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Show News Review of Current Events the World Over President Hoover's Financial Restoration Plan Approved Ly Congress Leaders Senator Morrow's Death Loss to Nation By EDWARD Y7. PICKARD TOI.r.OWIXr, a series of confer- prices Willi bankers, business men and economists, President Hoover called to the White House the leading lead-ing members of the r'f .vmr senate and h o U e, 1. , ' J 'l0"' republican and - ? Democratic, and laid before them a corn- prehonsive plan to .. ;a stabilize the domestic ''i J hanking situation and , Jj relieve the depres-y depres-y -i; gion. In general his . ; project received the . g approval of his hear-ei'S, hear-ei'S, and he then announced an-nounced It to the peo-President peo-President pie of the country, Hoover. asking their full support. sup-port. Briefly summarized, what the President Pres-ident proposes is: Creation of a corporation by private pri-vate hankers, with capital of $500,-000,000, $500,-000,000, to take up the "frozen" paper pa-per of insolvent banks and other financial Institutions and otherwise to give elasticity to the financial situation. situa-tion. He said $150,000,000 of the stock already had been subscribed. Liberalization of the rediscount limitations lim-itations by which the reserve board Is now prevented from accepting certain cer-tain classes of securities. Expansion of the federal land bank system to provide further credit accommodations ac-commodations for the farmers. Mr. Hoover also told the congressmen congress-men assembled that he planned to discuss with Premier Laval of France, when the latter comes to Washington, Washing-ton, the possibilities of an extension of the international moratorium. This was the only thing that brought forth any decided objection from the lawmakers. Some of them said the time for this had not yet arrived. The President said the congress leaders had agreed, regardless of party, to put through the legislation that might be needed to make his plan effective, and it was not thought a special session would be necessary. If the privately financed institution falls to restore business confidence, he said, he would recommend the formation for-mation of a federal financed corporation corpora-tion similar in character and purpose to the War Finance corporation of World war days. DEATH, sudden and unexpected, came to Dwight W. Morrow in his home at Englewood, N. J., and the United States lost one of its best and most useful citizens. The new senator from f" 5C5 New Jersey was s ij stricken with a cere I v bral hemorrhage as he F s, slept, and passed L . xj away without regain- p g Ing consciousness. He 1 was fifty-eight years nn n jJ old, and while he had g. V" -J accomplished a great deal in his too short ' life, it was the gen-eral gen-eral belief that he was, as Ambassador Sen- Morrow-Dawes Morrow-Dawes said, "at the threshold .of a great career of public usefulness." At Senator Morrow's deathbed were Mrs. Morrow, her daughter, Elizabeth, and a few other relatives. Another daughter, Mrs. Charles A. Lindbergh, is in China with her husband. hus-band. Mrs. Morrow sent the Lindberghs Lind-berghs a cablegram announcing the death. The youngest daughter, Miss Constanoe Morrow, was away at Smith college, and the senator's son, Dwight W. Morrow, Jr., was at Amherst. Am-herst. Born In West Virginia and educated educat-ed at Amherst, Mr. Morrow went through Columbia law school and was successful in the practice of law. Coming into contact with big financiers, finan-ciers, lie was made a partner in the great banking house of J. P. Morgan & Co. He gave the government eminent emi-nent service during the war, and afterward aft-erward was made amhassador to Mexico. In this post he displayed remarkable skill as a diplomat, settling set-tling in a few months controversies Uiat had long been the cause of extreme ex-treme ill feeling between the American Amer-ican and Mexican governments. While he was ambassador his daughter was married to Colonel Lindbergh. Giving up the Mexican post, Mr. Morrow announced his candidacy for the senate, and it was characteristic of his straightforwardness that he at the same time declared himself in favor of repeal of the Eighteenth amendment. His victory at the polls was no surprise, for the people of his state held him in high regard. Indeed, In-deed, all the nation liked and admired ad-mired him, and he was considered Presidential timber, though his name might not have been presented to the Republican convention of 1932. Last year Mr. Morrow was one of the leading members of the American delegation to the London naval conference, con-ference, and the foreign statesmen who met him then heard of his death with deep sorrow. President Hoover's Hoo-ver's statement, on hearing the sad news, was : "The country has suffered a great loss in the death of Senator Morrow. His loyal and generous character as a neighbor and a friend; his public spirit as a citizen; his service during the war; his accomplishments as ambassador am-bassador to Mexico; his unique contribution con-tribution to the success of the London Lon-don naval conference are the record of that sort of American who makes our country great." TTIIEN the American Federation ' ' of Labor opened Its annual convention con-vention In Vancouver, H. C, President Presi-dent William Green lost no time in setting before It and before the nation na-tion the serious conditions that exist. He warned industry that "revolutions In the past grew out of distress and hunger," and demanded that another anoth-er point be added to the bill of rights the right to work. He Insisted that standards of life and living must be maintained at a high level and that the policy of cutting wages was all wrong. Kecomtnendations .of the executive council, contained in its annual report, re-port, included the following: President Hoover should call a national na-tional conference of employers and labor to discuss how all workers may share in available employment. Immediate inaugurated of the five-day five-day week and the shorter work day. The wage structure and wage standards should be maintained. A guarantee that all now employed shall be assured their positions and that work be shared equitably by all through spreading working hours. Prohibition of child labor. Stabilization of industry, especially those seasonal in character, by carrying carry-ing on improvements during slack periods. pe-riods. Application of a more scientific plan of industrial production, so that a stable balance may be maintained in order that production may be carried car-ried on systematically over longer periods pe-riods of time. While not liking the dole, the council coun-cil said there must be either work or unemployment insurance. On the question of modification of the Volstead act the executive council coun-cil again expressed itself as favoring 2.75 per cent beer. LATIN America launched a strong attack on the tariff policy of the United States immediately after the opening of the Pan-American commercial com-mercial congress in prsKwcsr-rei Washington. Robert p. Lamont, secretary " j of commerce, was in J the chair, and both s.V I he and Silas H. 3 Strawn, president of jl the Chamber of Com- ft merce of the United """ Q States, tried to head ,N j "1 off the tariff discus-s discus-s A sion, but without suc-is&k suc-is&k JWitJ cess. The issue was raised at once by P- Lamont tie Cuban delegation and its proposal that there be a two years' truce on customs increases was backed by the representatives of several sev-eral other countries. At the same time the Argentine delegation del-egation filed in behalf of one of its members, Luis Fiore, representing the Buenos Aires Chamber of Commerce, a bitter indictment of American protectionism. pro-tectionism. Senor Fiore charged that the United States with Its tariff barriers bar-riers "is largely to blame for the present pres-ent evil situation" of the world economically. eco-nomically. Following the example of the United States, or seeking reprisal, other nations had adopted a protectionist protec-tionist program with disastrous results re-sults on trade, he said. Chairman Lamont blamed the World war for the economic situation. situa-tion. The more direct factors, he said, were overproduction, overspecu-lation, overspecu-lation, artificial price stabilization efforts ef-forts and unwise budgetary practices, and he urged each country to correct its own mistakes. SPEAKING of armaments, Senator Claude A. Swanson of Virginia has just put forward a proposition so simple that it sounds foolish and perhaps it is. His plans is that Presi- ' " "q dent Hoover arrange 'i's-i.;'!-'! for a naval building , 'I holiday with the oth- S er great naval pow- jj ers, which would be O"-all O"-all right except that - J the holiday is to be ' j observed by all of 5 N I them except the 4"" ,,l United States. Brief- L ft-y ly, he" wants the Sl-.- .. t other powers almost . . . ., ,. Sen. Swanson to stop building naval na-val vessels until America can gradually gradual-ly and slowly increase its fleet np to the limits of the London pact and modernize its now outranged battleships. battle-ships. "It 1s incumbent upon the United States to submit a definite proposal for a naval holiday," Senator Swanson Swan-son said. "It seems to me we can properly do this and submit a proposal in which we can obtain security and at the same time practice economy. The United States is at pre-sent, under the terms of the London conference, in agreement with Great Britain for equality in naval power and In an agreement with Japan for a suhstan ;ij! ratio of five for the United S"ates, aid three for Japan." poi'E PI US XI, In an encyclical i 1 entitled ".Vu a Impendet," appeals' to "all those of Christian faith and love" to join in a crusade of charity and succor to forestall the evils of uneii!i!o meiit and distress during the coming winter. The encyclical bears the date of October 2, which, on the church calendar, cal-endar, Is the feast of the guardian angels, the protectors of children. The pope lamented particularly that innocent children should suffer from the poverty and hardships in the present pres-ent economic and financial crisis. The pontiff's letter dealt with three aspects of international affairs first, the economic crisis: secondly, unemployment, unem-ployment, and thirdly, the race for armaments. He nppealed particularly particular-ly against the rivalry of nations in the matter of armaments, admonishing admonish-ing them against increasing them by enormous expenditures "which might otherwise go to relieve distress." REPRESENTATIVE LA GUARDIA, Republican, of New York, announced an-nounced that he proposed to introduce intro-duce in the forthcoming session of congress a tax revision bill which would assure the treasury $750,000,-000 $750,000,-000 additional annual income. Mr. La Guardia said this sum would be raised principally through increased taxes In the higher income brackets and inheritance and gift taxes, and the Imposition of a 10 per cent tax on automobiles, exclusive of trucks, blisses and taxicabs, also on airplanes and yachts. TOWARD the end of the week the District of Columbia grand jury started on an Investigation of the charges that Bishop James Cannon, Jr., and Ada L. Bur-jgwBjuj... Bur-jgwBjuj... roughs conspired to ' l violate the federal If II corrupt practice act f during the last Pres- 11 I d e n 1 1 a 1 campaign. Sl-l M'Ss Burroughs was ' (L' J treasurer of the anti- - ''iM Smith committee In : rW :3 ..... , , , , " " r'4 Virginia, which was kW-. "f'I headei y tlie b'shop. IV" V United States District l ' , Attorney Leo A. Ro ver is directing the Bishop James inquiry and he says Cannon, Jr. he cnarges against the two resulted from their alleged failure to file a proper report of certain cer-tain campaign expenditures with the clerk of the house of representatives, as required by law. The 1928 Presidential campaign activities ac-tivities of the Virginia clergyman are still under Investigation by the state campaign funds investigation committee commit-tee headed by Senator Gerald P. Nye. FIRST nonstop airplane flight from Japan to the United States was made by Clyde Pangborn and Hugh Herndon, Jr., the young Americans who flew across the Atlantic and then on to Japan, where they were arrested arrest-ed and fined for flying over and photographing pho-tographing fortifications. Starting from Samushiro beach and dropping their landing gear, they took the course over Dutch Harbor and dowa the coast to Seattle. But they didn't stop there. Instead they circled Mt Ranier three times and flew on to Wenatchee, Wash., the home of Pang-born's Pang-born's mother, and there made a perilous peril-ous landing in the dust. The little capital of the apple country went wild over the boys, and a representative represent-ative of the Japanese paper Asahl handed them a check for $25,000, the prize for wdiich they were trying. FRANCE is sending, as its representative repre-sentative at the one hundred and fiftieth anniversary fete at Yorktown, VaT, one of its most distinguished soldiers, sol-diers, Marshal Henri Petain, the hero of E" J" Verdun. The cruisers Duquesne and Suffern eg - I are bringing him and p - J his party and will ar- "S, J rive at Yorktown on f '. 'v4 , 1 October 15. In the R i group are the mar- Is , quis de Grasse, the marquis de Rocham- K' beau, General D'Oi- J lone, the due de No- Ami allies and M. XavierMarshal petain de Rochambeau, all of whom are descendants of Washington's Washing-ton's French comrades in arms in 1781. "I go without official instructions," Marshal Petain said before embarking, "but I shall not be at a loss for subjects sub-jects to talk about in America. I imagine im-agine General Pershing and our World war comrades who will meet us at Yorktown will talk to us about those French soldiers who fought with Washington under the orders of La Fayette, Rochambeau, and De Grasse. For my part I Intend to reply by talking talk-ing about the American soldiers who fought in France in 1917." PARLIAMENT was prorogued on Thursday and a call was issued for a general election to take place October Octo-ber 27. Prime Minister MacDonald's national government decided not to resign re-sign but to go before the electors as constituted. The campaign already is under way. Many of the Liberals pledged their support to MacDonald. Julius Curtius resigned as foreign minister to Germany because of the attacks at-tacks of the Nationalists due to his failure to bring about the Austro-Ger-man customs union. Next day the entire en-tire cabinet resigned and Chancellor Bruening was instructed by President Von Hindenburg to form a dj government gov-ernment with enlarged powers. ((cl. 1931. Western Newspaper Union.) |