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Show News Review of Current Events the World Over Congress Passes Legislation Asked by President to End the Banking Crisis Japanese Complete the Conquest of Jehol. By EDWARD W. PICKARD p.'C'A.VSION of the currency to tlie extent of billions of dollars dol-lars will result from tlie legislation which I'resiileiit Roosevelt asked of of North China, accepting the hi. and asking that the national K.-. eminent relieve him of all his po.s:s. Maxim Lltvinov, foreign commissar commis-sar of Russia, bluntly informed the League of .Nations that tiie Soviet government would not participate in the doings of the league coin mittee set up to handle the Sino Japanese quarrel. 'TpHE Los Angeles section of South-- South-- ern California, covering an area from Ventura on the north to San Diego on the south and extending Inland for some 30 miles, suffered severe earthquake shocks on Friday evening, March 10, causing 123 deaths, Injury to more than 4,500 and property loss running into the millions. Between 5:53 and 10:59 14 distinctly dis-tinctly violent shocks had occurred, the first one of which did the great-oY great-oY part of the damage and caused all the loss of life. Long Beach suffered the greatest loss of life and proportionately the greatest property damage. At that point Co people were killed and 1,000 injured. At Los Angeles 12 people were killed and some 3,000 were injured. in-jured. Other towns suffering severely severe-ly and at which deaths occurred were Walts, 4 dead; Campton, 13 dead; Santa Ana, 3 dead; Huntington Park, 12 dead; San I'edro, 2 dead; Wilmington, Wil-mington, 1 dead; Bellflower, 3 dead; Artesia, 4 dead; Hermosa Beach, 1 dead; Garden Grove, 1 dead; Walnut Wal-nut Park, 1 dead; Norwalk, 1 dead. ec'y Woodin , the exl raordlnary session of congress ! anil which was en-j en-j acted within a few hours after the new 'ongress was convened con-vened on Thursday, Thurs-day, March 9. Tlie new currency is based not on gold, hut on the liquid assets of the banks. The plan was devised de-vised after long Despite all the confusion and Inconvenience, In-convenience, the American public remained fairly calm and appeared to have confidence In President Roosevelt an.l his advisers. The general feeling was that the vigorous vigor-ous new Chief Executive would be able to devise competent measures for temporary relief of the situation situa-tion and to force their adoption by congress. I Following the enactment of the legislation for the reopening of the banks tlie 'resident asked congress for authority to cut an estimated 5500,000,000 out of government expenditures ex-penditures by cutting government salaries up to 15 per cent, and by drastic reductions In payments to veterans. It Is expected that another an-other $200,000,000 will be saved by the reorganization and combining of many government departments, authorization au-thorization for which was passed In the elosins dnvs of tlie inot nnn. 1 Hours of conference by the President, Presi-dent, Secretary of the Treasury William . Woodin and a number of financial advisers of the administration, admin-istration, and it was the main feature fea-ture of their solution of the banking bank-ing crisis that was paralyzing the nation. Fire in many of the towns, and especially es-pecially Long Beach and Los Angeles, Ange-les, added to the terror, but fortunately fortu-nately the wafer mains were not seriously damaged and the firemen were able to cope with the flames. R. egular army troops at Fort Mc- gress. I r EMOCRATIC membership of 313 In the house of representatives gives them an unwieldy majority, and the certain consequence is lntra- party wrangling. At ! iresent the control seems to be In the hands of Speaker Henry Ralney and two allies, Floor Leader Byrns and Representative Cul-len, Cul-len, leader of the Tammany delegation delega-tion from New York. Opposed to them is a faction headed by McDuflie of Alabama, Ala-bama, who sought Arthur were ordered to co-operate with the police in preserving order, and ships of the navy from San Diego were dispatched to points along the coast to render aid, naval surgeons providing aid and medicines for the injured. The governor of California ordered National Guard troops to maintain order. TpHOUGH it was generally admil -1 led that the world disarmament conference in Geneva was in a bad way, the British started to make a last effort to revive , .... The other chief points In the leg islalion which the President callec for In his brief but spirited messagf were : Continued suspension of gold pay ments and embargo on exports of Sold. Clothing of the President with the powers of a linanclal dictator. Continuation of the national banking bank-ing holiday, wholly or In part, pending pend-ing complete reopening of the bank s. Legalization of the bank holiday proclamation of March 5 and all measures adopted by the treasury to cany It into effect. Because the new currency Is not backed by gold it s called federal reserve bank notes to distinguish It from federal reserve notes which are backed by Kokl. The act creating the new currency liberalizes the provisions of the Glass-Sleagall act by allowing banks to Issue notes with no gold reserve behind them. The notes thus Issued nre backed only by United Stales bonds in the same manner as national bank notes issued by national banks. It further liberalizes liberal-izes section 10a of the federal reserve re-serve act as amended by the Glass-Steagall Glass-Steagall net so as to enable banks to obtain currency on "liquid assets" as-sets" of a character not previously eligible. Speaker Rainey it or at least to salvage sal-vage something from its work. With this in mind, Prime Minister MacDon-nld MacDon-nld and Sir John Simon, foreign secretary, sec-retary, went to the Swiss city to see j what could be done. They denied they t.n ..' ' l vainly to be elected speaker, t was said several of the Alabaman's most ! active supporters were quietly in-. in-. formed that they would be punished ; by being shifted from important I committees to minor assignments, i Senator James Hamilton Lewis of Illinois was elected whip of the Democratic majority in the senate, and Senator Joe Robinson of Arkansas Arkan-sas was chosen to he senate leader. Also party authority was made stronger than It has been for many years. The caucus agreed that the win any (lennite plan of action, but Premier they hoped to get MacD"ald oie or any future caucus upon any measure recommended by the President Pres-ident should be binding upon all except those who excused themselves them-selves from voting for cause. It was further agreed that a simple majority, major-ity, instead of the more customary two-thirds majority, should make the action of.the caucus binding and that two-thirds of the whole number of Democratic senators should constitute a caucus Premier Daladier of France and Chancellor Hitler of Germany together to-gether on some arrangement that would prevent the utter breakdown of the conference. Sir John Simor. said before leav ing London that one of the firs' issues he and Mr. MacDonald woue take up in Geneva would be tin fact that no other nations had fol lowed Great Britain's lead in im posing an arms embargo' against China and Japan, which, as he re marked, "leaves Britain in a situa tion which cannot be allowed ti continue." The caucus further chose Senator Kendrick of Wyoming as assistant leader, Senator Key Pittman as Democratic candidate for president pro tempore, F.dward Halsey as candidate can-didate for secretary of the senate, Chesley W. Jurney as candidate for sergeant at arms, and L. L. Biffle as secretary to the majority. rUBING its brief special session that convened on inaugural day the senate confirmed these" appointments appoint-ments by the President : Prof. Raymond Moley of Colum- One of the effects of the legislation legisla-tion will he to produce a unified banking system. Only member banks of the federal reserve system are able to avail themselves of the privileges priv-ileges afforded by this legislation to convert assets previously ineligible inelig-ible Into currency. State banks are compelled to join the federal system sys-tem In-order to obtain the funds that will enable them to reopen. Another foreseen effect Is the weeding out of weak banks. Institutions Insti-tutions unable to furnish liquid assets as-sets for currency will be unable to reopen. Others will he able to remain re-main open to the extent of their liquidity pending at least a recovery recov-ery of general public confidence in banks. Legislation to stop hoarding also was considered by congress and measures for reaching and punishing punish-ing the hoarders of currency whose withdrawal of deposits brought on the panic and caused the closing of the banks were discussed by the administration and leaders of the senate and house. As a preliminary pre-liminary move in this direction the federal reserve board at the Instance In-stance of Mr. Roosevelt, sent telegraphic tele-graphic orders to all federal reserve re-serve hanks to furnish by March 1.1 lists of persons who have withdrawn with-drawn gold since February 1, and had not by that time redeposited their gold withdrawals. pIRMLY seated in power by victory vic-tory in the reichstag elections. Chancellor Adolf Hitler now plans to rule Germany without parliamentary parliamen-tary aid for about two years. His National Socialists hold about 44 per cent of the votes in the new reichstag and the Nationalists, his present allies, have 8 per cent. The election passed off quietly instead of ma as an assistant secretary of state. William Phillips of Massachusetts, as undersecretary of state, who will' be directly in charge and accountable account-able to Secretary Hull. Wilbur J. Carr of New York, re- , appointed as assistant secretary of state. Henry Morgenthau. Jr., of New York, member of the federal farm board. William F. Stevenson of South Carolina, member of the federal being the bloody affair the foes of the Nazis had predicted. The chancellor chan-cellor believes that democracy is a failure in Germany and now has the legal tools to annihilate it. There were many indications that the country is on the way to restoration of the monarchy. One superfn ial sign of this was the rapid disappearance disap-pearance of the flags of the republic, re-public, the flags of the Nazis and of the old empire being substituted. substi-tuted. Hitler, however, feels that home loan bank board. T. Dwight Webb of Tennessee member of the home loan board. pOLLOWIXG out the campaign plan devised by Lieut. Gen. Kuni-aki Kuni-aki Koiso, the Japanese armies virtually vir-tually completed the conquest of the province of Je hoi. The Chinese governor fled ami all the Chinese troops were forced out after a last de fensive struggle at Koupeikow. a pass in the Great Wall Japanese planes first bombed t h e Chinese positions there, nnrt t n -V . the restoration must be postponed until conditions are improved, and In this the monarchists agree with him. XT-HEN congress appropriated V V S,0,000 for the annual ex penses of the bureau of prohibition enforcement It stipulated that none of the money was to be spent on wire tapping or the purchase of liquor as evidence. These provisions do not become effective until July 1, but Amos W. W. Woodcock ha' I ordered them into effect now, point-ing point-ing out that "cases made contrary to them now probably will be tried after these provisions become law " The result of the order Mr Woodcock said, will mean a' complete com-plete change in enforcement meth ods and "will cause this bureau : to operate almost exclusively against the manufacturers and transporters" of liquor. This, nat- ' urally, is good news to the operators ' of night clubs and speakeasies 1 ' t "THREE days after completing his 1 ninth consecutive term in the 1 house of representatives Will r Wood of Indiana died quite nnex- t pectedly in New York. He was about f to sail on a two months' cruise of c the Mediterranean for a complete G rest after his long and arduous la t bors in Washington. O. 1933. Western Newspaper Union. FOR days there was considerable confusion concerning the banking bank-ing situation mainly because of differences dif-ferences between the President's proclamation and the orders issued by governors of various states. This was especially true in New York and Illinois. Day by day Secretary Woodin issued orders modifying those in the government's proclamation proclama-tion closing down all banks, but there was much misunderstanding of his regulations regarding limit" ing opening of the institutions Clearing houses were busv holding meetings but failed to li've up to their name by clearing up the situation situ-ation and the banks were uncertain uncer-tain of both their powers and their responsibilities. In many cities and towns banks were open to carry on limited activities ac-tivities that were required to provide pro-vide food, foodstuffs and medicines and for the meeting of pay rolls. Throughout the country preparations prepara-tions weie made for tlie issuance of scrip, pending the receipt of the necessary authority from Washington. Washing-ton. Secretary Woodin, however, ruled against scrip, though he sanctioned sanc-tioned the issuance in various localities lo-calities of clearing house certificates certifi-cates against sound assets of banks for use as an emergency circulating medium. General Kawahara's Gen- K"maki brigade took the Koiso place. The -Japanese thus completed complet-ed the seizure of 250 miles of the Great Wall, extending from the inner in-ner Mongolia to (he Yellow sea. The Chinese fled toward Peiping and the confusion and fright in that city led the authorities to establish martial law. The Japanese said they would not push on to Peipim' unless forced to by reprisals ag.-tinsT their countrymen in that city. Marshal Mar-shal Chang Hsueh liang wasXseve're-ly wasXseve're-ly criticized for the loss of Jehol and resigned as military overlord |