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Show ECONOMIC HIGHLIGHTS Happenings That Affect the Dinner Din-ner Palls, Dividend Checks and Tax Bills of Every Individual National and International Problems Inseparable from Local Welfare The Republicans call it gag rule the Democrats, for the most part, simply smile and say nothing. Whatever it is, the Roosevelt Parliamentary technique techni-que works. A major test of Presidential power came early in the House when Democratic leaders adopted a rule of procedure whereby no amendment could be offered from the floor which would affect af-fect the economy sections of the Independent Offices Bill, under consideration, or any other appropriations ap-propriations measure that would appear during the session. The rule was unprecendted and it passed. There were heavy Democratic Demo-cratic defections, which resulted in Democratic leaders working over the mavericks in their party. Result of that was that a move to recommit the rule was slaughtered, 240 to 141. Most dramatic victory cam on January 20, when the Roosevelt dollar devaluation bill swept through the House by the colossal colos-sal margin of 360 to 40. It is doubtful if any piece of legislation legisla-tion of comparable importance ever carried so fast. Debate was almost entirely shut off. All opposition op-position amendments were shouted shout-ed down. Dozens of representatives representa-tives who admit they do not understand und-erstand the present dollar policy thoroughly, voted for it. The measure has four specific phases. First, the treasury is giVen title to all of the nation's monetary gold stock, including that held by federal preserve banks. Second, it fixes 60 per cent of the dollar's present gold content as the maximum of gold value after revaluation. Third, it gives the Administration Adminis-tration a fund of $2,000,000,000, obtained automatically from the added value of the treasury's gold after devaluation hae taken place, with which to stabilize the foreign value of the dollar. Fourth, it gives the treasury greater power in issuing and floating government securities, thus simplifying the great refin.-ancing refin.-ancing task that confronts the federal government now. The treasury is allowed to purchase any type of government security with any other type, may 6ell issues is-sues privately without offering them to the general public. Main opposition to tie bill is based on the fear of putting eo vast a power in one man's hands it obviously makes Mr. Roosevelt Roose-velt a monetary dictator with hardly a - restriction. Supporters of the New Deal claim that Is what the country wants; that it is essential to recovery that the Presideent be given free rein. The American Federation of Labor's Report in 193 4 prospects was a good dal more interesting and important than documents of the kind usually are. Forecast was that prospects for employment employ-ment and earnings are consider- j ably brighter, but that one phase of present recovery efforts -threatened inflation by fiat money endigers the whole show. Four specific changes for the better in 1933 were chronicled: a gain m employment of more than 6,000,000; a drop of 4 hours to the average work week; better organization among industrial indus-trial workers of all kinds; an increase in workers' income of 11.7 per cent. The reprt pointed out, on the debit side, that business is 30 per cent below normal still, that the most important thing is restoration re-storation of business confidence, that private initiative Is still of paramount important. Belief was expressed that worker always lose through inflation that only wealthy speculators . have a chance to gain. At about the same time the report was issued, the National Recovery Administration was making plans, as best it could, to find Jobs for as many as possible pos-sible of the 11,000,000 people still registered as unemployed. The President has laid plans where public works' activities and expansion in private industry indus-try will absorb the 4,000,000 now on CWA rolls. That will still leave the problem 60 per cent unsolved. General Johnson believes the working week' must come down from its present 40 hour average said that changes would have to be made gradually, gradu-ally, in the light of industry's financial ability to carry larger payrolls. Hope is for an 8-hour day, a 4-day week. Lopping a day from the week would, it is estimated, create 1,500,000 Jqos. How to reduce working hours, employ more men, raise wages, cut production, Increase business' capacity to pay the bill, is the problem. If you like big figures, take a look at the Reconstruction Finance Fin-ance Corporation's first complete report to the public. Between February 2. 1932. and December 31, 1933, it had disbursed or authorized disbursement of $6,-000,000,000 $6,-000,000,000 to 8,541 institutions. In 1932, $1,500,000,000 was distributed dis-tributed 65 per cent to banks. 20 per cent to railways, the balance bal-ance to' insurance companies, building and loan concerns, relief agencies, etc. The RFC was due to pass away on January 22, 1934. But it was given a new lease on life bills went smoothly through Senate and House extending its activities until February 1, 1935, permitting it to sell another $850,000,000 of debentures to the treasury with which to finance fin-ance future operations. |