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 ARE oft off the gold standard was the terse but bot momentous announce announcement merkt by secretary of the tr treasury casary woodin its as he returned to his office from a conference with i president roosevelt an and d at the same time the white house gave out the news that the chief executive bad placed an embargo on the ahe further export of gold permitting the dollar to depreciate in foreign exchange and was ready to ask president engross congress tor for authority roosevelt to put into acal on his policy of controlled inflation mr roosevelt himself calls this policy a program for control of commodity price levels and says it Is designed to raise prices but to keep them from solas going too to far up he gave assurance that there would be no resort to printing press money senators thomas bernes and pittman drafted the measure to carry out the presidents plan and it was promptly introduced in the senate as an amendment to the pending farm relief bill it provides 1 for expansion of credit up to through purchase of 0 go government obligations by the federal re serve erve banks this means the purchase in the open market of government bonds and was waa tried in the hoover administration 2 As an alternative tor for the inflation of the currency by issuance of green ba backs acks up to under the act of 1862 such currency to be legal tender for all debts public and private 3 for use of such greenbacks green backs to meet mee t maturing government obligations obligation 3 and to purchase goern government ment obligations 1 4 F for 0 r retirement of such green greenbacks backs at the ra rate I 1 0 0 of f 4 per cent a year 6 5 F for reduction of the gold content of the d dollar 0 liar not more than 50 per cent for the p purpose of protecting american foreign trade from the effects of depre elated foreign currencies and to enable the president to negotiate an international agreement stabilizing monetary standards tan darda 6 for acceptance of war debt payments rn ants up to an aggregate of in silver at a value of not more thana than 50 scents cents an ounce 7 for coinage of such silver and deposit in the treasury for redemption of silver certificates issued against it such to be used tor for paying obligations 41 of the united states secretary woodin drew up the order concerning gold exportation under it no gold Is allowed to leave the country except that earmarked for foreign account before april 15 and such euch amounts as are required to save american business men from loss on commitments in foreign trade incurred prior to the proclamation of the new policy the united states thus has hag placed itself on the same footing as great britain and many other foreign nations its money la is unstable in value in international trade it was pointed out that mr roosevelt could now with greater propriety propose that all nations go lack back to the gold standard together effects of our plunge into the inflation pool were ere immediate prices on the stock exchanges and especially in the commodity markets went nent up with a rush and trading was heavier than for many months millions million of dollars a ere added to the farm value of all grains and cotton and sugar also moved upward as did provisions on the london and paris exchanges the dollar sank decidedly decide decidedly dl T neither tile the british nor the french were pleased with the presidents action the london daily telegraph said roli following owing americas latest action a demand will arise jn every enery country for fresh depreciation so that exporters may not lose their power of competition in world markets the new task of the state Is to prevent a chaotic process of competitive depreciation of currencies ren cies cles 11 POLICIES PI LIMES 0 of the roosevelt adminta ad mints teion are being expanded anil extended so fast and so far that congress and the country are scarcely able to k L ap pp up with the pace set one of 0 the broadest and most revolutionary of 0 its proposals was submitted to the house committee on labor by secretary of labor tay A frances perkins in the form ot of a draft bill offered as a substitute tor for senator blacks 30 hour week t measure which was wag secretary passed by the senate perkins and for the almost identical connery house bouse bill it Is designed to give the federal government full control not only 01 lr er the hours of labor but also over industrial production and prices the passage of this legislation and of the pending farm marketing bill would w make secretaries perkins and wallace virtual dictators over the economic life of the nation the legal basis of the labor bill la Is to be found in the interstate commerce clause 0 of the constitution and in the unfair competition sections of 0 the federal trade act it Is upon these legal powers that the secretary of labor Ls Is to depend to exercise the following authority to prohibit from interstate commerce comerce in erce articles artl clea produced by any industry working its labor more than 30 hours houra s a week or more than six hours in any one day milk and cream are exempted executives and managers are exempted and certain exemptions aro are made in the cases of 0 seasonal or other emergencies boards are sot set up to regulate such exemptions 2 to limit and it if necessary prohibit from interstate Inter commerce the production of any plant or industrial group which Is overproducing over producing prod acing 3 to investigate wages through a wage board to fix and impose minimum fair wages to publish the names or of employers failing ailing to raise wages in accordance with a direct order to do so and to prohibit from interstate commerce g goods prod produced u ced by any employer refusing to comply with a wage order RIGHT rare TORT now the eyes of the world are turned on washington tor for the series of talks between president roosevelt and representatives of many other nations have begun and if the hopes of the chief executive are realized they will result in the finding of a way out of the world depression prime minister J ramsay macdonald 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 mae mac donalds heels and the others are scheduled to follow rapidly no one of the conversationalists 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 that macdonald would not talk much about the war debts but herriot was authorized to state frances position on that subject the whole series of conversations in washington Is a preliminary to the coming world economic conference and the hope of president roosevelt and secretary hull Is that the way can be paved for rehabilitation of the world by the lowering of trade barriers and monetary stabilization they will gladly abandon americas traditional high tariff policy it if the other nations are willing to operate cooperate co and reciprocate republican postmasters who have demonstrated their efficiency are to be permitted to complete their terms so announces postmaster gen eral james A farley to the joy of several thousand G 0 P office holders and the corresponding dismay of a great army of democrats who would like the jobs mr B I 1 r farley says his party has long stood for the civil aenice sen ice system of competitive examinations and will not J A parley farley abandon that high ground round so he gives out this message no incumbent whose term has not yet expired and who has been rendering loyal and efficient service to the government need have the slightest fear of re remo moal ial it will be the policy of the post office department to allow every efficient postmaster to fill out his term district attorneys marshals and collectors are not under civil service and in time those these places probably will be filled with deserving democrats also there are hundreds 0 of vacancies in the to be filled immediately med lately and these will be filled as soon as mr Far parleys leys department has completed a study of examination methods the postmaster general makes the welcome assertion that the united states post office Is going to pay its way hereafter lie ile alms to save in the coming fiscal year and this lie he belle belleca bel lees cs will suffice to balance the postal budget armies in china continued J JAPANS their advance south of the groat great wall driving before them disorganized or traitorous chinese troops the japanese at latest reports had occupied the entire triangle between the wall and the alwan river with its base on the gulf of and were moving onward toward they crossed the river near and bombarded that city and the surrounding region there was great alarm in where here some americans mostly business men and their families reside when the Ja japanese ponese started their push into the undisputed chinese territory south of the great wall the alwan river was set as the limit but the japanese command now has announced that they will continue the pursuit as far as the chinese continue to set up defenses the japanese authorities deny however that they intend to occupy neiping and Tl entin in their apparent plan is to create a buffer area out of 0 the triangle to facilitate the consolidation of the newly nealy conquered province of jehiol they hive have gained control of all the important passes through the great g t w wall a on the southern border of jehiol 1 a and d the gates have ha ve been sealed a and heavy guards placed at them C CUBAS political disorders murders and bombings ot of which much has been written in recent months have finally engaged the attention of the administration in wash kl 1 I 1 inston n x t 0 n representative I 1 hamilton rish fish of new york has been urging our government to employ diplomatic intervention to end the reign of terror and said he 41 would formally demand that secretary hull bull take such a step unless the adminis rep fish got busy very speedily for a time mr hull bull seemed averse to any interference but mr roosevelt Koo sevelt started things by calling the cuban ambassador don oscar B cin tas tag to the white house for a discussion of the situation the ambassador also conferred with sumner welles KelI cs assistant secretary of state and then ur mr welles went to the white house housa for instructions mr roosevelt has no desire to order military intervention in the affairs of cuba which he could do under the platt amendment holding that this would cost us a lot of money and besides would enrage president Bla machado chado and create an unpleasant diplomatic situation therefore his present plan Is to take steps to redeem the islands financial situation which is wretched and to relieve the unemployment and discontent that are at the bottom of cubas difficulties he and the state department wish to increase the sugar imports from cuba by granting substantial a ta r bial reductions to the island on I 1 the sugar tariff this naturally will not please the domestic cane and beet sugar industries whose representatives are nervously watching developments there Is a genuine tear among some officials in washington that opponents to president machado will in their efforts to overthrow his regime perpetrate some outrage against american interests intel ests in cuba thus raising a situation in which the united states might be compelled to intervene JOSEPHUS DAN ambassador aels reached mexico city under heavy military guard and after one attempt was made to wreck his train immediately after his arrival in the capital the unofficial critics the there re of his appointment let it be known that they had had bad a change of heart and no longer were hostile ostile li mr daniels was formally received by foreign minister casaurang Casau ranc alth whom he had a long and pleasant that chat and later presented his credentials to president rodriguez mr daniels made a magnificent impression on me casaurang Casau ranc said while it was simply a courtesy call we had a very agreeable chat discussing topics of general interest in economic educational arid and social fields 1 I had a very interesting and do delightful visit mr daniels said the foreign minister was very gracious I 1 propose to avail myself of his hoppl hospitality often famous trial of six british M engineers and eleven russians on charges of espionage sabotage and bribery ended in the conviction of five ot of the britons arid and ten of the russians L C thornton was sentenced to three years in prison W H macdonald who pleaded guilty to two years allan john cushny and charles were ordered deported A W gregory was acquitted the ten russians were given prison terms up to ten years there was nothing surprising in the outcome unless it were the mildness of the penalties inflicted the british government which had been dee I 1 watching the case with intense e interest struck back at the soviet union promptly king george and the tha privy council declared an 80 per cent embargo on russian imports and the tha metropolitan vickers electra electrical ca I 1 equipment company employer of the convicted men dien ordered an immediate appeal in behalf of the two defendants who were sent to prison ON C TAYLOR chairman of M alron the united states steel corporation has added his voice to the chorus of industrial executives who believe the course of the depression has turn turned ed at the annual meeting of stockholders ersin in hoboken IIo boken mr taylor who Is noted in the financial district tor for the cautiousness of N his utterances declared 0 letter better times are ahead and in support of M C y this belief he be 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 1932 1032 following his address mr taylor presented to the meeting a motion by a stockholder for a vote of confide tied in the roosevelt administration it was carried A without dissent by a standing vote R RUTH UTH BRYAN BRTAN OWEN the new minister to denmark and the first Awe american rican woman to be given such a diplomatic post has told the newspaper men that she intends to serve beer in the legation in copenhagen which is something for the daughter of william jennings bryan lifelong advocate of prohibition yes she said 1 I will serve 32 per cent beer it Is in keeping with the law of my own country and the custom of the land to which I 1 am going but I 1 dont consider that important I 1 am re really ily interested in the progressive development ea v 1 in denmark which I 1 hope hod to study tor for my country 0 1933 western newspaper union |