Show New York Whirligig r The h 0 Now News S' S B Behind Ct h i n d the the News New News s POLITICS FINANCE By JAMES McMULLIN v NEW YORK YORK Astute Astute N New NewYork NewYork e w York observers r remark mark that the ma court Is doing a a. swell job of electioneering for They out that thousands upon thousands of ot white collar workers liked the N NIt R A because it gave them a taste of the tho 40 hour week and created jobs for themselves themselves' and their friends Since the tho court killed d It they have been stepped up to CO fiO or 60 GO hours They handle increased d business at the same samo old pay pay and there is no expansion of ot jobs They are none the less resentful resentful resent resent- ful tul because they are mute They L have haye votes rand their heir one ona clear reaction Is Roosevelt tried to help us Many farmers farmer will feel fcc the ume same way now nov that A A A is dead Ditto for coal conI miners and other labor if It the tho Guffey act is ruled out Ditto for beneficiaries of ot the T V A and the rail pension act ct cL These gro groups ps will wUl total a aswell aswell swell collection of ot disaffected voters delivered into the presidents president's presidents president's presidents president's dents dent's hands by judicial interference Intoner Intoner- ence with the new now deal This makes It easier for tor Mr sit tight and let his enemies dig their own graves He cant can't ask a a better break than thana a few more 6 to 3 decisions Minority dissents dissents are are a big help On One Ono o of critics puts it He Is sitting lamentably pretty Thanks to the supreme court and the veterans Mr Morgen- Morgen thau will soon have to dig up more cash for tor the U U. S S. treasury The washout of ot processing taxes makes a whale of ot a difference Financial sharps estimate he will have to begin not later than April and will be in the market for somewhere between two and three billion dollars of ot new money A closer figure is Impossible because because be be- cause caule of ot uncertainty as to the Immediate cash outlay involved Inthe Inthe in inthe the bonus payment You can safely bet that the secretary is none too pleased at this turn of ot events Its It's taken for tor granted that the financing will bo ho done In short- short term treasury notes rather than risk a rebuff rebut or a higher Interest Interest in interest In- In terest rate for a term long-term issue The government will have to pay more for tor term short-term money than It has has but but not enough more t to worry about Meanwhile government agencies agencies agen agen- cies des will be ready to step in and support the market for long- long term federal bonds bonds' In case passage pas pas- sage of the bonus starts an Inflation in inflation In- In scare So no serious slide Is anticipated in that field Those huge excess bank reserves are something of of ot a comfort in a situation sit sU like this Much noise noise o no Is' Is the In Informed Informed informed In- In formed New York reaction to Various va- va rious suggestions for tor curbing the supreme court Proposals t to require a a. two- two thirds court majority or a nani- nani vote in C cases su involving constitutional constitutional con con- tests tes are given no chance of ot passage wont won't sponsor any such measure nor will congress take the tho res responsibility pons 1 for i It while public reactions reactions are arc so so 80 mixed d. d Neither Is tho the president t likely to ne heed suggestion sug sug te Jb tb add add tc to the courts court's membership That would merely supply the opposition with fresh political ammunition Vacancies In the court count would alter the pl picture ture radically andone and nd one or more of ot them might occur at al almost ost any time Then judicial judicial ju Ju Judicial s support pp rl for tor the new deal could be built up tip without doing violence to tradition Well posted New Yorkers get word that G Germany has made It painfully clear to Britain and France that she intends to benefit benefit benefit bene- bene bene bene- fit fr from m any adjustments that are arc made mado In in tho the Int interest rest of ot European European Eu European peace The German demand for tor co co- co lonial outlets is getting l louder uder n a and n d more men menacing Neither France nor England is anxious todo about g-about but but but they may have hays to choose very soon between m making concessions to Germany or or ac accepting war as an inevitable alternative The Tho need of negotiating a 8 settlement between be tween Italy and Ethiopia will give Hitler the leverage he be needs to for force e a 8 showdown Italian acq acquisition of ot Ethiopian territory which territory which is 18 still In the cards will cards will probably be softened up for public consumption by making malting It a theoretical purchase T That h hat a t would save faces all aU allaround around except around except Mussolini's and he can do his hie own explaining at home New York has had strong confidential intimations I fro from r o rn m both London and Paris that 11 11 duces duce's race is just about run no matter what happens Discontent in Italy is not confined to the inarticulate masses and nd word Is that this may become evident surprisingly soon Financial circles regard the problem of ot oil sanctions against Italy by the League of ol Nations as purely academic at present Tho The coming rainy season season plus plus existing sanctions and the failure of Italian forces to score even moderate military success has success has put Mussolini in a deep enough hole already Ther Theres There's s 's not much point to making it deeper But if and when Britain and Franco France decide that the league should apply oil sanctions they will take pains to camouflage ge their responsibility for the move One or more of ot the small p powers will be encouraged to suggest the idea The two big fellows will then th-en u undoubtedly d lend the plan the their r noblest m moral ral s support Among those grateful for tor the refund of ot processing taxes hitherto hitherto hith hith- erto held in escrow are aro certain power powe companies In the southA south A number of ot their small textile mill customers had such a a. large proportion of assets tied up in taxes they haven't been l able to pay their electricity bills in months The utilities In question hated to pick on fellow victims of Dt the new deal and so allowed the accounts to ride They hope their patience will now be promptly rewarded The Japanese have bave a n. basis for their contention that they must have more room Population lation is up to 85 85 per pcr percent percent cent gain In the past five years Japanese Investments in Brazilian Bra cotton are growing fast fAt Secretary Hull is reported to have trade treaties with Argentina and Uruguay up his sleeve Copyright McClure Newspaper I I Syndicate I |