OCR Text |
Show News Review of Current Events the World Over Congress Quickly Acts on President Roosev elt's Request Re-quest for New Legislation Reopening of Banks Spurs Upturn in Business Activities. Trust company of" Breathitt county. I Kentucky, when it becair.e insol- , vent. i The assets of the bank were not j sufficient to pay all depositors, and j It was contended that money re- i celved from the United States by j veterans for Insurance and disabil- Ity allowances was money of the United States while on deposit In banks to the credit of veterans and was therefore entitled to priority. The Supreme court decided otherwise. other-wise. OF SPECIAL Interest to Roman Catholics Is the allocution delivered de-livered by Pope Pius at the secret consistory inaugurating the holy year. Ills holiness pRKSIDENT ROOSEVELT'S re-i re-i quest to congress that he be given authority to make cuts In the salaries of government employees templated law are wheat, corn, cotton, cot-ton, cattle, sheep, hogs, milk, dairy products, tobacco and rice. Along with this the President proposes pro-poses the scaling down of farm mortgages and a reduction In the Interest rates through agricultural credit agencies, all of which are to be consolidated under the direction of Henry llorgenthau, Jr. BANKS began opening for business busi-ness on March 13. On that date only banks connected with the Federal Fed-eral Reserve system and located In f f ' t - V; fa. , ' . taa Issued a warning that communism is attempting to exploit ex-ploit the world's political po-litical and economic disorders and expressed ex-pressed a fervent wish for disarmament disarma-ment and settlement settle-ment of war debts. The p o n t i f be- " (V L 'i l v;- i I. ; WA j t.,;...i.::J up to 10 per ceni, and to muke reductions reduc-tions In tlie amounts paid to veterans, that authority to Include In-clude practically an entire revamping of the government policy pol-icy as It applies to government expenditures, expend-itures, as It np-plles np-plles to veterans of Pope Pius stowed tne uomau i,.rla rr civ new their doors under licenses from the Treasury department Banks In all clearing house cities that had ap- President Roosevelt the World war and other wars, met uUh n rnilck re- yun" cardinals of the church and announced an-nounced that two others would be elevated later. The six elevated were: Pietro Fumasoni-Kiondi, former for-mer apostolic delegate at Washington Washing-ton ; Archbishop Villeneauve of Quebec, Que-bec, Angelo Dolcl, Archbishop Innit-zer Innit-zer of Vienna, Archbishop Costa of Florence and Archbishop Fossati of Turin. WITH a special message of only 72 words the shortest Pres ldential message ever written the President secured legislation amending the Volstead act and making mak-ing 3.05 per cent beer legal in the United States. The President's 72 words were: "I recommend to the congress the passage of legislation for the immediate imme-diate modification of the Volstead act, in order to legalize the manu facture and sale of beer and other beverages of such alcoholic conteni as is permissible under the Con stitution ; and to provide through such manufacture and sale, by sub stantial taxes, a proper and much needed revenue for the government. "I deem action at this time to be of the highest importance." plied for and been Issued licenses either by the federal treasury, or In case of state banks, by state banking departments, began opening open-ing on Tuesday, and those in the smaller cities and towns on Wednesday. Wednes-day. There were no restrictions placed on the banks In the way of limiting limit-ing withdrawals, except where the depositor was attempting to secure sums that would indicate hoarding when the person making the withdrawal with-drawal was required to state his purpose and give his name and address. ad-dress. The banks were also required not to pay out gold or gold certificates, the embargo the President had placed on gold being continued, and vast amounts of the metal were being be-ing returned to the banks. Up to March 13 It was estimated the Federal Fed-eral Reserve bank in New York had received more than $100,000,000 of hoarded gold and in Chicago more than $23,000,000 had been returned. The returns throughout the nation Indicated a larger amount of gold hir,iio-it hnMr tr tha hn ntrs Hinn the spon.se on the part of the house of representatives and the senate. The bill passed the senate by a vote of G2 to 13. Forty-three Democrats Dem-ocrats and nineteen Republicans voted for the measure ; four Democrats Demo-crats and nine Republicans against 1L The vote In the house was 2CQ for the measure and 138 against It. That result was not achieved without dllllculty, and the dilllculty came In the ranks of the President's party, and Its passage would not have been possible without the aid of Republican Repub-lican members of the house. In a party caucus 92 Democratic members mem-bers bolted the President's leadership leader-ship and voted against the measure, their opposition being to that portion por-tion of the bill giving the President dictatorial powers In the matter of expenditures for veterans. At the final roll call, 197 Democrats and G9 Republicans voted for the bill, and 02 Democrats, 41 Republicans and five Farmer-Laborites against it. Several members who were opposed to the bill but who did not wish to be recorded as against an economy measure, decided not to vote. An analysis of the vote shows that 68 per cent of the Democrats voting and G2 per cent of the Republicans stood by It, but lenders said that the Democratic percentage for the measure meas-ure would have been much lower had not a parliamentary maneuver been Invoked to prevent rebellious rebel-lious members of the party caucus from going through with their plans. Still another factor was credited with part of the favorable vote, and that was the word passed around the house cloakrooms that President Roosevelt planned to denounce the opposition In a nation-wide radio broadcast If the bill had failed of approval. It Is believed the President will make a saving of approximately $3S5,000,000 In the expenditures for veteran relief by cutting out all men whose disability, on which claims for relief are based, was not the result re-sult of war service. The reduction In the salaries of government employees em-ployees is expected to save approximately approxi-mately another $150,000,000. In the senate an effort was made to delay the passage of the act by proposing amendments and the senate sen-ate chamber resounded to the oratory ora-tory of friends of the veterans and of federal employees, battling against certain and overwhelming odds to win some amendment to the bill. The beer bill provides for an al coholic content of not over 3.05 per cent, for a tax of $5 a barrel, .for a license fee of $1,000 for each brewery, and the law to be effective effec-tive 15 days after it is signed by the President, which means beer will be on sale shortly after the first ol April. The bill was passed by a strictly non-partisan vote. In the house 238 Democrats voted for It, and 58 against ; 73 Republicans for and 3S' against, and 5 Farmer-Labor for Twenty members did not vote, and there are two vacancies. Kansas was the only state whose representatives voted solidly against the bill, while the representatives ol 18 stales voted all wet. In seven states the representatives cast a dry majority. The senate amended the hous bill to include wine, to make the al coholic content of both 3.05 instead of 3.2 and to prohibit sale to chil dren under sixteen years of age The vote in the senate was 43 for the bill and 30 against, also along strictly non-partisan lines. It is estimated that $5 a barrc tax on beer will produce about $125, 000,000 additional revenue. PLANS for Immediate reconstruction reconstruc-tion and rehabilitation are well under way in Los Angeles and its suburbs, where earth tremors caused total withdrawal of the metal since February 1, though the government did not give out any definite statement state-ment on the subject. It was after the President had repeated and emphasized the embargo em-bargo he had placed on gold payments pay-ments that Governor Blood of Utah signed a bill passed by the legislature legisla-ture requiring "the treasurer of the state of Utah and of each taxing subdivision within the state to pay all public employees under their jurisdiction In gold coin." Where will Utah get the gold? The President, in a published statement and also a national broadcast, broad-cast, detailed In simple language the reasons for the national bank holiday and the plans for opening, lie wns careful to emphasize the point that the time of opening any bank was not determined by its relative condition, but by the ability of the officials of the Federal Reserve Re-serve banks and of the Treasury department to make the proper check for the issuing of licenses. He explained that banks that were not sound would not be permitted to open except under government supervision for the purpose of reorganizing re-organizing them. The reopened banks were supplied with a liberal allowance of the new currency based on bank assets, but in practically no case was any of this needed as the deposits exceed- WHILE the President has received re-ceived Republican aid In securing se-curing desired legislation for his banking, economy and beer program, ea Uie wiuiuunvuia, auu iu tuiiiij cases the new currency was returned re-turned to the Federal Reserve banks. PRESIDENT ROOSEVELT took time out from the urging of new legislation to give some consideration con-sideration to the filling of imnor- he will probably not rvrv7 be able to depend N . v A upon It to the same ' extent at least for his farm program. That contemplates giving the Presi- 1 dent dictatorial N ' powers in so manip- ulating the price of j farm products as to ; i bring them up to II J 110 aeatns auu property uaujage estimated es-timated at $75,000,01X1. An appeal has been made to the federal gov ernment and the Reconstruction Finance corporation for the majority major-ity of funds needed for rebuilding. Congress passed a bill, introduced by Senator William G. McAdoo of Los Angeles, for an emergency ap propriation of $5,000,000 to relieve immediate distress. The earthquake will probably give-to give-to science the first accurate records of just how the earth shakes dur ing such a disaster, information which may be highly valuable in constructing buildings to withstand earthquakes In the future. THE French cabinet is sounding out the members of the chamber of deputies in an attempt to whip up a majority in favor of paying pin too t a n t diplomatic ,.. fs?w:"- posts. He has sem f . the names of Rob ert Worth Bing j ham. Louisville ?S U : Ky., as ambassadot ;s-v-is;-?:s;. to Great Britain fpl:lBP;::i::;iS : Jesse Isador Straus 'I ' I . president of R. H j Macy & Co., New s York department store, as ambassa 11 i what Is termed "parity"' price. T ronteimilated 1 a a Secretary lie Wallace w dor to France, and Jesse I. Straus j would authorize the President acting act-ing through the secretary of agriculture, agri-culture, to fix a parity price of each farm product : that Is, a price at o Jl,-Ili noi debt installment to the United States which was defaulted default-ed on December 15. Former Premier Herriot has been lobbying In the government's gov-ernment's behalf, seeking pledges to vote favorably In case Premier Dala- I : v " 'A p dier should decide to bring the matter Premier Daladier war secretary of the navy, under whom Mr. Roosevelt served as assistant as-sistant secretary, as ambassador to Mexico. At least one of these will meet with some opposition in the senate. sen-ate. Senator Arthur Robinson (Rep., Ind.) announced that hi would offer evidence that Mr. Bingham Bing-ham had made speeches in England which caused him to be labeled as "apologetic American." Advisers of the President, however, how-ever, declared that he was fully satisfied sat-isfied that Mr. Bingham will assert and defend America's position on all issues emphatically and patriotically. pa-triotically. i I rpKLP war veterans, the Unit-V Unit-V ed States Supreme court decided, de-cided, are without priority over other depositors in the claims against insolvent banks for the money received from the United States. The ruling was handed down in a case involving a deposit of approximately $3,000 which Sam Spicer had in the Hargis Bank and which the producer of the product would be placed on a parity with the producer of manufactured articles. ar-ticles. For example, the secretary of agriculture might declare $1 a bushel to be the parity price of wheat. The object then would be to manipulate the price of wheat upward until the" desired parity price should be reached. In order to raise the prices of farm products the secretary of agriculture agri-culture under the terms of the bill would invoke various devices. He . might employ the domestic allotment allot-ment p an to influence the prices of one jtroup of commodities and the go ernment land leasing plan in the case of another group. Secretary Wallace insists that it would not be a price fixing law for the reason that no price would be fixed by fiat. Instead, a price would be declared to aim at and the measures adopted would he those Judged most likely to raise the price to the point desired. The products covered In the con- has been telling the deputies thai It is necessary to act quickly, as the government would like to have the payment coincide with the departure of the new French ambassador to Washington. A TORNADO swept the Tennes see-Kentucky border from the Mississippi river to the Cumberland Cumber-land mountains, killing 30 persons, injuring more than 200 and rti-i damage estimated at 51.000.000. . 1933. Western Newspaper Unlo- |