the largest single order in three | 000 last week, a Chamber of Commerce - |Business Pick-Up IROME PARLEY ASKS END OF WAR DEBTS Delegates of 28 Nations Call for Sharp Reductions at Least. March Trade Gains 35 Per Cent Over Month Last Year in Georgia. SAVANNAH, Ga., April 22 (#).—A 35 per cent increase in trade in March over the same month last year has been by a number of leading Sa- vannah business men. Replylng to a questionnaire aentl them by the Chamber of Commerce, the business houses not only reported an ( increase over a year ago, but said the | first 15 days of April showed a 13 per cent rise over the same period of March, this year. No were avallable on the naval stores industry, but factors said they were in the best position in months. NEW YORK, April 22 (#).—Revenue freight loadings last week totaled 494,- 215 cars, an increase of 6919 over the preceding week, the American Railway Association announced today. The gain for the last five weeks now approximates 52,000 cars. CHICAGO, April 22 (#)—President Fred W. Sargent of the Chicago & Northwestern Railway today said 700 cars had been ordered to move grain since the rise in grain prices. He said By the Assoclated Press. ROME, April 22.—Cancellation, or at least & heavy reduction, of war debts was termed essential in a resolution voted today at the closing session of the interparliamentary, commercial confer- ence. . The delegates of the 28 participat- | ing nations, considering means ,of solv- ing the world depression, also urged an international accord for the im- mediate easing of restrictions on for- cign exchenge operations and inter- national commerce, with a view to an early abolition. Insisting upon the necessity of an economic disarmament, the conferees pleaded for a liberal spirit in the nego- tiations of commercial accords, holding that departure from ultra-protection- ist tariff policies is most necessary. report said today. The adoption of financial and com- CHICAGO, Amz (#).—Building | mercial’ policies calculated to maintain permits issued in 215 cities last montn | €qual price levels was recommended, as totaled $17,770,874, a rise of 3.5 per well as enactment of measures to re- cent above the February total, a report | store 2 by Dun & Bradstreet said today. Wholemle: snds e YOUNGSTOWN, Ohio, April 22 (#).— Steel mills in the Youngstown district will operate 24 per cent of capacity | next week, an increase of 2 per cent over the rate this week, and an in-, crease of 1 per cent over the average for the week, it was announced today. years. NEW YORK, April 22 (). —New bond offerings in the New York market this week totaled $26,550,000, against $300,- | prices. and creditor cordance with possibilities. Reduction or cancellation of debts mentioned in the first resolution wes extended to include all government debts not contracted for productive pur- | poses. |" Madrid wzs selected for the 1 | conference. INFLATION T0 AID ALL SAYS PTTAN Only Method to Accomplis Prosperity, Nevada Sena- tor Declares. l Senator Pittman (Democrat of Ne- vada), said last night that the admin- istration inflation program will “bene- | fit every one,” and asserted in addition | that inflation “is the only method that will accomplish the restoration of pros- | perity.” Discussing “controlled” inflation, Pitt- | man said the program contemplated is | essentially “reflation.” or expansion of | our currencies and our credits to the point where they existed on the average prior to 1930. “We must semember,” he sald, “in | their way from the factory. proper proportion between Finally, conferences between debtors | were advised to find a | means to permit debtors in countries | | | ST. THOMAS’ DRAMA CLUB WILL PRESENT COMEDY, “aughty Betty Ann” Perform- ances Start This Afternoon at ‘Wardman Park Theater. St. Thomas' Dramatic Club will pre- sent “Naughty Betty Ann,” a three-act comedy, in the Wardman Park Hotel Thezfr this afternoon and tomorrow and Tuesday evenings. John M. Kline is directing the play, all of the cast being members of the parish of St. Thomas’ Catholic Church, ;l:ai:nty-seventh street and Woodley The cast includes Marion Ryan, Shannon Baker, Marita Houlihan, Sidney ~McCeney, Rosalie Camalier, | Lucille Hartnet, Adrienne Doyle, Harry Ryan, James Shinn, Edward Clark, Frank Kirchow and Patrick Gregg. Card Party Thursday. % BLADENSBURG, Md., April 22 (Spe- clal). —The Ladies’ Auxiliary of the Bladensburg Volunteer Fire Department will hold a card party for the benefit of the department next Thursday at the fire house at 8:15 p.m. Mrs. Harry Loh- mnnmis in general charge of arrange- ments. DENTETRY EASIER TERMS FREE DENTAL X-RAYS My own attentio to every patient Dr. Vaughan, Dentist 93¢ 932 F St. N.W. Prices Are Going Up—Now Is the Time to MEt. 9576 Metropolitan Theater Building Buy THIS MEANS ACTION! 60 New 1933 Automatic Studebakers and 1933 Rocknes are on ‘We are going to move immediately four new 1933 Studebakers and three new 1933 Rocknes, used as display car. Prices Drastically Reduced! Act Quickly if Interested! the same while the prices they receive | speaking of reflation, or controlled in- for their products have been ever on the | flation, that there has been a tremen- | decrease. do'u':is1 uden{‘uonl in circulating medium, cre and values since 1929. Debt Status a Question. “As far as currencies are concerned, Just how far the British and the|there is as large a quantity of cur-| French will go in their conferences here [ rencies in the United States as there | with the President in an effort to bring | was prior to 1930, but such currencies LEE D. BUTLER, Inc. 2155 Champlain St. N.W. Col. 5050 STUDEBAKER—PIERCE-ARROW—ROCKNE about a readjustment of the debts is a question. Senator Lewis of Iilinois, a member of the Foreign Relations Com- mittee, predicted that the economic conference would fail if the debtor na- tions insist upon discussing the war debts ahead of international commercial co-operation. The Amer people, he said, are in no temper/ for such pro- ceedings. While Mr. MacDonald has said the debts must be surveyed, he has not indicated that they must be made the principal part of the economic puzzle which is to be solved. Today President Roosevelt and Mr. MacDonald will sail down the pic- turesque Potomac River on the Sefifill. a Department of Commerce boat placed at the disposal of the President, and discuss further the ways and means of | bringing & return of prosperity to the world. They will not, it was said, re- turn until late. While the President and Mr. Mac- Donald are thus engaged in personal conference, their economic advisers and experts will be engaged in marshaling, the facts and factors in the economic problems for their use. At a first meet- ing of the executive heads of the two great English-speaking nations at the White House yesterday, attended by their advisers, “the main problems of the World Economic Conference were reviewed and a decision was reached that these should be allocated in the first instance to the experts who would commence their discussion this after- noon and continue them tomorrow,” ac- cording to a joint statement issued by the President and Mr. MacDonald. No listing was made publicly of the questions considered, but there was an exchange of views by those present as to the problems which should be dealt with at the economic conference wi is slated to be held in June in London. Trade barriers, including tariff walls, &“fi v:hct ‘tf‘tlhme m:filrx;tquu- lonal exchange and the mons - tion, international debts and the matter of arms limitation are believed to be among those subjects advanced, how- ever. Board Sequoia This Morning. If the weather is fair today the Presi- dent and Mrs. Roosevelt, the prime minister and his daughter, Miss Ishbel MacDonald; the President’s secretary, Louis Howe, and the secretary to the prime minister, James Barlow, will board the Sequoia about 10:30 or 11 am, for their voyage down the ri They will have luncheon, tea and din ner and return to the Navy Yard oo 1o shange, bt st night it was,ex ect, to c! % - ; they would be carried out. Ha the de- ti|:r¢>!:lem.u which they wish to consider, the President and the prime ‘minister wlg,‘}t is expect!& disch?l flil; broad, gent purposes they ve mind m“dl \‘.1::0 m;m:m they would like to see effect. A lo’r’mll “state” dinner was given last night by the President and Mrs. Roose- their TS, more than 60_persons gatiered about the board. Included in the list were the Vice President and Mrs. Garner, the tish Ambassador and Lady Lindsay, ‘The only.| Brit and members of the cabinet. members of the seg:te Pinmi Holouxe ‘:t- tei were Senator Pittman e- ndm‘hurmln of the Foreign Relations Committee; Senator McNary of publican leader; Tuesday night, Donald’s stay here, the prime and M. Herrlot will both be the of President Roosevelt at an dinner at the White House. M. expected to see morrow, when he is scheduled to take tea at the White House, and for an in- formal conference with the Chief Ex- ecutive after 9 pm. Yesterday afternoon, the the “::uolh it a garden party gu onor at & -pa given bv Sir Ponald and Lady Lindsay &t she British cmbassy. are sub- | for, Ore- | T tative are not circulating in trade and com- merce. They are not 4n the possession | of the people. They are locked up in| the banks of the country in the form | of capital and deposits. “Banks have been refusing to lend | money because loans were not safe, 5o | they claimed, while commodity values | and other values were decreasing and unemployment was increasing. “We have attempted, through every form of legislation, not only to empower the banks to lend money, but to i duce them to make loans for the pu pose of stopping the disastrous liquida- tion, and also to enable .self-liquidating projects to be constructed. All these efforts, and all of these schemes and devices, and all of this legislation, have falled to accomplish the purpose for which they were intended.” DEMOCRATS T0 DROP MILLS LOBBY PROBE Rainey Says Action on Dies Reso- lution for Inquiry Is Not Likely. Democratic leaders last night decided that sufficient public attention had been attracted to the attempts they say Andrew W. Mellon and Ogden L. Mills, former Republican Secretaries of the , are making to block Presi- d%t Rooseve:‘t’a inflation bill. onsequently, Speaker Rainey said, there is little likelihood of further action Representative Dies, Democrat of Texas, for an investigation of the lobbying activities of Mills and others. “Speeches, statements and the reso- lution have had the reaction they should have had,” Rainey said. of the speeches to which he re- ferred was made yesterday by Repre- sentative Rankin, Democrat of Mis- sissippl, who said Mellon and Mills “wrecked the administration of Presi- dent Hoover, and now are trying to wreck the administration of President Roosevelt.” Profitable Business For Sale BALTIMORE, MD. Due to death attorney for estate offers sale s going profitable business, for ,000. 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