Show N New w York Whirligig V POLITICS POLITIC'S POLITICS FINANCE V By Ry JAMES McMULLIN NEW V YORK New Yorkers learn Jem that tbt the real author of the prop proposal sal to tax corporate surpluses surpluses sur sur- pluses was Herman Oliphant Oliphant- counsel to the treasury depart depart- ment meat He drafted the plan substantially sub sub- as it was presented to congress by President nt Roosevelt Mr r. r Oliphant Is one of ot Secretary Secretary Secretory Secre Secre- tary tory V most trusted advisers H He w worked with the secretary see sec on the tatters latter new deal job jobIn jobin jobin in the federal farm credit administration admin and became so useful that Mr brought him along to 10 the treasury He has had an important hand handin in tn concocting other legislative pies pies although although always alway modestly Inthe in inthe the background He whipped the tho bill into shape hape which translated the Warren theory of dollar de devaluation devaluation devaluation de- de valuation into action He also alo had a lot lotto to do with drafting the silver act This was a diplomatic masterpiece The bill m managed to satisfy the silver senators while leaving Secretary powers of discretion in carrying out the thi sliver aUver purchase policy polley which he be urgently nUy wanted You Youcan Youcan Youcan can see why the treasury chief rated h his l aids aid's services too valuable valuable valuable ble to allow him to be named to tO the new federal reserve board board- an appointment that was seriously serious ly Jy d discussed cussed The best posted New Yorkers are are not perturbed by the war scare Paradoxical as it sounds they figure Hitler's s bold treaty violation has lias actually improved the chances chance's s that Europe will keep the peace for a while Its It's known that the Rhineland occupation Uon has been vigorously urged by nazi party extremists for some time The heads of the the- German army were opposed The blood and thunder boys finally got their way with Hitler but Hitler but by that very token they have havo had their inning now and cannot ask for more Germany will make no war of ot her own initiative until the army gives the word word and and the tho army is still a long way from ready On the tho other hand France will not dare to take military measures without the British support she cannot get She must now pay the price for lor her lukewarm cooperation cooperation cooperation tion with England in the tho early stages of the Italian controversy Britain is in a beautiful position to pursue her pet balance of power ideas with Ideas with herself holding the scales cales She will take good care that the forthcoming gales of blistering blistering blistering blis blis- oratory do not blow up a storm of ot lead One angle of the new situation is an especial source of ot worry t to the French though they naturally arent aren't advertising It The Tho heavy artillery backbone of their powerful powerful power power- ful Ui fortifications s along the German German German Ger Ger- man frontier is' is composed mainly of high concealed in deep emplacements V These howitzers are aro pointed so high hl they can pump shells hells only into nto a limited area They were designed to cover the territory behind behind behind be be- hind the demilitarized zone with an intensive barrage That was the line Une from which any German advance was WU supposed to start The Tho sad part is that the guns gums cant can't touch the demilitarized zone Itself The Germans are aro now now so close cloe they are out of range of Frances France's main defensive weapons Changing the tho armaments to meet this challenge I will be slow and very coati costly So Hitler has gained even more marc of ot a military military- advantage advantage advantage tage than appears on the surface Secretary Hulls Hull's recent remarks about our willingness to enter a n. currency stabilization agreement may have started a political prairie fire that will scorch both parties partin I The Committee for the Nations protest against the implication of at ofa ofa a n return to an art international gold standard touched a m match to dry graze grass Tho The big farm groups are nil Ill sold acId on managed currency as as the tho sovereign remedy for agricultural tural ailments They haven't been very militant about it lately be because because because be- be cause they were waiting to s soc sec e how the soil conservation tion law are suspicious of moves towards stabilization and private coun councils Us of ot war have been convoked con to decide whether r the situation calls for for full strength mobilization on behalf of their monetary beliefs F F. D. D R. R is opposed to further monetary experiments So So are all aU the leading G G. O. O P. P can candidates didat s except Borah But both sides aides want that farm vote badly so 80 if It the tho organizations cut loose you will wUl see Ice some omo fancy squirming Tho federal reserve boards board's housecleaning of ot executives in the regional reserve banks cut deep It amounts to elimination of every high officer who has shown antagonism an an- towards the new de deal l or was wu even suspected of a lukewarm lukewarm luke Juke warm attitude towards its iu financial finan timm- cial policies The boards board's attempt flage its ita purpose by citing the age ago of the bank chairmen and presidents presidents dents dent whose nominations were vetoed ve vc- t toed d or who were retired to payless pay pay- Jess less honorary posts was pretty thin 1 Retention of W. W B. B Geery and J. J J. J Thomas as paid chairmen chair chair- men inca of the Minneapolis and Kansas Kan Kan- sas City banks gave the show away New York bankers are worried and resentful but there isn't a athing athing athing thing they can do about it They do have crumb of consolation With the entire reserve system under unified new deal control it will be hard to pass the buck to private bankers rs If anything goes oes wrong V Governor Herbert Lehman has evidently decided h he can no l longcr long long- ng cr or remain neutral l in the scrap be between between between be- be tween his close personal friends Franklin Roosevelt and Al Smith This little straw shows the wind For the first he became New Yorks York's governor back in 1918 Al AI did not sit Bit at the governors governor's table at last weeks week's Inner circle party a New York version of the Washington Gridiron It could hardly havo hav been accidental l. l Lehman drew up his own guest list Al At was there but happened to toland toland land in the midst of a a crowd of Republicans including his his' old enemy Charles D. D Hubs Hilles New York G. G O. O P. P leaders ar are nervously ly anxious to emphasize that their delegation Is going to Cleveland without commitments Several of them asked s separately whether Landon didn't look like a asure asure sure thing unanimously replied I the bunk The winner will I probably be somebody that has hardly been mentioned No Io one I can tell yet I 1 Copyright McClure Newspaper I Syndicate V |