| Show I STUFF I Politics I and Finance ce Copyright l 19 By P Pul ut Mallon I WASHINGTON Wt Ii By Dy Paul FuI Mallon 1 The c farm subsidiary trustees of the be trust st have been In a lather for lor ome nic days day n now w. w They se ae see nature taking the farm lisue right out of their bands hands Prices are arc so rapidly that their program pro- pro gram cram is embarrassed There Is grave crave fear that natural law Jaw lawwill will settle things before they can That would not do at t all aU If prices go 0 too high they theT cannot use the processing tax If 11 they hey can on t use uie the processing tax adequate acreage curtailment will wUl be bard urd to accomplish next net year year So 50 the hey have a a. little scheme They found their new farm law Jaw full fuU of ef jokes It states for instance the processing tax shall be fixed on a basis of f the thc current average farm fum price This means the commodity prices you read In the papers every day are areu u not net t considered They are Chicago New Tork and other sectional prices On wheat the average farm price Is Js about out 20 cents below the Chicago price So as far as the farm bill is concerned we will wll not have 1 wheat until the Chicago price Is s or thereabouts But further than that the agriculture agriculture ture turc department es estimates the current current current cur rent average farm price for itself It cannot walk from farm to farm The I bill hilt doe not sa say what farms should be I considered how far they should be from railroads Conceivably the department de de- de- de I might consider the price of wheat at a farm in Hawaii 1 It will not go that far But the situation situa situa- lion tion OD may give rive you an inkling of what ft few brain trustees can cando do Interpret Interpret- Ing lor rig a piece of ot legislation when the they nail really set their minds to it IL You may have wondered where they got this 30 cents processing tax on oIl wheat There is some humor in that also I The agriculture department announces an an- ani flounces on the of each month tb the results of surveys previously made maae on farm prices On June 15 the farm larm wheat price was fixed at 58 cents cents's a bushel It was selling on I the Chicago exchange at about 78 By economic legerdemain the I economists figured the average should have been cents per bushel At that price they deduced U the We e farmer could have bought what he did from 1909 to 1914 with a bushel ot of wheat J So the difference between what the price w was s and what it sho should ld have 1 been was 30 cents That was fixed upon as the processing tax i it t The trick tick In it Is that the tax which Continued on OD Page Two INSIDE STUFF Continued From ace ue One went into effect Friday midnight midnight- is based on calculations made nearly six weeks ago or more when the natural price was far farless atless less than It Is today Also there is 15 nothing In the law which requires the department to change the tax no matter how high wheat goes at Chicago It can can stick to those low Jow June 15 figures until embarrassed into changing them The point behind these backstage maneuvers maneuvers maneu maneu- vers vera is that laws of nature and of congress are not going to stand in the way of the determined fellows on the farm front The They know what they are after S S This Thu Idea ides of a dollar baaed on a commodity price Index Is Just In the formative stage tare President Roosevelt started everyone talking about It U by mentioning it In his London conference conference confer conler ence note He has nothing definite In mind now Later Lter something alon along that line ml may be worked out but certainly cere not any Iny time soon loon The present program Is to work the dollar doUar down lower In relation to other currencies It appears the Index In dex dollar talk Is 15 designed largely larely as a smoke screen creen for that move move- ment S S The same tactics were noticeable In Mr Roosevelt's urgent request that the conference continue Under the surface here no one wanted the conference conference con ference to continue They all knew it could not unless it put the weather on the agenda The consensus of backstage backstage backstage back back- stage opinion was that the president performed a beautifully strategic job jobIn jobin jobin in accomplishing his new purpose What he really wanted was to be free from any entangling international al al' alliances for the time being It was the first conference since the war in which we did not give up something S S S I The Idea of a free gold market has been dropped by those a at t the top That is Js a natural result of the new stand taken at London A free tree market market mar mar- ket would mean no revaluation of the gold dollar President Roos Roosevelt velt is not ready to waive his revaluation power just yet The crux of his scheme Is to keep the possibility of revaluation in the forefront of the public minds It buoys things up 5 S S The trust trustees s have been berating the cotton farmers under their breaths It seems the plantation owners have not signed up for acreage curtailment on the scale expected The situation became so Agriculture Secretary Wallace called of off one of his press conferences The department department department depart depart- ment stopped giving iving out figures showing showing show show- ing how many had signed That Is the reason the cotton program has been dela delayed ed somewhat It was to have gone into effect at the same time as as the wheat processing tax S S S President Roosevelt's handling of the London conference resembles nothing else ehe much as the act ct of two comedians One would help the other up ap gently dust him off neatly and then punch him In Inthe Inthe Inthe the nose By the time the process had been repeated three or four lour times the crowd was usually Il in an an uproar S S S Financial advertisements in New NewYork NewYork NewYork York newspapers show how widely is the trading on prominent administration tion names One issue recently had hadan hadan hadan an advertisement by Roosevelt and andSon andSon Son Brokers John L. L and arid Co and an announcement that thata a Mr Acheson had become manager of Burton Cluett and Dana All three announcements were on the same newspaper page Whether they had bad any connection with administration tion officials of the same name was not made clear S S S SA A seen seldom m member of the brain trust Pr Prof f. f Warr Warren n of Cornell had more to do with the preparation of Mr Roosevelt's rebuke to the London conference than you will ever know Some credit also is due John Maynard Keynes whose Ideas were tre freely ly ex pressed preSed NEW YORK By James McMullen Copyright McClure Newspaper Syndicate Mr l Roosevelt's Roosevelt knockout punch at stabilization left Wall Street Sired gasping for breath Local big bl shots who thought they dOle close to the administration were the moat surprised of all They knew we wouldn't stabilize but they fully expected the gold old bloc would be fed some lome diplomatic soothing syrup They made sure lure that and nd Woodin a all tv favored re f It i. i ii the th their l embarrassment when the he syrup turned out to o be a healthy dose o ol of T. T N. N T. T S S S The message had important inside effects here It aroused more caustic caust criticism of the president than any thing he has done don since he took o of of- flee The ranks of his recently a acquIre acquire ac- ac quIre t l New York allies alUes are arc wavering at the moment All AU of which Is ground for Republican plowing am and andare arc are th they y plowing it The criticism is directed at the form rather than the substance Even th the international bankers are sold o on the Idea that domestic rehabilitation rehabilitate must come ahead of world agree agree- ments They have cooperated on that tha premise They dont don't love lo France but bu they cant can't see the point of ot deliberate deliberately I ly kicking her in the face I The financial is still sUll to too I genuinely In awe of the presidents president's powers to Indulge in open opposition But the message gave great impetus to secret opposition which may col color future relations between Washington and N New ew York S SS They are here that hat Professor Irving IrvIne Fisher must be twIns wins The managed currency Implication in be the message was right up ap his alley Hey They cant can't figure fIure how it go gon got In n there here when he was was was' miles away from rom the he cruising White House This project scares the he shirts off the he conservatives con con- and the they hey had no Idea I It would bo be up by anyone In authority The Tho current Swedish experiment with rubber mone money is partly traceable trace trace- race able to o the he Fisher Influence He Be an and Prof Gustav Cassel of ol Sweden have hav worked together on his pet doctrine for or years Cassel sold it to o the be Swedish government So far tar It has worked pretty pret pret- ty y well but critics say that hat Is fa because It has been pegged In terms erms of ola a steady franc ranc S S S The recent ground and lofty lolly tumbling ling Hug of the dollar is not due to New NewYork NewYork NewYork York maneuvers Local financiers financier stepped out when it touched 4 20 t the to the he pound The exchange market nos now no Is s so very thin that the slightest routine rou z-ou tine transactions can and do bring a shift of several cents An odd angle is that the gold bloc bio Itself had something to do with last las weeks week's dollar drop Their object was wa was to o scare us by showing what whit dizz dizzy fluctuations would follow if it we didn't didn stabilize The only hitch was that w we declined to scare C S 0 05 Norman Davis Is out of a job without without with with- out being fired Adjournment of the h Disarmament Conference took ook care o ol of that bat lie He simply wont won't be among those bos present when It U reconvenes Its It's a neat nent way of ol sparing blushes and saving saving- con congressional blood pre pres pres- auras Mr 1 Davis retires without sU stig ma and everybody Is happy happ except perhaps congressmen who will lose a an opportunity to o make fler fiery speeches about him S S S 'S I I I New York insiders hear that ou our policy toward Japan will soon take a We will decide that tha is none of ot our business We will make this clear to Japan before before before be be- fore we recognize Russia thus avoiding avoiding avoid avoid- ing a family misunderstanding Au Au- have decided it Is simpler simple to quit telling Japan what to do than to keep on stirring up futile friction a O e OAt eAt At the the I same time trade relations relation be between Japan and Britain have taken tak talc en a turn for the tho worse Japan is boy boycotting cotting colling Indian cotton and is planning a cotton goods invasion into countries hitherto regarded as Lancashire's u undisputed un un- disputed territory They must spin American cotton to do that There Tere Is i strange talk that this trade trad conflict between Japan and Britain may reach the point of war Ja Japanese Japanese Jap- Jap anese business elements clements would lik like to see Britain removed from the fa far tr trEat East Eat and the whole Orient Orent thrown trow o oen op en for their own exploitation The Te m mIl op are arc keen t to grab gab off ot the te Sing Singa Singapore Singa- Singa pore naval b base and rifle rie Britain Britain's Brtis possessions |
