OCR Text |
Show COALITION FOR H ATI0N URGED Publlthsr Suggtt Nonpartisan Nonparti-san Cabinet as Aid in Economic Strsts I Br AUMlala rraa WASHINGTON. Fb. 14 A coalition coali-tion cabinet, or If party politics prevent, pre-vent, an active advisory board of half a dotcn leading citizens to confer con-fer with (he president and his cabinet cab-inet to devise helpful economic measures, meas-ures, was suggested to the senate finance committee today by Paul Block. New York publisher. In its resumption of the economic survey begun yesterday the committee commit-tee also heard from Block proposals for a balanced budget, a cut In vet-'" vet-'" erans' cempensstion, the flotation of bonds to provide public works employment, em-ployment, retention ot the gold standard, stand-ard, farm mortgage readjustments, tariff changes to meet the chsnged currencies of other nations and repeal re-peal of the eighteenth amendment Balancing the budget by reducing expenditures, including salsry reductions reduc-tions for all federal employes from the president down, was sdvocsted by Dr. Herman D. Arendtx, a Boston economist Arendts attributed hard times to a collapse of "overextended credit" in this country and the "long and grinding grind-ing world depression." "Immediate relief is obviously nec-easary," nec-easary," he asserted, "to prevent the banks, railroads and Insurance companies com-panies from collspalng and people from starving. "Apparently the greater part of that has got to be don on federal credit" "Do you believe that o keep the banks operating and the railroads running we've got to keep on an unstable un-stable capital structure?" asked Senator Sen-ator Couzens (Rep.). Michigan. "Temporarily," replied Arendtx. vu. .lie l.lMI lUUltUIV DM S"l MJ be reduced." The bankruptcy relief bill will help do that, he ssid. adding there muat be readjustments. Couzens observed thst contlnustion of an unstable capital structure would mean collapse, to which Arendtx said the only alternative seemed to be "to let things go to smash." ADVOCATES CUTS Arendtx said he favored budget balancing by reducing expenditures rather than increasing taxes. He sdvocsted sd-vocsted sharp cuts in veterans' expenditures ex-penditures and salary reductions for all federal employes "from the president presi-dent down," in line with industrial pay slsshes. Arendtz proposed remonetlzation of silver by world action to block a "conspiracy" by international bankers bank-ers for sn international managed credit currency. He ssid the plan wss "the most dangerous proposition we hsve been faced with. "I hsven't confidence enough In the wisdom) or moral strength of any group of men to sit on a pedestal and maintain world credit, even if the people have confidence in them, and they won't Referring to "this plan of th In- ternstlonsl bankers to create an International In-ternational gold credit on a gold basis." Arendtx ssid: "We csnnot crest gold at will and I advocate the remonetlzation of silver sil-ver as the only way th metallic base csn be increased, and by international interna-tional action." Arendtx ssid that for over 300 years silver production hsd been at ratio of 14 to gold, but that it would be jremonetlzed now at "anywhere from 1 16 to 25 to 1. ss it doesn't make much I difference if it is an International I Job." |