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Show News Review of Current Events the World Over United States Goes Off the Gold Standard and Moves Toward Inflation Secretary Perkins Asks Federal Control of Industry. By EDWARD W. PICKARD "WE ARE off the goId stand' ard," was the terse but momentous mo-mentous announcement by Secretary Secre-tary of the Treasury Woodin as he (6 - A 1 - returned to his office of-fice from a conference confer-ence with President Roosevelt; and at the same time the White House gave out the news that the Chief Executive had placed an embargo em-bargo on the further fur-ther export of gold, permitting the dol- . . . lar to depreciate in President . , Roosevelt forf'8D exchange, and was ready to ask congress for authority to put Into action his policy of "controlled inflation." Mr. Roosevelt himself calls this policy a program for control con-trol of commodity price levels, and says it is designed to raise prices but to keep them from going too far up. He gave assurance that there would be no resort to "printing press money." Senators Thomas, Byrnes and Pittman drafted the measure to carry out the President's plan, and it was promptly Introduced Id the senate as an amendment to the pending farm relief bill. It provides : 1. For expansion of credit up to 3,000,000,000 through purchase of government obligations by the federal fed-eral reserve banks. (This means the purchase In the open market of government gov-ernment bonds and was tried in the Hoover administration.) 2. As an alternative, for the inflation in-flation of the currency by Issuance of greenbacks up to $3,000,000,000 under the act of 1S62, such currency to be legal tender for all debts, public pub-lic and private. 3. For use of such greenbacks to meet maturing government obligations obliga-tions and to purchase government obligations. 4. For retirement of such greenbacks green-backs at the rate of 4 per cent a year. 5. For reduction of the gold content con-tent of the dollar not more than 60 per cent for the purpose of protecting protect-ing American foreign trade from the effects of depreciated foreign currencies cur-rencies and to enable the President to negotiate an international agreement agree-ment stabilizing monetary standards. stand-ards. 6. For acceptance of war debt psHiCTUs- up tc an aggregate of 1100,000,000 In silver at a value of not more than 50 cents an ounce. 7. For coinage of such silver and deposit In the treasury for. redemption redemp-tion of silver certificates ; Issued against it, such certificates to be used for paying obligations of the United States. Secretary Woortfef drew up the order or-der concerning Is anovulation. Under Un-der It no go) icept thaUd to leave the country ..ccount before rfmarked for foreigr mounts as arj April 15 and such f.ican buslny'e requiredto save Ameconsignm' 'ess men from loss on .tnts In foreign trade ineufTed prior to the proclamation proclama-tion of the new policy. The United States thus has placed itself on the same footing as Great Britain and nny other foreign nations. na-tions. Its moneyi3-i!ostable In value in international trade.U was pointed point-ed out that Mr. Roosevelt eould now with greater propriety proposi t'.-t all nations go back to the gold stand-inir.rd stand-inir.rd together. , w . Effects of our plunge into the inflation in-flation pool were immediate. Prices on the stock exchanges and especially espe-cially In the commodity markets went np with a rush and trading was heavier than fo." many months. Millions of dollars -ere added to the farm value of ail grains, and cotton and sugar also moved upward, up-ward, as did provisions. On the London and Paris exchanges ex-changes the dollar sail's decidedly. 2either the British nor the French were pleased with the President's action. The London Daily Telegraph Tele-graph ?ir).T '"'yj t America's lni3L T.on a di i.v C..'111 $1se In -;ntry for fresh dpreciat'on .it expoVtcrs may not lose their v,-)'-2r of competition in world mar- The new task of the states-CoiTlf'10 states-CoiTlf'10 Prevent n chaotic process npetitive depreciation of cur- twe8-" ' .---. d.H'IES of the Roosevelt nd- miiii"sTf7rtfoD are being expanded and extended so fast and so far that congress and the country are scarcely able , to keep up with the pace set. One, of ttie broadest arid must revolutionary of Its proposals wils submitted to the house committee on labor by Secretary of Labor Frances Pork I us In the form of n drej. uii'i -if- fercd as a substl- Secret tute for Senator perkin8 Black's 0 - h o u r week measure which was passed by the senate and for the almost Identical Iden-tical donnery house bill, It Is designed de-signed to give the federal government govern-ment full control not only over the hours of labor but also over Industrial Indus-trial production and prices. The pan-age of (ills legislation and of tin; (.ending farm marketing bill would make Secretaries Perkins and Wallace Wal-lace virtual dictators over the economic eco-nomic life of the nation. The legal basis of the labor bill is to be found In the Interstate commerce com-merce clause of the Constitution and in the "unfair competition" sections of the federal trade act It Is upon these legal powers that the secretary of labor Is to depend to exercise the following authority: 1. To prohibit from interstate commerce com-merce articles produced by any Industry In-dustry working its labor more than 30 hours a week or more than six hours in any one day. Milk and cream are exempted; executives and managers are exempted: and certain cer-tain exemptions are made In the cases of seasonal or other emergencies. emergen-cies. Boards are set up to regulate such exemptions. 2. To limit and if necessary prohibit pro-hibit from interstate commerce the production of any plant or industrial indus-trial group which is overproducing. 3. To investigate wages through a wage board, to fix and impose minimum mini-mum fair wages: to publish the names of employers failing to raise wages in accordance with a direct order to do so: and to prohibit from interstate commerce goods produced by any employer refusing to comply com-ply with a wage order. . RIGHT now the eyes of the world are turned on Washington, for the series of talks between President Presi-dent Roosevelt and representatives of many other nations have begun, and If the hopes of the Chief Executive Ex-ecutive are realized they will result In the finding of a way out of the world depression. Prime Minister J. Ramsay Mac-Donald Mac-Donald was the first of the visitors to arrive and the first to confer with Mr. Roosevelt and Secretary of State Hull. Edouard Herriot, former premier of France, was close on MacDonald's heels, and the others are scheduled toJteilow rapidly. No one of the "conversationalists" "conversa-tionalists" is empowered to really decide anything, but all of them are free to express the views of their respective governments on economic matters. It was understood under-stood that MacDonald would not talk much about the war debts, but Herriot was authorized to state France's position on that subject. The whole series of conversations In Washington Is a preliminary to the coming world economic conference, confer-ence, and the hope of President Roosevelt and Secretary Hull is that the way can be paved for rehabilitation re-habilitation of the world by the lowering of trade barriers and monetary stabilization. REPUBLICAN postmasters who have . demonstrated their efficiency effi-ciency are to be permitted to complete com-plete their terms. So announces Postmaster General James A. Farley, to the Joy of several thousand G. O. P. office holders and the corresponding dismay of a"gr"eat army of .Democrats who .ouId like the Joes. . Mr. Farley says his party has long stood for the civil service system I ' ( ' 4 r a . I of competitive ex- J- A- l"arley amlnatlons ami "will not abandon that high ground," so he gives out this message: "No Incumbent whose term has not yet expired and who 'has been rendering loyal and effective service serv-ice to the government need have the slightest fear of removal. It will be the policy of the Post Office department to allow every efficient post master to fill out his term." District attorneys, marshals and collectors are not under civil service serv-ice and in time these places probably prob-ably will be filled with deserving Democrats. Also there are hundreds hun-dreds of vacancies in the postmas-terships postmas-terships to be filled Immediately, and these will be filled as soon as Mr. Farley's department has completed com-pleted a study of examination methods. The postmaster general makes the welcome assertion that the United Slates post ofiice Is going to pay Its way hereafter. He alms to Bave $72,000,000 in the coming fiscal year, and this, he believes, will sutlice to balance his budget. JAPAN'S armies In China continued contin-ued their advnnce south of the great wall, driving before them disorganized dis-organized or traitorous (Thinose troops. The Japanese at In test reports re-ports had occupied the entire triangle tri-angle between the wall and the Lwan river, with Its base on the gulf of Polial, and were moving onward toward Tientsin. They crossed the river near Lwiineliow anil bombarded Unit city and the surrounding region. There, was great alarm ,,, . iratuiii, where some 4O0 Americans. iiiosllybuKl-ness iiiosllybuKl-ness men and their familc reside. WUiMi the Japanese started their push into tin; iiridisinl rd Chinese territory south of rhe great wall the Lwan river was s,'t a?i the limit. lim-it. Put the Japanese command now has announced that they will continue the pursuit as far as the Chinese continue to set up defenses. de-fenses. The Japanese authorities deny, however, that they intend to occupy Peiping and Tientsin. Their apparent plan is to create a buffer area out of the triangle to facilitate facili-tate the consolidation of the newly conquered province of Jehol. They have gained control of all the Important Im-portant passes through the great wall on the southern border of Jehol and the gates have been sealed and heavy guards placed at them. CUBA'S political disorders, murders mur-ders and bombings, of which much has been written in recent months, have finally engaged the :tentio w the ad- , ministration In h ' Washington. Rep- IP resentntive Humil- I N ton Fish of New York has been urg- ks ing our government txl I t0 eniPly diplomat ic " S ' Intervention to V TT " end the "reign of terror," and said he Lud would frma11? demand de-mand that Secre- Rep. Fish retary Hull take such a step unless the administration administra-tion got busy very speedily. For a time Mr. Hull seemed averse to any interference, but Mr. Roosevelt started things by calling the Cuban amhnssador. Don Oscar B. Cintas, to the White House for a discussion discus-sion of the situation. The ambassador ambassa-dor also conferred with Sumner : Welles, assistant secretary of state, and then Mr; Welles went to the White House for instructions. Mr. Roosevelt' has no desire to order military intervention in the affairs of Cuba, which he could do under the Piatt amendment, holding that this would cost us a lot of money arer-sesides would enrage President Machado and create an unpleasant diplomatic situation. Therefore his present plan is to take steps to redeem the island's financial situation, which is wretched, and to relieve the unemployment unem-ployment and discontent that are at the .bottom of Cuba's difficulties. He and the State department wish to Increase the sugar imports from Cuba by granting substantial reductions reduc-tions to the Island on the sugar tariff. This, naturally, will not please the domestic cane and beet sugar Industries. There is a genuine fear among some officials In Washington that opponents of President Machado will. In their efforts to overthrow his regime, perpetrate some outrage against American interests In Cuba, thus raising a situation in which the United States might be compelled com-pelled to Intervene. MOSCOW'S famous trial of six British engineers and eleven Russians on charges of .espionage, sabotage and bribery ended in the conviction of five of the Britons and ten of the Russians. L. C. Thornton was sentenced to three years in prison ; W. II. MacDonald, who pleaded guilty, to two years; Allan Monkhouse. John Cushny and Charles Nordwall were ordered deported; de-ported; A. W. Gregory was acquitted. acquit-ted. The ten Russians were given prison terms up to ten years. There was nothing surprising In the outcome out-come unless it were the mildness of the penalties inflicted. The British government, which had been watching the case with Intense Interest, struck hack at the Soviet union promptly. King George and the privy council declared an 80 per cent embargo on Russian Imports and the Metropolitan dickers dick-ers Electrical Equipment company, employer of the convicted men, ordered or-dered an Immediate appeal In behalf be-half of the two defendants who were sent to prison. MYRON C. TAYLOR, chairman of the United States Steel corporation, has added bis voice to the chorus of Industrial executives who believe t h e course of the depression de-pression has turned. At the annual meeting meet-ing of stockholders In Iloboken, Mr. Taylor, who is noted not-ed In the financial district for the cautiousness cau-tiousness of his utterances, ut-terances, declared: "Better times are ' , ! ',' t ''I , i , ahead. T . And In support of M.C.Taylor this belief he cited the fact that the corporation was operating at 21 per cent of capacity, the first time that operations have reached this level since March, V.VX1. Following his address Mr. Taylor presented to the meeting a motion by a stockholder for a vrte of confidence con-fidence In the Roosevelt adminls; trillion. It was carried without dissent dis-sent by a standing vote. RUTH BRYAN OWEN, the now minister to Denmark and the first American woman to be given such a diplomatic post, has told the newspaper men that she intends to serve beer in Ihe legation In Copenhagen, Copen-hagen, which Is something for the (laughter of William Jennings Bryan, Bry-an, lifelong advocate of prohibition. "Yes," she said, "1 will serve :1.2 per cent beer. II. Is In keeping with the law of my own country and the custom of the land to which I nm going. But I don't mushier 11ml Important. I am really IntereNie In the progressive development In Denmark which I hope in shuly for my country." O. 1V23, Wo.itiMU NowMitniinr tlnlun, |