Show INSIDE SIDE STUFF r Br By PAUL MALLON WASHINGTON Aug 31 The 31 The se se se- setret fret eret of the Mor speech was wa that that he announced a a. in without directly saying so It is not exactly the te kind of inflation tion that the Thomass and Wheelers Wheeler lers have bye been talking about but a reI re re- I j tr and possibly a business like inflation It means the issuance oi of in currency based orthe on or the theoretical bookkeeping profit prom irom gold revaluation Even en Mr put the word profit in quotation marks r He did not say a a. a word about abou silo nfl sil silver but insider suspects he ver oer every will viII revalue the Revaluation of silver dollar in in Sliver Dollar Is about 90 90 days das and Expected Soon cash 10 in m on that also The m maxi maxi- maximum maximum xi- xi mum mum Inflationary possibilities in that event will be no more than about four or five live billions By using these I billions to pay off ore the public debt he will improve government credit strengthen government bonds and stop Mop wild inflation talk temporarily fly ily at least 1 I This Tf little bit of at high class bookkeeping bookkeeping book book- i keeping will probably make Mr Mor Mor- J the greatest g treasury secre r- r tary since Croesus At least he will t 4 be the only business man who ever paid of off his debts by devaluing his l. l wets f r j In that he is like the old necktie an who was losing so much money that he decided to double his overhead Or the washwoman down South MUth who deposited 10 in a negro bank only to return a year later and find that she had no money left because because be be- cause ause the interest cat eat up the prin- prin tipaL ipat In case the principal tat at up the debt I If he keeps on with this system tle the ew deal ought to make a profit next ear ear by doubling its expenses again r I I II I The late Speaker Rainey tried last Iune lune to ta take e Mo present view lew of the tr treasury situation Rainey Ral Rai- ney ney commenting on congressional l 1 appropriations said the new deal was f breaking cv n an the cash book The resultant laughter around round town sent ent t l him to the co country for tor a week end cf of f rest J The trouble with Raineys Rainey's state- state It t was that he e g got t mixed up a littie little lit m. tIe tle in his his' figures and claimed too much You can laugh a as much muchas as you ou want wanti at at- i the basic idea but Mr Morgen thau has has' his profit a and d no one can r dispute that He T Laugh will wilf ably get away Hai Mu the Profits ProUts with it it H it he does doe t not try it again He Rc cannot tr try it much more because t he law will permit him to squeeze only o nine cents more more of profit out of J the Uie gold dollar r I I S i. i t A- A Some of the wise boys bos here are arc aying made the speech L for lor or political purposes of the coming congressional campaign It will be glued Used e in the campaign all right The national committee will see to that WIth B With the reports it really really real real- ly y constitutes the administrations administration's rebuttal to its critics The main ilin purpose apparently was to lay laythe the ghosts which have been stalking Wall street and frightening government govern govern- ment ent bondholders S I Sparks I Sparks Spark flew new in the closed room where here State Secretary Hull last met the soviet oviet ambassador The two bargainers bar bar- gainers disagreed sharply on the question of term long credits the 25 year lo loin loan n wanted by the Russians Hull thought that would be the same s as giving them money to pa pay the czarist debt statement issued ten leu minutes later ter by Undersecretary Phillips was really written by Hull It was con con- too hot for th the head man man to live I giveout out in his own n manner It said that t. t in view of of the soviet insistence iWai not possible to b be optimistic at an any agreement will be reached do not not- see statements in that f e or Often n from the state department depal t Q V Cotton textile experts fear co consid- consid id er Ie Violence may come from th the threatened strike sullee probably more th than n r in any strike we Violence 1 Feared have had At Nonunion The reason Is Textile Plants that many of ot the I i. i mills mill are only partially par par- organized by the union In Inome ome acine e mills the majo majority it of workers dO not lot yet yel belong to the United Textile Tex Tex- Textile tile Workers If It these mills tr try to top operate p rate you can cau Imagine what will 1 The own owners rs may avoid this by i shutting hutting up entirely Man Many of them 5 n can do so profitably In view of the Blocks I IC C s they have on hand S I Harry arry Hopkins was just making Continued on Pare Pue Two Tw INSIDE STUFF Continued from Pa pue One diplomatic excuses In sidestepping h his original confession that the government gov eov would support the strikers The inside situation is such that the government will unquestionably support support support sup sup- port the strikers The only way it could be avoided would be for Madame Perkins to denounce denounce denounce de de- the strike Yo You know how much chance there Is of that It is Important because the union treasury is supposed to contain only about a n million dollars hardly enough to support a strike for more than a few da days Copyright 1934 for The Telegram |