| Show SEEN SEEN HEARD HEARD around the National Capital 6 L 55 By 3 1 D By CARTER FIELD 3 II The The drastic Tugwell foMil fod and drug drui bill Is dead for this f 1 of congress There seems to tobe tol l L. L c no u doubt about that Hut the But the end endl endI l I mt yet let teat liest obtainable opinion senators and members of ot the house who know their voters and he been en nimble enough to rue guess right and jump la In time despite Hum landslides and New lew Deal tux Is that a resurrection Is III certain for far doctor oct or Tugwell's pet measure DiM Copeland to the tho contrary not Dot Not Nid t only that but they believe bellee that the till new Tugwell bill which they figur fig Bg- ore are Is developing strong roots In a rich soil foil of public opinion at the moment ii Is III due cIllo to bloom Into enactment rather early curly In the session of con congress tress that met meet ts In January Further they believe be be- Move lieve that hat the JD 1035 vintage will have havea a lute and a sting for those opposing tle present bill which h will cause caule most mOlt of t m hm to wish they had never bothered both ered erect to 10 emasculate the present draft dran tt hut the brain trust chaps chops describe as es n strong consumer reaction but what whal the timers old-timers on Capitol Hill describe as the first signs of enraged public opinion on is II alleged to be dou do do- u ti l Whatever the merits of the case there Is no doubt that a a. lot of mall malls Is s pouring In at the Senate and House Douse buildings demanding passage of ot the tire Tugwell bill or something stronger Also there thre is no doubt about the administration policy on this Important subject The President Is I. for It Heis lie He lieIs lieIs Is Isery very ery er seldom against anything It might be observed that Professor Tugwell Tug Tug- well dl la is for The two men think ver very much alike They have haTe the same objectives ob ob- practically They Thel want the wine ame an me sort lort of things done They hope forthe same sort of effects effect A lot of bunk has tut been written about the passing pass paiS' ing ng of the brain It is la all due or mostly due to the fact tact that the President uses use one man maD for a D while and then shifts to another as al the Immediate Im Ira- mediate problem changes Brain Trust Active For example Prof Raymond Moley has lIal not really passed out of ot the picture picture pic pie ture at all aIL True he resigned from the State department after his hI row I with Secretary Hull Bull but he slips slip down to the White House with surprIsIng surprising ing log frequency Just recently the Pres Ires President ident dent told the new newspaper paper men that he had tad read a certain article of ot Rays Kays before It was published In his hili maga maga- Bine Ine If anyone thinks Felix FeUx Frankfurter Of t the Harvard vard branch of the brain trust la is out of ot the picture he Is badly misinformed Ills bright young men are re still carrying on In key positions Tugwell has not even suffered what seemed to be a temporary eclipse lie He has baa been in the sun all the time Even his Ida row with George Peek Peck which so 10 intrigued most of the forward looking writers was just a temporary affairs They ahey are working hand band in hand again Which may mayor or may not be connected with the fact tact that Peek is looming big agaIn gain in the administration picture But the Tugwell food and drug bill billis billis is 11 part and parcel of ot the Roosevelt scheme for shaping the lives Ues and destinies des of the Individuals of this country country coun coun- try for their own good good almost almost It might be said whether sold whether they like having hav hay ing lug them shaped or not Misrepresentation In advertising of foods or drugs assuming that the misrepresentation misrepresentation misrepresentation mis mis- representation merely takes the form of ot overstatements or misstatements about products which are not actually harmful but merely do not represent a wise purchase on the part of the customer is not so 10 wicked as peddling securities which turn out to be bo worthless worth less in the eyes eres of ot the administration Hut But it approaches It And this administration ad ministration Is le set on protecting the gullible and uninformed from every sort and variety of looting whether it be b by selling Mr John Doe a bond which will never pay principal or Interest In tere terest t or a 8 bottle of consumption cure for lor 85 cents which will merely tickle Ws hll palate Or a preparation alleged to produce vigor and vim which actually has less nutriment than bacon Change of Front Threats for force limitations on land speculation similar to those threatened threat ened on stock operations have resulted in such a change of front on OD Capitol that drastic revision of ot the margin mar gin limitation In the stock exchange regulation bill bUl Is virtually certain Following FollowIng the flank attack said to have bave been started at a dinner party by Senator Wagner of ot New York It was learned that Ferdinand Pecora who as counsel for the senate committee on banking and currency has hUll been conducting the stock exchange Investigation gatlon gation has Indicated be will be perfectly per per- satisfied with a requirement for 40 per cent margins Instead of the CO GO COper GOper per cent now required in the bill To the outsider not Interested In either lal land d or security speculation on margin account the flank attack had bad some elements of or humor The idea was broached to Senator Fletcher coauthor coauthor co co- coauthor author of ot the stock exchange regulation regulation regula tion bill and chairman of the senate committee that land speculation peculation should hould be curbed in the same way that gambling gam hung bling in n stocks was How flaw would It be be another senator asked him If It I introduced an amendment amend went meat to your bill providing that no person shall purchase land unless he put Iut up a full CO 60 per cent of Its 11 market market mar mar- ket value at the time tIme that that his equity in fA the lard land must bs h a full tull three three fifths I I r suppose senator you fOD will favor such an amendment Senator Fletcher looked startled Visions of ot the land boom In his bis native tate state of ot Florida rose b before rore his hi eyes Perhaps even the thought of Indignant farmers larmer and home bome owners In other states occurred to him Of course the other senator continued continued con con- tinned I 1 would Include for lor persons buying la land nd or houses houles for forthe forthe the purpose of 01 milking making their homes on the same I would apply my amendment amendment amend amend- ment only nl to real ral estate bought for tor Investment Investment In In- vestment or speculation Then Came Change No further r details of this con conversa conversation vena lion tion were reported but other senators noticed an en immediate change In the firmness of the J Florida senator that the margin requirements of his measure meas mea measure ure should not be tampered with From rom another source It Is le learned that the forward lookers on the Federal Federal Federal Fed Fed- eral Trade commission ardently back backof of the bill will not nut oppose the change It was stated that they are entirely satisfied with a requirement for tor a CO ro COper roper per cent margin and will accept tho the 40 per ler cent restriction without too much objection Brokers and Investment bankers are generally very much relieved at the reported modification which this writer can assert Is virtually the reason realon that they have very tery little doubt that the bill will be passed The only question was how drastic It would be beIn bein bein in Its final form torm Sentiment for tor the measure has haa been plied piled up mall to lo senators and members members mem mem- bers hers of the house Indicates by disclosure disclosure dis dill closure doure by the Federal Trade commIssIon commission commission commis commIs- sion of ot the salaries and bonuses paid to officers of the big corporations whose shares are traded In on the stock exchange and curb Not only are those naturally radical and critical of the vested interests stirred up by these figures Letters from stockholders in those companies it Is learned here have been pouring in on the corporations denouncing such squandering of ot the funds instead of paying better dividends New Deal Objectives Objective President Roosevelt has hal proceeded far enough on the pathway of ot the New Deal to Indicate rather clearly what was more or less conjecture some lome months month I back as al to Its Us objectives They may be stated as al his 14 points Briefly they are 1 Continuation of private operation of ot business except certain public utilities where government operation operation operation opera opera- tion Is favored 2 Very tight control of ot all business by the federal government 3 Drastic limitation of ot profits 4 Drastic limitation of ot salaries paid executives directors director etc 6 G. No piled plied up surpluses 0 0 No Interlocking directorates T 7 No holding companies In tho the sense of ot control as distinguished from Investment trusts S. S No duplication of existing productive productive pro pro- capacity where present capacity Is sufficient to supply the probable demand except where new and better processes are arc pro pro- posed 0 O. Drastic control of ot minimum wages wage and hours of employment in all Industries 10 Constant government supervision lupel sion slon of the spread between producer producer pro pro- ducer and consumer 11 Severe scrutiny of ot all Investments investments Invest invest- ments the object being not only to protect Investors but to hold down capitalization of corporations 12 Continuance of ot government expenditures expenditures ex to remake the facts of or nature In developing waterways water utilization flood control and Irrigation and adjusting population population population tion to areas that can support It 13 Long term planning for better homes and slum elimination and guiding Individuals to most approved approved ap ap- ap proved methods standards of livIng living living liv liv- ing etc eta 14 Old age and unemployment Insurance insurance In in- rounding out a scheme for tor no poverty no wealth eventually event event- and amI general happiness Questions Question Arise What Is stated in these 14 points Is II beyond controversy Nearly every word of every point has hns the authority In la one way or another of the Presidents President's Presidents President's dents dent's spoken or written word word not not In Idle conversation but In carefully measured discussion There la Is question as al to the Constitutional Constitutional Con Con- authority In some Instances for tor example In the regulation of ot certain certaro taro tain lines of Intrastate business This may be decided by the courts If It any such BUch decision should be bo adverse to the administration program an effort will be made to amend the Constitution Constitution Constitution tion so as to o permit the national gov government gOY goy- to go ahead This was clearly clear clear- ly Indicated In a speech a few lew days daYI ago ngo by Secretary Daniel O. O Roper The fourteen points as 81 stated have been shown to a number of ot observers critics and Insiders In the tion No one made any suggestion for curtailment or Indicated that any idea Ideala In la them was wrong Nearly every one wanted to add something Such additions additions additions addi addi- were carefully weighed and decIded decided de de- against on various grounds For example It was not desired to Include anything about which there could beany be beany beany any controversy as to the actual ob ohr- halt Half the persons to whom the points were shown wanted to put something In about subsidies This bolls down to the fact tact that th the President favors encouragIng encouraging encouraging en en- ocean commerce with a subsidy subsidy sub sub- sidy wishes to end air mall subsidies and hopes to reduce gradually the number of things now nov subsidized For example to a certain extent even wa waterways |
