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Show I NEWS BEHIND THE NEWS I . . Written for The Telegram y Tucker. I WASHINGTON Federal Re- ' serve Chairman Marriner S. Eo cles recently astonished a session of private bankers with his views about their business. It Is likely to bring him Into sharp conflict with Currency Comptroller Delano De-lano snd F D I C Chairman Crowley. Mr. Eccles expressed the rather rath-er remarkable belief that banks rould continue to pay out dividends divi-dends even though depreciation of government bonds and high-grade high-grade securities in their portfolios port-folios hsd Impaired their capital structure. After his listeners had recovered their breath, they asked him If a bank examiner would not submit an adverse report re-port on any institution guilty of such practices. Yes, admitted the federal reserve head, but he added that the bankers did not hsve to heed the advice of Messrs. Delano's or Crowley's examiners. The bond problem envisaged by Mr. Eccles does not confront the nation's banks at the present moment, for Uncle Sam's securities secur-ities are at an all-time peak. But an Improvement In business resulting from Increased war purchases here would knock down governments for other forms of Investment would prove more inviting. Then will come the test of the Ecclesian theory and the clash among Washington's Washing-ton's financial experts. The farmer boys and the city slickers on Capitol Hill have negotiated ne-gotiated a quiet deal under which everybody's constituents will be treated generously at the expense ex-pense of the treasury. Members' sf the Tammany, Chicago and Philadelphia machines ma-chines In the senate lined up solidly for the boost In farm ap-. proprlations once rejected by the ' house. In return, the members from farm areas are expected to show their gratitude and generosity gener-osity when the administration asks for more W P A money. The mayor'r conference (La Guard-la's Guard-la's outfit) and the American Farm Bureau federation are in cahoots. The economy streak that figured so prominently and vocally early In the session was Just another congressional theme song. Burton K. Wheeler Is the first victim of the dirty politics which politlcos expect to reach an all-time all-time high or low In the 1940 presidential campaign. . In the middle twenties the senator from Montana Inserted In the congressional record an address delivered by Corliss La-mont, La-mont, then the young radical of "the" Lamont family. It was entitled en-titled "Understanding Russia," and it was extremely sympathetic sympathet-ic to the soviet experiment At that time almost everybody except ex-cept Charles Evans Hughes and Calvin Coolldge secretary of state and president respectively, were fairly tolerant of the. goings-on In Moscow. Now after years In which the soviet has slaugntered millions of peasants, concluded a pernicious per-nicious pact with Hitler and brutally Invaded and dismembered dismem-bered Finland some unknown enemy Is franking out thousands of copies of the almost forgotten speech which Wheeler placed In the official congressional ga- . sette. When Senator Danaher of Connecticut Con-necticut concluded a speech defending de-fending the food stamp plan, which utilizes orange stamps in the distribution of farm surpluses, sur-pluses, SenatorPatMcCarran 1 sidled scross th aisle and whispered whisp-ered in mock anger: "You're a fine Irishman to be defending anything orange!" A senatorial rooter for Wheeler Wheel-er recently attended a new dealers' deal-ers' dinner tendered in honor of Attorney General Jackson, and barely escaped with his Easter finery. He will never again make the mistake of breaking bread and supping wine with Messrs. Jerome Frank, Norman E. Lit-teil, Lit-teil, Benjamin Cohen, et al. at least not until the presidential nomination is sealed and delivered deliv-ered to somebody. The Jacksonians pounced on the lone but able Wheeler booster boost-er almost before he had downed his first cocktail. "Why doesn't your man tie up with us?" they asked. "A Jackson-Wheeler ticket tick-et would have the head man's okay and It would sweep the country." "Wheeler won't line up with Bob," replied the senator sena-tor from the far west "because he is going to win the nomination nomina-tion for himwlf. He's the logical man." To which the A. G.'s cheer leaders responded: "Nonsense! The president will never stand for Burt, and nobody can win without his help. F. D. R. Is still sore over Burt's attitude in the court fight." These scenes are typical of the Alphonse-and-Gaston situation in the Democratic party these days. Every presidential candidate wants a bedfellow to keep him warm. But hard-headed Jim Farley revealed the futility of these proposed deals when he spurned the Wheeler people's Invitation to backstop for Burt. "Nobody with any political sense," snorted. Jim, "ever runs for vice president!" presi-dent!" Notes! State department men are giving extremely cold shoulders shoul-ders to the Intimation from across the sea that the United States ought to guarantee any peace settlement . . . senate Insurgents In-surgents are making headway In their plan to grab farm credit administration back from Henry Wallace and restore Its autonomy autono-my .. . Mackenzie King's reelection re-election to the Canadian premiership premier-ship considered assured: but his parliamentary majority will probably be whittled down. |
