Show b TV tt J SEEN SEEN HEARD nJ d HEARD around round th the National Capital I It t- t t r By Dy CARTER FIELD 5 aa W Washington Much discouraged t rr i tr I the Hie failure of ot the various gov- gov policies to increase e com com- mainly prices lre resident Roosevelt evelt ape ap p- p is II i turning more and more to toan an lIn h. h r line tine of ot attack on the same lame tar tar- yet pet I tint Is II to reduce relue Interest rates thus tUI lightening the burden on those vim whit III are In debt Tit The chief object ct of lit raising prices It will ill ln ht remembered was wal set let forth as c down dawn the debt burden partle- partle of lit farmers who had hod heavy mart mort n on un their homesteads and end of or city owners whoso equities In their lions s were nore proportionately very verI small Inh 1 since the tine colin collapse That wan wits the Ill 11 jute irue object for tor restoring the 1020 j rite level In III fait this Idea of or 11 helping the debtors debt debtor or ors on vas almost the Chic only concrete object ob oh jet jt t of f the desired price I Inflation 11 ally the tho only other effect WA was largely I psychological though very verI lin- lin III It j j for or people feel prosperous prices priers are rising even It If their emu 11 do lo not quite keep pace with II I he the rising costs of ot Urine living tart art artof of or this tiU Is the desire to buy quickly bee Ill everyone thinks that If It one delays de- de lays s buying tho the price of ot the desired plaun radio r automobile or whatnot LUI limy 1 bo Lt higher lilt housing legislation desired by bl bythe bythe the th seeks to reduce substantially sub sub- the Interest rates on home mortgages nut But that Is only part port of ot the tho program The d dOTre r of ot the administration admin l now sow Is II to duce all Interest rates rall rates to to to make borrowing money much cheaper Ono line of ot the most moves In this direction was the transfer of ot some lome two billion dollars of ot the profit the government gov gov- made etude by d devaluing the gold dollar to special reserve resene This would to 10 be bo merely a bookkeeping tran- tran on the surface but It Is I. rather Closed Transaction So 10 long as this bookkeeping change was not made mode the money technically technical technical- ly was not In the treasury at all Theoretically the President could mark tho the gold value of ot the dollar up again and nd the profit would disappear Now the tile profit hRS has been definitely taken taken- taken taken- as s much so 10 as 81 It If a man had hod sold a ahouse ahouse house for tor which he be had paid considerably considerably consider consider- considerably ably less and put sat the money In the bonk bank So long as 81 he held the tile house houle It might ml decline again In value and the profit disappear But nut when the theale sale anle ale Is made malle and the money transferred trans traus erred to his bank account It Is a ado do closed It'd transaction This two billions added to Uncle Sams Sam's assets by this bookkeeping transfer becomes very Tery Important In Inthe Inthe Intile the tile whole credit structure of ot the UnIted United Unit UnIt- ed Stales States Just what the treasury maneuvers ma maw will be Is as 88 closely guarded a secret as the manipulations of ot tho the bib lion and a snit halt stabilization tu fund d. d Secretary talks very little when awake and reporters have not been admitted to his bedroom to learn whether he talks In his bis sleep But Hut It Is II obvious this money moncy now being part of ot the treasury's assets that the government will have to borrow borrow bor bor- row just two t billion dollars less than titan it would have hue to do If It It were not for this profit Which means that the banks of ot the country will have In their vaults just two billions of ot government securities This pressure of ot bank funds for tor Investment In la- vestment Is expected by of ot the Ule administration to force Interest rates rutes on private loans loons lower Added to the government encouragement of ot low Interest loans for tor building the effect Is expected to be very cry mark markIn marked In the next six sit months Lower Interest rates fates before belore election election elec elec- tion Is another way of ot putting It Supreme Court In Line LineIn In Ia at least nine out of ot ten teD of ot Its It d decisions de do cis Ions since Inauguration the Supreme Supreme Su Su- preme court has haa functioned as 01 though Its majority had been appointed espe especially daily to carry out the New Dt Deal al Much attention has bas been given to some lome of or Its III five to four decisions upholding upholding up up- holding hoMing NHA and AAA moves mO which teemed seemed to the conservative minority of ot the court court and and to conservatives conservatives' outside out side side to to encroach upon the Constitutional Constitutional rights of ot the states nut Hut the court has bos rendered many other d decisions de de- not concerned with actual New Peal Deal legislation which are right In line with President Roosevelt's policies For or example the recent decision inthe In Inthe Inthe the Chicago telephone case It was allon all allon allon on a question of ot return on the Investment Invest ment went and the method of ot arriving at atthe atthe atthe the Investment Not even the most radical fringe of ot the brain trust truit could quarrel with that d decision which J resulted resulted re re- In the telephone company's b boIng bo- bo Ing tag ordered to make moke refunds And which more Important will result In Ina Ina ina a wholesale drive delve against not only telephone telephone telephone tele tele- phone charges but all other utility charges all over the United States Statts Incidentally that decision was Wal responsible responsible re re- very ry largely according to followers of ot the stock market here for tor the rt recent decline In security prices price tar far far more than was as the pending stock regulation bill bill or the proposed 1 amendment amend amend- ment Went or lack of ot amend amendment of ot the securities se sow act at or any of ot the other pending pendIng pend pend- ing New Deal measures The decision ties tits In with the tile administration admin JUon policy brought to the front vigorously since the obvious failure of ot the tho gold manipulation to raise commodity com corn prices to help belp the farmer and home bones owner burdened by bl a heavy mortgage by reducing Interest rates For the decision recognized as a. a adequate adequate ade ade- quate a much mach lower rate of ot return on Investment than hitherto had llad ever been brn accepted by courts generally as A Congress Will Oblige While It Is la fairly certain that congress congress con con- gress frees will grant President Roosevelt the power i ower he be dt desires to negotiate reel reel- treaties with respect to tariff duties with foreign countries there Is II very try grave concern underneath the surface surface sur sur- face as I to possible consequents consequences Fear ear exists that drives to force torce the Presidents President's hands on such uch treaties may rival the bonus drives drivel of or the last lut few tew years It Is II pointed out by bl New J Ingland Ing g. g land senators In particular as 81 representing tenting manufacturing states that the natural result of or the new policy willbe will willbe be to hurt manufacturers In order to give a supposed advantage to farming fanning states There Is III no serious belief bellet that any of the present or proposed restrictions will eliminate the problem of or furm farm sur sur- pluses In other words word It Is III believed belle that drat the farmers of ot this country will continue continuo to produce more wheat more snore cotton more moro corn and virtually every other exportable farm torm product than can be absorbed at satisfactory prices What more natural the New I England Eng ng land lena senators ton Inquire although some dome of ot them Including Senator Wal h of ot Massachusetts propose to go along with the administration and grant th power than titan for tor the farmers to demand de dew mood mand that a specific treaty bo be noll- noll negotiated ateI with some 6 country willing to take part of ot our IU 1 surplus l l agricultural crops This particular country might want In return that the United States admit her shoes or or manufactured goods of ot any anI particular type Will Not Bind The TIle compromise bill provides for tor hearings Hut the President Is empowered em em- powered to appoint anyone he pleases to hear henr the protestants against the proposed reciprocity agreement There Is no requirement that he abide by the opinion of ot the tube committee he appoints to hear the protests After Atter the smoke emoke has hal cleared away awal there wUl toe tse the united pressure of ot the farming states states' for tor the proposed treaty and lind the opposition only of ot a relatively small manufacturing man maa- manufacturing community The answer r Is III the New England senators senators sen StD fear tear that In every Instance the pressure pressure of ot the farmers will prevail over the resistance of ot the ers erl The original conception of ot tl the e tariff treaties Idea Idla It Is claimed by many critics was wal just an alibi for tor the ad ad- ministration At the convention and during the campaign the Democrats laid considerable stress on the Idea that tho the McCumber Fordney-McCumber tariff bill was what started the world depres- depres slon sion It was wag responsible by Its high I tariff tariff barriers for tor the eva Oration evaporation of ot world trade 1 Foreign countries could not sell to os as so 80 they erected barriers against our exports Th Then m the deluge Opponents of ot the tariff treaty admit that the evaporation of ot world trade was ono one one one-of ot of the troubles They admit that the McCumber Fordney-McCumber bill was Will responsible for tor retaliatory tariffs quotas and ond embargoes nut Hut they Insist insist In In- list that American Industry cannot be prosperous prosperous without t tariff protection and ond that If It deprived of ot It the suffering suffer In tag ing which will wilt result will eventually hear bear almost as hard on the farmer Aion as Ai ason ason on the Industrialist Cut Liquor Tariff Reduction In the time tariff on distilled liquors from 5 a gallon to not more more than titan 20 0 Is II one of the moves being advocated here as 81 a result of ot the startling start startling start start- ling disclosures of ot Director Joseph 11 II Choate Jr of ot the Federal Alcohol Control administration and Dr JamesM James M M. M Doran of ot the Distilled ls Spirits Institute In tn- abo about t the prevalence lenc of ot moon moon- shining and bootlegging Most observers agree tl that t the local restrictions as to closing hours etc are almost as' as Important Im In en encouraging encouraging ing the Illicit traffic as the high tar tax but there 1 Is another snottier el element ment A very Terl large percentage of or drinkers believe that Imported liquor Is good and nd that the domestic liquor except the bottled In b bond nd variety which is too expensive expensive expensive sive Is II not as II good as bootleg There Thre Is II a tremendous stock of ot American type whisky In Canada Canada 15 15 gallons according to Mr Choate Choat and Choate and and a good deal more accordIng accordIng according accord- accord Ing to some Bome other authorities could be brought Into this country and sold freely trOll If It the Import tax were made considerably less Then there are huge hUle stocks of ot whisky In Scotland which It Is la alleged could be brought In The Tho point Is that this Imported whisky now pays 5 duty plus 2 excise tax plus all other taxes It runs more than 3 8 S' S a gallon gall n In New Xe York and even more In some other states It If this price were shaved shand to a reasonable figure by reducing the tariff the government government gov gov- eminent would at least iciest get tret that revenue revenue rev rev- whereas It Is figured that now the government eminent will actually get less than third one-third of ot the revenue estimated ed td from distilled spirits at the Ume time the present tax was Impo Imposed t Collections of ot tariff duties on distilled distilled dis dis- tilled spirits were only slightly more than Ihan for tor the four tour months of ot December to March Inclusive or of barely bare- bare barely ly more than a million dollars a month Which means barely more moro than gallons a month I t this Mind Includes Includes Includes In In- all Scotch whisky all Canadian whisky and nil all Imported Jamaica and other rums Imported brandies and Imported Im port ported cordials cordia Is and liquors 1 I Obviously this Is II absurd Everyone Everone who knows anything about the business bustness bust busi ness knows knowl that a great groot deal more Imported imported Im Im- ported liquor I. I U It being sold than this The answer aDS Is that smuggling Is II almost almest as prevalent as bootlegging wale |