Show National Topics Tonics Interpreted fl by William Bruckart 4 The Thc The administration I at last has hus taken advantage antage of ot the authority g given I v en Silver the Chief Problem Uve tive by congress In the sliver silver pur pur- purchase chase law and has nationalized silver foll It has placed Itself In the thep p position where it becomes virtually the sole purchaser of ot silver In the tho United d States and from wh which ch position post post- tion It controls by license the thc release re re- re- re lease ease of ot silver stocks for tor use In Industry In ln dust and the arts M Mystery tery still stUl surrounds the promulgation pro pro- of the nationalization or- or der Secretary nt at t th the treasury treasury has lUlS continued to hold the reasons within his own breast and the result Is that a thousand thou thou- f sand Band and one Interpretations have been placed on on- the action The Thc action ac- ac tion like so many having Ing to do with the currency has hus proved disconcertIng disconcert disconcert- Ing first because of the secrecy sur- sur r i ld ng it and nd secondly because It has In a n way added uncertainty In Inman Inmany inmany man many lines of ot commercial endeavor or That It It Is 1 Inflationary In character character charac charac- te ter there can be lie no doubt The extent extEnt ex- ex tent nt howe however r. r Is another matter matterand matterand and nd o one e ea a about out which h experts dis din ni agree agi e It will wilI mean the obvious flotation ot of additional silv r fates dates In response to the amount of or and stored the shy silver er 1 acquired by treasury This fact doubtless will frighten frighten- many persons Followers of the administration however have talc taken fr fresh h. h henrt heart from the action nationalization order gave ve such if h I as Senator Thorn Thorn- l s. s the Oklahoma Democrat cause for foi great gr at joy j although the senator b believes i v s the thi I. I Inflationary flaU nary policy should b be extended almost to th the poInt Of ot free ref printing press opera opera- tIon- tIon The h best opinion I l' l have been able to obtain It amounts to a i. i sus of authorities In whom I have Is that the the action just taken faith Is action on silver r JP in in and of ot Itse Itself will not je be dEs disastrous The danger so I am i ed i lies s. s therefore not not In the purchase q ot of sliver and the Issuing of silver r certificates but In the po po- po t ll ties oC bf the movement There can be n no d doubt that once the silver movement gets ets thoroughly underway under under- w way y that It Is only a short step Beastly eastly taken to the use of or printing lre presses s and flat fiat money mOlley y It Jt w be re recalled d that Mr Ir Roosevelt Roose noose velt said In his Inaugural address 4 iU that he would support an adequate and j sound currency In the opinIon Ion fon of ot many many observers If it he goes no further than the the recent silver order h he lie c can n still suii find justification for tor repeating re- re his his Inaugural in declaration Obviously tile the devaluation of the dollar taken about this this' time last has year ear proved pro Hope to Inadequate to ac- ac Boost Prices price Increase In- In iI i creases crease to the 1020 level a a promise which Mr Roosevelt Roose Roose- velt relt lt frequently made during his campaign His ills advisors admit with soi some e freedom that the gold tJ program h has not forced the anticipated an an- price boost This being true tj j it Is only natural as as' as many observers ob oh- servers r rs hold old that the move regarding regard regard- I ing Intended d to to supplement upp ement toe tiie action which cut the gold cont content con con- t tent t of th d dollar li r from one hundred t Cents nt's to slightly below elow sixty cents Whether tl ther er change hange In the monetary Structure will a accomplish the desired price pric level of course 0 to be s seen en Administration Hon leaders time Old are tare hopeful sound and the conservative athe money goney men men- thought of ot the the country are dIs- dIs tr ed I In II some quarters rs JL J hear a discus slon sian of ot the silver er action which I pl places 1 s the possible Interpretation ulon It t that nf It Is nothing more than thana a confiscation of t f commercial stocks of bar silver at a price arbitrarily fixed fixed by the government Among this school of ot thought some hold to the opinion In addition that the step Is not particularly significant Fellow observers I I. believe belleve pretty prett generally h have ve accepted the silver nationalization a as having been partly partly part part- ly due to the thc serious agitation for tor ln Inflation I reported several several several sev- sev eral weeks ago It Is easy to understand un un- ersta d how liw w this would come about and why the date aate of ot August 9 was selected elected t for r promulgation of ot the new order Out through the drouth stricken areas and In Industrial sections where employment Is seasonal seasonal sea sea- summer doldrums of ot the first order are existent Discontent along with distress always has and pr probably probably b- b ably always alway will breed radicalism The Inflation agitation now surely can can can- be said to be fostered mainly b by the left wing and the more md rad- lc leal Ical i of ot the politicians Would It not th then n be only natural that having the power accorded him under the act t Mr Roosevelt sl should e seek ek to alleviate this condI condition on by utilizing the discretionary ary authority for n acquisition 9 of ot silver S S Everywhere Is 18 the question what I will bo bothe bethe the effect upon the theman man In InV V the street A As far tar P Hits M Man n. n as aB 1 I can learn in UI Street there Is ls only ony o one e answer and that com com om s out ont of ot history of Without any official m J i l explanation of pt the thc reasons for for the current curment action observers i generally l and obviously ous y turn to the f past Thus they cannot avoid the conclusion that the man In the street the Individual on a n salary or wage basis Is going to suffer unless unless unless un un- un- un less the Presidents President's program Involves Involves In In- voires some hitherto hitherto- unknown and I undisclosed treatment of ot this phase of ot the problem The circumstance Is simply this Payrolls rolls and wages almost never ne rise as rapidly as ns commodity prices the the things you buy In the corner grocery and the thc clothes and shoes Necessarily then the wage earner or the white collar worker has lessIn less lessIn In his number of ot dollars with which I Ito to buy the commodities upon which I the Inflationary process has operated operated operated oper oper- to Increase the prices As one who has bas spent some eighteen eight eight- een 3 years ears cars as a writer on business and financial topics It seems to me that probably the worst effect from the silver sliver nationalization order Is the added u uncertainty which It creates cre cre cre- ates The thing that business generally gen gen- Is recognized as needing most Is assurance and security Mr Roosevelt Hoose has repeatedly made this statement and it If may be that later Inter on he will explain how the silver order provides some new security in the meantime the sudden acquisition ac ae- ae by the thc government of ot all the silver sliver stocks has provided pro a II anice nice profit for holders of ot domestic silver sliver and has through the psychological psychological psychological psycho psycho- logical eff effect cf provided an equally nice profit for the owners of cpm cpm- mon stocks of ot corporations AuthorIties AuthorIties Authorities Author Author- tell me that this result was natural and therefore to be exp ex cx- p S S The he Federal Housing Administration Administration Adminis Adminis- newest and regarded by byman man many y as the Makes most potent of ot Rapid Strides tho the alphabetical organizations has made rapid strides In the last few weeks toward getting set for opera opera- tion To m my mind three men have ha been responsible chiefly These are James A A. A Moffett the administrator tor Ward Vard Canady his assistant and Lambert St. St Clair The latter latter latter lat lat- lat lat- ter came down from New York on ona ona ona a loan from his own outfit but the fact that he Is here three days and andIn andIn andin In New York three days each week has bas not appeared to lessen his accepted accepted accepted ac ac- ac- ac value as an or organizer organiser The low under which the housing administration operates was drafted draft draft- ed for Cor the purpose of ot enabling householders to make repairs and do the oth other r odd Jobs around a r residence res res- s- s and small business building which so easily are allowed to go undone during periods when money is not flowing freely It Is countrywide countrywIde countrywide country country- wide In Its scope It will operate through the medium of ot the banks and local organizations and It Is the firm conviction of ot the officials charged with this responsibility that offers to loan money money ioney will vIli come from the banks In greater number now that a federal agency Is prepared prepared pre pre- pared to Ins Insure re the note which the borrower gives It must be be understood that these loans are not going to be made with reckless reck ess abandon the prospective pros pros- e borrower must after all have some sonic support financially and must be he able to show that there Is Isa Isa isa a reasonable chance of repayment But the point Is that a national campaign n Is about to get underway which will awaken en It Is hoped hundreds hun of homeowners to the fact that the roof needs repairing or orthe orthe the front porch steps are In bad shape or that paper or plumbing should be looked ed after The law apparently has left several several several sev sev- eral openings which did not appear ap appear ap- ap pear to those who drafted It For example one of ot the housing housing- officials om- om told me that he could see no reason why a farmer would be precluded from Crom building a 0 pond on his land with the aid of ot loans under under under un un- un- un der the act It occurred to me that this suggestion was very timely because because be be- cause ause It Is certain that If more farms bad had had bad ponds on them a considerable amount of ot live stock could have been watered during this current drouth S S S SIn In connection with the organization tion procedure of ot the housing ad nd- I ministration I want to call attention attention atten atten- tion to a condition that exists In Washington about which Individuals throughout the country who are arc seeking Jobs ought to know I There were more than thirty thousand thou sand applicants for Jobs at the housing administration offices It will wUl employ not to exceed five hundred hundred hun hun- dred persons Among those who showed up at atthe atthe the housing headquarters were several several sev sev- I eral men who had come almost tho the full distance across the continent They told the personnel officer that there was no work In their home hometowns hometowns hometowns towns so they packed their little grips and came to Washington because be ca cause cause se there thero was a new agency cre cre- Others had come from lesser less less- er distances ces and had come for tor the same reason It seemed to me that a condition like this ought tobe tobe to tobe be disclosed and the housing officials am dam requested that I report the facts In order that others may may not ne De so misguided as to make the long trek trek to Washington just In the hope I that a 0 j Job b Is here her here it It lt c. c Western r Union I |