Show news review of current events the world over united states goes off the gold standard and moves toward inflation secretary perkins asks aska federal control of industry by EDWARD W PICKARD awe ARE AKE off the gold standard was the terse but momentous announcement by secretary of the treasury wooden as he returned to his office from a conference with president roosevelt and nt at the same time the white house gave out the news that tile the chief executive 1 had ad placed an embargo on the further export of gold permitting the dollar to depreciate in foreign exchange ge and was ready to ask president congress for authority roosevelt to put into action his g policy of controlled inflation mr roosevelt himself calls this policy a program for control of commodity price levels and says it Is designed to raise prices but to keep them from going too far up me he gave assurance that there would be no resort to printing press money senators thomas byrnes and pittman drafted the measure to carry out the presidents plan and it was promptly introduced in the senate as an amendment to the pending farm relief bill it provides 1 for expansion of credit up to through purchase of go government obligations by the federal reserve banks this means the purchase in the open market of government bonds and was tried in the hoover administration 2 As an alternative for the inflation of the currency by issuance of green backs up to tS under the act of 1862 such currency to be legal tender tor for all debts public and private 8 for use ue of such greenbacks green bachs backs to meet maturing government obligations and to purchase government obligations 4 for retirement of such greenbacks green backs at the rate of 4 per cent a year 6 for reduction of the gold C content of the dollar not more than 60 per cent for the purpose of protecting american foreign trade from the effects of depreciated foreign currencies and to enable the president to negotiate an international agreement stabilizing monetary standards 6 for acceptance of war debt payments up to an aggregate of in silver at a value of not more than so GO cents an ounce 7 for coinage of such sliver silver and deposit in the treasury for redemption of silver certificates issued against it such certificates to be used tor for paying obligations of the united states secretary woodin drew up the order concerning gold exportation under it no gold Is allowed to leave lea ve tile the country except that earmarked for foreign account before april 15 and such amounts as are required t to 0 save american business men from loss on commitments in foreign trade incurred prior to the proclamation of the new policy the united states thus has placed itself on the same footing as great britain and many other foreign nations its money Is unstable in value in international trade it was pointed out that sir mr roosevelt could now with greater propriety propose that all nations go back to the gold standard together effects of our plunge into the inflation pool were immediate prices on the stock exchanges and especially in the commodity markets went up with a rush and trading was heavier than for many months millions of dollars viere mere added to the farm value of all grains and cotton and sugar also moved upward as did provisions on the london and paris par excy exchanges anges the dollar son sank decidedly neither the british nor the french were pleased with the presidents action the london daily telegraph said following americas latest action a demand will arise in every country tor for fresh depreciation so that exporters may not lose their power of competition in world markets the new task of the statesmen is to prevent a chaotic process of competitive depreciation of currencies ren cies Pt POLICIES of the roosevelt administration are being expanded and extended so fast and so far that congress and the country are scarcely able to keep up with the pace set sel one of the broadest and most revolutionary of its VS j proposals was submit vs i ted to the house corn H on in labor bor by secretary of labor frances perkins in the like form of a draft bill offered as a substitute for senator blacks SO 10 3 hour week secretary ecru ay measure which was mas perkins passed by the senate and for the almost identical connery house bill it Is designed to give the federal government full control not only over the hours of labor but also over industrial production and prices the passage of this legislation and of the pending farm marketing bill would make secretaries perking arid and wallace virtual dictators over the economic life of the nation the legal basis of the labor bill Is to be found in tile the interstate commerce clause of the constitution and in the unfair competition sections of the federal trade act it Is upon these legal powers that the secretary of labor Is to depend to exercise the following authority 1 to prohibit t from interstate ter state commerce mer c 8 articles produced by any industry working its labor more than 30 hours hour a week or moro more than six hours in any or one day milk and cream are arc exempted executives and managers are arc exempted and certain exemptions are made in the cases of seasonal or other emergencies boards are set beet up to regulate such auch exemptions 2 to limit and it if necessary prohibit from interstate commerce the production of any plant or industrial group which Is overproducing over producing 3 to investigate wages through a wage board to fix and impose minimum fair wages to publish the names of 0 employers falling to raise wages in accordance with it a direct order to do so no and to prohibit from rom interstate commerce goods foods produced by any employer refusing to comply with a wage order RIGHT rare IGHT now the eyes of the world are turned on washing washington ton for the series of talks between president roosevelt and representatives of many other nations have begun and if the hopes of the chief executive are realized they will result in the finding of a way out of the world depression prime minister J ramsay mae macdonald was the first of the visitors to arrive and the first to confer with mr roosevelt and secretary of state aull edouard herriot IIer riot former premier of prance france was close on mac alac donalds heels and the others are scheduled to follow rapidly no one of the conversationalists con kersat iona lists Is empowered to really decide anything but all of them are free to express the views of their respective governments on economic matters it was understood that macdonald acDonald Nl would not talk much about the war debts but herriot was authorized to state frances position on that subject the whole series of conversations in washington is a preliminary to the coming world economic conference and the hope of president roosevelt and secretary hull hall is that the avav vi ay can can be paved for rehabilitation of the world by the lowering of trade barriers and monetary stabilization they will gladly abandon americas traditional high tariff policy if the other nations are willing to operate cooperate co and reciprocate republican postmasters aiho ho have demonstrated their efficiency are to be permitted to complete their terms so announces postmaster general james A farley to the joy oi of several severah thousand G 0 P office holders and the corresponding dismay or of a great army of democrats who would like the jobs mr air parley farley says his party has ton long stood for the civil service system of compe competitive tithe examinations and will not J A parley farley abandon that high ground so he gives out this message no incumbent whose terra term has not yet expired and who has been rendering loyal and effi efficient clent servi service ce to the government need have the slightest tear fear of removal it will be the policy of the post office department to allow every efficient postmaster to fill out his term district attorneys marshals and collectors are not under civil service and in time these places probably will be filled with deserving democrats also there are hundreds of vacancies in the postmaster shIps to be filled immediately med lately and these will be filled RS as soon as mr air Far parleys leys department has completed a study of examination methods the postmaster general makes the welcome assertion that the united states post office Is going to pay its way hereafter ue ile alms to save in the coming fiscal year and this he believes will suffice to balance the postal budget armies in china continued contin bed i JAPANS their advance south of the great wall driving before them disorganized or traitorous chinese troops the japanese at latest reports had occupied the entire triangle between the wall and the inan river with its base on the gulf of and wore were moving onward toward they crossed the river near and bombarded that city and the surrounding region there was great alarm in III where some buo americans mostly business men and their families reside when the japanese started their push into the undisputed chinese territory south of the great wall the alman river was set as the limit but the japanese command now has announced that they will continue the pursuit as far as the chinese continue to set up defenses the japanese authorities deny however that they intend to occupy helping and their apparent plan Is to create a buffer area out of tile the triangle to facilitate the consolidation of the newly conquered province of dehol they have gained control of all the important passes through the great wall on the southern border of jeliou arid and the gates have been sealed und lind heavy guards placed at them C CUBAS political disorders murders and bombings ot of which much has been written in recent months lave finally ev engaged aged tile attention of the administration ministration in washington I 1 a g t a n Re presenta five hamilton 1 rish ish ot of new york has been urging our government to employ Y diplomatic innerve intervention atlon to end nd the reign of 0 ter vor and said ho he would formally demand that secretary null take such a step unless the adminis rep nep FISH got busy very speedily for a time mr hull hall seemed averse to any interference but mr air roosevelt started things by calling the cuban ambassador don oscar C B aln tas to the white house for a discussion sion of the situation tile the ambassador also conferred with sumner welles assistant secretary of 0 state and then mr air welles went to the white house for instructions mr roosevelt has no desire to order military intervention in the affairs of cuba which he could do under the platt amendment holding that this would cost us a lot of 0 money and besides would enrage president machado arid and create an unpleasant diplomatic situation therefore his present plan Is to take steps stepa to redeem the islands financial situation which Is 19 wretched and to relieve the unemployment and discontent that are at the bottom of cubas difficulties lie and the state department wish to increase the he sugar imports from cuba by granting substantial reductions to the island on the sugar tariff this naturally will not please the domestic cane and beet sugar industries whose representatives are nervously watching developments there Is a genuine tear among some officials in washington that opponents to president machado will vill in their efforts to overthrow his regime perpetrate some outrage against american Amerl cau interests in cuba thus raising a situation in which the united states might be compelled to intervene S abels ambassador JOSEPHUS daniels reached mexico city under heavy military guard and after one attempt was made to wreck his train immediately after his arrival in the capital the unofficial critics there of his appointment let it be known that they had had a change of heart and no longer were hostile mr daniels was formally received by foreign minister Casau casaurang ranc with whom he had a long and pleasant chat and later presented his credentials to president rodriguez mr daniels made a magnificent impression pres slon on me casaurang Casau ranc said while it was simply a courtesy call we had a very agreeable chat discussing topics of general interest in eco cco educational and social fields 1 I had a very interesting and delightful visit mr daniels said the foreign minister was as ery gracious I 1 propose to avail myself of his hospitality often famous trial of six british M engineers and eleven russians on charges of espionage sabotage and bribery ended in the conviction of fine ne of the britons and ten of the russians L C thornton was sentenced to three years in prison W U H macdonald who pleaded guilty to two years allan I 1 john cushny and charles Kor dwall were ordered deported A W gregory was acquitted the ten russians were given prison terms up to ten years there was nothing surprising in the outcome unless it were the mildness of the penalties inflicted the british government which had been watching the case with intense interest struck back at the soviet union promptly king george and the privy council declared an SO 80 per cent embargo on russian imports and the metropolitan vickers electrical equipment company employer of the convicted men ordered an immediate appeal in behalf of the two defendants who were sent to prison YRON C TAYLOR chairman of M MYRON the united states steel corporation has added his voice to the chorus ot of industrial exe executives cuties who believe the course of the depression has turned at the annual meeting of stockholders ersin in hoboken IIo boken mr tailor who Is noted in thee the financial district for the cautiousness of his utterances declared t better times are ahead and in support of ataylor this belief lie he cited the fact that the corporation was operating at 21 per cent of capacity the first time that operations have reached this level sit since I 1 cl A march 1932 following his address mr taylor presented to the meeting a motion by a stockholder for a vote ote of 0 confidence in the roosevelt administration it was carried without dissent by a standing vote utia BRYAN OWEN the new minister RUTH rister to denmark and the first american woman to be ghen s uch such a diplomatic post has told the newspaper men that she intends to serne sene beer in the legation in copenhagen which Is sollie for the daughter of williaw william jennings bryan lifelong advocate ut of prohibition yes she said 1 I will serve 32 per cent beer it Is in III keeping with the law of wy my own country arid and the custom of the land to which I 1 am going but I 1 dont consider that important I 1 am really interested in the progress he development in denmark which I 1 hope to study for my country 0 1933 western newspaper union |