Show news review of current events the world over Con congress oress passes legislation asked by president to end the banking crisis japanese complete the conquest of dehol by EDWARD W PICKARD ethe EXPANSION of the currency to the extent of billions of dollars will res result u it from the legislation which president roosevelt amhed of the extraordinary session of con congress congreso gresi and which was enacted within a k lew few hours after the new congress was convened on thursday march 9 die new currency Is based not on gold but on the liquid assets of U the banks the plan was devised after I 1 1 tg ng hours of confer center sealy woodin euce g by the g president secretary of the treasury william el woodlo woodin and a number of financial ad bisers of the administration and it was the male mair feature of their solution of 0 the banking crisis that was paralyzing the nation the other chief points in the le legislation isla which the president called f for or in his brief iut but spirited message were continued suspension of gold payments and embargo on exports of gold clothing of the president with the powers of a financial dictator continuation of the natio national nill banking holiday wholly or in part pending complete reopening of the banks legalization of the bank holiday proclamation of march 5 and all meas ures ores adopted by the treasury to carry it into effect because be ause the new currency Is not backed by gold it Is called federal reserve bank notes to distinguish it from federal reserve notes which are backed by gold to what extent if any inflation of the currency will be produced by this increase in the volume of money was cne of the big questions involved to in the roosevelt plan that inflation will be the consequence was a conclusion widely reached in financial and commercial circles with the result that a leap upward of commodity and security prices was looked for the moment the ex celanges reopen the act creating the new currency liberalizes the provisions of the glass act by allowing banks to issue notes with no gold reserve behind them the notes dotes thus issued are backed only by united states bonds in the same manner as national bank notes issued by national banks it further liberalizes section loa of the fed eral reserve act as amended by the glass net act so us as to enable lenks to obtain currency on liquid assets of a cliar character acter not previously eligible one of 0 the effects ot of the legi legislation station will be to produce a unified banking system only member banks of the federal reserve system are able to avail arall themselves ies of the privileges afforded by this legislation to convert assets previously ineligible into inlo currency state banks ire compelled compe fled to join the federal system in order to obtain the funds that will enable them to reopen another foreseen enact Is the weeding out of weak banks institutions unable to furnish liquid assets for currency will be unable to reopen others will III be able to remain open to the extent of their liquidity pending at least a reco recovery ery of general public confidence in banks legislation to stop hoarding also was considered by cong congress Tess and meas ures ores for reaching and punishing the hoarders boarders hoar ders of currency whose withdrawal of deposits brought on the panic and caused the closing of the banks were discussed by the administration and leaders of the senate and house As a preliminary move moie in this direct the federal reserve board at the in stance betance of air loosevelt Koo sevelt sent telegraphic orders to all rede federal ral reserve banks to furnish by march 13 11 lists 0 of persons who have withdrawn gold since february 1 and had not by that time their gold with dra wals F foit olt bays days there vas ft as considerable confusion concerning the banking situ scion atlon mainly because of faces between the presidents mitlon and the orders issued by governors goer Dors of various states tills this was especially true in new yok and day by day secretary WO wondlyn issued issue or ders modifying those in tile the govern merits ments proclamation cl down all birl binks bircks ks but bill there atus much ml sunder standing anding Et of his regi ili lions regarding limiting opening of the institutions clearing houses were ere busy holding meetings but failed to live up to their name by clearing up tile lie situation and the books banks were uncertain of both theli their powers and their responsibilities in many cities and tons loans bunks banks were epen tc carry on limited ties that were required to provide food foodstuffs and medicines and for foi the meeting of pay rolls tile the country preparations were mad for tile the issuance of scrip pending tin the receipt ol of the necessary authority from washington glon secretary woodin bo however weer ruled against scrip though he be sanctioned the issuance ance in Tu barlou localities of clearing house certificates certificate against sound assets of hanks banks for usi use RS as an emergency circulating medium Del delaite pite all the llie confusion lind and incon vengence von ven lence the Amer american tenn public remained fairly calm and appeared to hare confidence in president roosevelt and his advisers the general feeling was that the vigorous new chief executive would be able to devise competent measures for temporary relief of the situation and to to force their adoption hy by congress following the enactment of the legislation for the reopening of the banks the president asked congress for authority to cut an estimated out of government expenditures by cutting government salaries up to 15 per cent and by drastic reductions reduction s to in to veterans it Is expected vint that another will be saved by the reorganization and combining ot of many canny departments part ments authorization for which was passed in the closing clays 0 of the last congress membership of D democratic in the house of represent representatives at ives gives them an unwieldy majority and the certain consequence Is intra party wrangling at present the control seems to he be in the hands of h 1 speaker henry rainey kainey 1 and two miles allies floor leader byrns and representative cullen leader of the tammany delegation from X vew ew york fork opposed to them Is a faction beaded by mcdude Mc Duffle of alabama who sought speaker vainly y to be elected rainey y speaker speak ej eu it was said several of the most active supporters were quietly informed that they would be punished by being bein e shifted effrom from important committees to minor assignments senator james hamilton lewis of illinois was elected whip of the democratic majority in the senate and senator joe robinson of arkansas was chosen to be senate lender leader also party authority was made stronger than it has been for ninny many years the caucus agreed that the vote of any future caucus upon any measure recommended by the president should he be binding upon till all except those who ex aused themselves from voting for cause it was further agreed that a simple majority instead of the more customary two thirds majority should make the action of the caucus binding and that two thirds of the hole number of democratic senators should constitute a caucus the caucus further chose senator kendrick of wyoming as assistant leader senator ney key ns as democratic candidate for president pro tempore edward halsey as candidate for secretary of the senate chesley W jurney as candidate for sergeant at arms and 1 L L beffle as secretary to the majority DURING Us its brief special session 1 that convened on inaugural day the senate confirmed these appointments by the president prof raymond moley of columbia as an assistant secretary of state william phillips Phill liis of massachusetts as undersecretary of state who will be directly in charge and accountable to secretary hull hall wilbur J carr of new york reap pointed as assistant secretary of state henry jr brot of new york member of the federal farm board william F Step of south carolina member of the federal home loan bank board T dwight webb of tennessee member of the home lone loan board FOLLOWING out the campaign plan devised by gen kolbo the japanese arri armies lies virtually completed the he conquest con uett of the province of dehol tile chinese governor fled and all the chinese troops LT were forced out after I 1 a last de defensive rensie gle at Kou a ibi k pass in tile the great greal 44 wall jal japanese anese plane first bombed tile the chi nose nese positions there ther e and then generi general Kawa haras brigade took tonk hie file place th the e japanese tnt lapu nese thus vc coin coill gen kaiso plated the seizure of aro miles of the great real wall extending from the inner mongolia mongnus to the yellow sea the ibe chinese tied toward neiping and the confusion and fright in that city led the authorities to establish ul martial artial law the japanese s said aid they would not lot push on to neiping unless forced to by b v reprisals against country men in that city marshal chan chang hsueh hsuch flung was severely criticized for foi the loss of dehol ato and resigned as mill tary lary overlord of north china accept ing the blame and asting that the na government relieve him of all al posts maxim litvinov foreign commissar of russia bluntly informed the league of nations that the soviet government would not participate in the file doings of ol 01 the league committee lecup set up to handle the sino japanese quarrel THE tern HE los angeles section of southern california covering an area from ventura on the north to san diego on all t the he A south cloth and extending inland for some 30 miles suffered severe earthquake shocks on friday eve evening nimg march 10 causing deaths injury to more than and property loss running into the millions between and 1039 14 distl distinctly atly violent shacks had bad occurred the first one of which did the greater part of the damage and caused nil fill the loss of life long beach suffered the greatest loss of life and proportionately the greatest property damage at that point 63 people were killed and 1000 injured at los angeles 12 people were killed and S some one were in aured other towns suffering severely and at which deaths occurred were watts 4 dead campton 13 dead santa ann 3 dead huntington park ark 12 dead san pedro 2 dead ton I 1 dead bellflower Bell dower 3 dead ar tesla tesia 4 dead hermosa beach I 1 dead garden grove 1 dead walnut park I 1 dead norwalk I 1 dead fire in many of the towns and e es 9 specially ally long beach and los angeles added to the terror but fortunately the water mains were riot not seriously damaged and tile the firemen were able to cope with the flames regular army troops at fort me arthur were ordered to operate cooperate co with the police to in preserving order and ships of the navy from san diego were dispatched to points along the coast to render aid naval surgeons providing aid and medicines for tile the injured the governor of california ordered national guard troops to the scene to assist in the work of rescue and to maintain order rI OUGH it was generally admit admitted led I 1 that the world disarmament conference in geneva was in a bad way the british started to make a list last effort to it or at least to salvage some thing from its work with this in mind prime minister tine mac donald and sir john V simon foreign secre tn tary ry went to abr swiss city to see whai could be done the denied they had stir definite nIte plan of re ac tion but they hoped premier to get gel premier data dala macdonald dier of france and chancellor hitler of germany together on some arrangement that would prevent the utter breakdown of the conference sir jolin john simon said befool leaving london that one of the first farst issues he and mr air macdonald would take up in geneva would be the filet fact that no do other nations had followed great britaina Brit ains lead in imposing an arms embargo against china and japan which as he remarked rem irked leaves britain in a situation which cannot be allowed to continue the british recognized that the financial situation in the united states might well delay any di disarmament sarnia action and certainly would cause postponement of the war debts con ferencek feren ces in the latter matter however sir ronald lindsay british am cassador bas did find opportunity to talk with president Roosevel ts adl advisers sers r seated in power by victory F in in tile the reichstag elections chancellor adolt adolf hitler now dow plans to rule germany without Nit hout parliamentary aid for about two years ills his national socialists hold about 44 per cent of the votes in the new reichstag and the na nationalists t ion his present allies have 8 per cent the election passed off quietly instead of being the bloody affair the foes of the azis had predicted the chancellor believes that democracy Is a failure in germany and now dow has the legal tools to annihilate it there were many indications that the country Is on the way to restoration of the monarchy one superficial sign of this was the rapid disappearance of the flags of the republic the flags of the nazis and of the old empire being sub hitler hoever ho never feels feel atiat the restoration must be postponed until conditions are improved and in this the monarchists agree with him an evidence of the trend toward con serval ism was the order of hermann goering Goerl ng nazi minister without portfolio suppressing the nudist movement WHEN 11 r N c congress 0 n g r e s s appropriated 8 for the annual expenses of the bureau of prohibition enforcement it stipulated that eliat none of the money was to be spent on wire tapping or the pur purchase of liquor as el evidence dence these provisions do not dot be ome come effective until july 1 but amos W W woodcock tins has ordered them to in to effect now pointing out that cases made contrary to them now probably will be tried after these provisions become law tile result of the order mr air W woodcock said will mean a com complete change in enforcement methods and w will III cause this bureau to operate almost exclusively against tile the manufacturers and transporters of liquor tills this natu naturally rully is good news to tile the operators of night clubs and speak basics arre days after completing his ninth consecutive term in the house of f representatives will R wood of indiana died quite unexpectedly in new york he was about to sail on a two months cruise of the mediterranean for a complete rest after his long and ardt arduous low labors in washington mr wood was one of the most active and influential of the republicans in the house and in the last congress was chairman of the appropriations committee he was seventy two years old 0 1933 western 0 NuHa union |