Show economic highlights industrial news review happenings that affect the dinner pails dividend checks and tax bills of every individual national and international intel national problems inseparable from local welfare the united states the only country that is experiencing the trend toward recovery during the second j quarter of 1933 there was a mar marked upturn in commodity prices in many parts of the world according to a survey made by the council on foreign relations most important advances have been made in this country in france the sole major nation left on the gold standard and in great britain whose managed currency policy has been the controlling factor in the rise other countries to show advancement van cement include australia canada austria belgium germany and switzerland in the first half of 1933 british prices were steadier than iose in either this country or france this marks maiks a drastic change from conditions in 1931 and 1932 when british price fluctuations were often extremely violent this price question is keeping many a citizen awake nights his problem is when will income increase in proportion to rises in the price level the answer to that is still a question mark bulk of american wage earners particularly those in the white collar class will have to wait some time yet before business conditions warrant any substantial advances in their earnings the present recovery drive as is natural has little to do with those who have incomes in the high or middle brackets lt it is concentrated on helping those who are in the lower brackets or have no income at all major effort is given ento to manufacturing new jobs and that cannot long be done until there is stabilization of commodity costs on a higher level cost of living has advanced materially in the past few months most marker advances are still in the future september flatlie 1 alie new taxes on cotton certain foodstuffs and other articles passed to help finance farm relief action went in ato to effect it is faulty to speak of a government recovery program at this time its a roosevelt program pure and simple no one else really counts they come into the limelight for a time as did raymond moley play a part designed to help the administration and depart never has the cabinet been so submerged the congress is rarely heard of the only true spokesman for present policies is the president himself As a result his informal I 1 speech made to neighbors in dutchess county new york on a recent visit to hyde park is more important than such speeches usually are mr roosevelt said that his program was vas simply one of neighborliness and is based on the supposition that whatever hurts ones neighbors has no right to exist that the communal interest is the all important thing ile he expressed also the belief that tbt the new deal program is winning kind and said that it will be his permanent policy he through worrying yet however next difficulty is liable to be a test of the constitutionality of is two most important pieces of legislation the national recovery act under which the codes are being signed and the drive is operating and the farm relief bill that phase is being talked about in wise circles now Is it constitutional speculation as to the attitude of the supreme court justices has been rife pinion opinion is that four justices will declare the program justified because of national crisis and that four others will keep to the letter of the constitution the unknown element X is chief justice hughes who might vote either way in case mr Roosevel ts legislation is thrown out by a five to four decision he still has an ace in the hole ile he could call congress have the number of members of the court extended from nine to eleven and appoint two justices who agree with his political philosophy thus giving himself a six to five grip on the court this has been considered before and presidents have almost a always appointed justices whose ideas agreed with theirs so far as governmental principle is concerned A few months ago inflation was the ae subject of the hour then it moved off the stage and other actors in the recovery play took its place its coming back again now some observers believe that it is inevitable in the near future it itis is known that the president has been studying ways and means to bring it about and control it A great many businesses are still as far away as they ever were from the usual sources of new credit and got to get money somewhere if they are going to be instruments in the job providing wage raising drive start of an inflationary program is seen in the announcement that the federal reserve using the power granted to it a short time ago has been a heavy buyer of government bonds doing this is an easy means of expanding public credit the answer to this question as to so many others is solely in the mind of sir mr roosevelt congress gave him at his demand practically unlimited power over the currency ile he has used that power cautiously to date |