Show 0 national topics interpreted if by william bruckart national press building washington D C washington most observers and thinking citizens have bee inclined to take little stock in long and tl e talks of huey coughlin long S and father coughlin the radio priest concerning plans for redis tribu tion of wealth tl TI e consensus has been that their plans sooner or later would fall of their own t L but it can be den ed n longer that long and coughlin have developed a gig gigantic antie fol lowing of people who lad information as to the fallacies of the arguments however logical they sound tl it at have been spread by these pol smart showmen one reason that serious attention to their proposals is now necessary is that some of their arguments are being ad danced from hig places in the federal government I 1 refer specifically to the testimony before the ho ise committee on bani ing and currency by marriner S eccles governor of the federal reserve board and as such tl ti e titular I 1 eid ead e id of the nation s banking system mr eccles did not qu te tike take a leaf out of huey longs long s book ile ap preached pro ached the position of the louisiana senator however howe ver when he proposed a redistribution of income whereas sen sell ator I 1 ong has urged a red strib ution of wealth mr air eccles suggested in I 1 is testimony in effect that it would be all right tor for a man with say ten mill on dollars in capital to keep thit that sum provided his income was vias redistribute 1 mr eccles ecel es went back to the daas immediately fol lowing the world war to illustrate his argument and showed shoved thit that at the top of the post war boom one tenth of one per cent of the famil es at the top of the income received as much as 42 per cent of the families at the bottom 0 of f the list furthermore he said thit the single average family in the big in come class got as much as four hun dred famil es at the bottom of the in come list this one tenth of 1 per cent was unable to use all the income in con he be continued tl TI ey there fore had bad to find an outlet in the in vestment field As a result the capacity to produce increased out of all proper tion to the capacity to consume so mr eccles took tool the position that a solution of the depress on was a re distribution of alls tl is income with the idea that it would increase in creise purchasing power in the lower brackets brach ets the gov arnor offered no explanation of how those in the loi lower er income class were going to obtain possession of the redis tributes tri buted income of the rich because his argument stopped at the point where the government would take tale this money by taxation that Is the recognized weakness of the programs advanced by senator lon long and father rather coughl n and gov arnor leckes showed no ability to solve the problem on top odthe outbursts by long and coughlin Coughl lh and the renoul testimony bv by governor recies proposes comes senator nye central bank the north dakota with a bill in the senate to create a central bank senator nes action has caused many humorous express ons otis here we ve have a senator who has fostered eien even boasted about progressive ideas ani an I 1 has called himself a liberal it is nee essary only to recall that the fit fitl er of the central bank idea was the ultra conservative alexander hamilton the first secretary secre tiry of the treasury senator nye advances ad vinces a bill with the thought hat that the central bank would avoid hamstr ingin of credit I 1 think financial experts all agree that this is true the thing which senator nye overlooked however Is that mr hamilton s central bank collapsed and brought rum ruin and grief to thousands the reason it collapsed was because in removing control of the banking bacill UPS ties from experienced bankers the whole thing had been turned over to the control of politicians who general ly speaking are exper encee only in politics it seems paradoxical that the north worth dakota senator should advance as a liberal scheme the creation of a central bank which one hundred and fifty years ago represented tl tle e height of f conservatism the nye legislation was offered in the same week that GoNer governor nor eccles cedes had proposed in his testimony on the banking bill in the house that the fea eral reserve board should have corn com control of the cred t ex eppins on and contraction in this country I 1 be lieve most persons will hive have difficulty in considering the two schemes schem e s as sep erate and distinct it Is to be noted that there are at least ninety nine radical members of the house of representatives who are convinced that the federal reserve SS tern tem has fa led of its purposes most of them have been repeating without rhyme or reason the accusation that bankers are refusing to male mal e loans they ahli k therefore that if there Is a central bank or it credit control Is placed in the reserve board and taken away from the federal reserve banks where it now reposes there will be ad d lional loans forced out of the corn com mercial banks history indicates how ever that this Is fallacious no busl ness Is going to borrow money when it doesn doean t need it and neither Is any per son in his right mind going to make a loan unless he has at least reasonable assurances of repayment repa it will be recalled that president dept roosevelt at one time si sl I 1 e angly of the refusal of the backers to i make loans the I 1 resident subsequent ly learned that attempts to pump mone out of banks must fill for la lick ck of bor rowers I 1 think everyone acqua acquainted intel 1 with conditions must agree that the eccles cedes idea and the nie ne legislation mean absolutely nothing in tl ti e way of recovery aids for it has always been true you can lead a I 1 orse t water but you cannot male mal e I 1 im drink the fallacies being pit forward bv by senator I 1 ong and fat er cougal lin and now byln being nibbled at stop ard by governor Co governor vernor eccles cedes consider and senator nye ob have been ac cepter by thousands of people senator lon long claims that at least six million persons persons are supporting h s scheme it would seem to be the time therefore for citizens to legin to analyze the trend of events if they are influenced by such leadership in connection with this trend it Is interesting to observe how much trouble senator long I 1 ong and father coughlin Coughl ln already I 1 lave ave caused for the administration it must be said frank ly mr roosevelt and his advisers thus far have not foun I 1 a way to deal with it they have tried fighting back hick an I 1 each time tl ey have succeeded only in furnishing fresh ammunition for the I 1 ong Coughl ln team senator robin son of arl ansas ansis democratic lea lei ler i i the senate made one of his greatest speeches of criticism of senator I 1 ong angs a schemes but the result was only a fresh outburst by the louisiana sena tor who took senator robinsons s own words and converted vent tl em to his use I 1 reported to you previously that the administration had prepared at one time to take action against senator long on income tax questions put apparently the powers that be have de elded that such a course instead of putting long back in his place boull make a martyr of him among tl e ob servers here the belief pre prevails valls that the only way long s astaci s can be stopped and it s tactics broken up li 19 by rid cule no politician however thick sl enned can stand being made the butt of jokes the adm ni has told con congress resi that it N wants ants to keep the through donald R Rich herg new plans sometimes called the for assistant president the administration s position was laid before the senate committee on finance the other dav day with the suggestion that the propose new should I 1 e confined to matters of interstate commerce that Is the administration proposes that in extend ing the for two years from the coming june 16 expiration date it would apply only to industry engart I 1 in lines of commerce and endeavor that carries across state lines cy by the same token the proposal would allm binate the codes of fair practices from application to the so called service in austry and could not therefore apply even to hours and wages in those local plants now under codes sir s statement immediate ly ed discussion which certainly can be expected to increase in volume because it Is in the nature of protests from those who ho claim to speak for la hi bor sidney hillman of the high command dimmed abely protested as did id william green president of the amer lean ican federation of I 1 labor abor fach rach of these individuals contended that the would be a worse failure than it t Is now if it were confined to the nor nir row definition of interstate commerce and applied only to those industries mr hillman who Is labor labors s re presenta tive on the national industrial cry ery board when he be learned of mr s statement promptly struck back with an emphatic observation that the country would not permit such ac tion it Is unthinkable he s said ild it hat at congress will withdraw the only krotec tion that the three million or four mil lion ilon underpaid overworked and helpless workers in the service trades now have some of them as a result of the are for the first time in their lives getting one day of rest a week and something a little better th than in the coolie wages they have been paid in the past I 1 am not interpreting the Cons titu HOD I 1 leave tt it at to the supreme court of the united states but I 1 have been impressed by opinions given by out stand ng members of the bar that a condition of keeping millions of work ers at starvation wage levels does at af feet interstate commerce thus Is presented the conflict of views between adm ni ap poin tees and reconciliation of their views Is not made easier by the activity of the labor leaders it Is to be re called that air green and some of his stalwart labor associates are not en thusia about mr poosevelt roosevelt and I 1 Is labor policies any longer tl TI ey are not going to be satisfied as easily as they were IS 18 months ago when nhen they accept ed various arid sundry promises bel ev ing that those promises were t labor labors s economic problems the rite i 11 I 1 ministration therefore Is with genuine danger abr ugh th corn com of this pol on 0 western newspaper un on |