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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 continue the pursuit as far as the j Chinese continue to set up defenses. de-fenses. The Japanese authorities i deny, however, that they intend to j j occupy Peiping and Tientsin. Their apparent plan is to create a buffer : area out of the triangle to faclll- j tate the consolidation of the newly , conquered province of JehoL They j have gained control of all the lin- j portant passes through the great wall on the southern border of Jehol and the gates have been sealed and heavy guards placed at them. CUBA'S political disorders, murders mur-ders and bombings, of which much has been written In recent months, have finally engaged the AE ARE off the gold stnnd- ard," was the terse but momentous mo-mentous announcement by Secretary Secre-tary of the Treasury Woodin as he make Secretaries Perkins and Wallace Wal-lace virtual dictators over the economic eco-nomic life of the nation. The legal basis of the labor bill Is to be found In the interstate commerce com-merce clause of the Constitution and In the "unfair competition" sections of the federal trade act. It Is upon these legal powers that the secretary of labor Is to depend to exercise the following authority: 1. To prohibit from Interstate commerce com-merce articles produced by any in-dumry in-dumry working Ita labor more than 30 hours a week or more than six hours in any one day. Milk and cream are exempted; executives and i ( , It. - -itentiou c. the administration ad-ministration In Washington. Representative Rep-resentative Hamilton Hamil-ton Fish of New York has been urging urg-ing our government to employ diplomatic diplomat-ic Intervention to end the "reign of terror," and said he would formally demand de-mand that Secre-retnrv Secre-retnrv Hull take returned to his of-llce of-llce from a conference confer-ence with President j Roosevelt; and at i the same time the White House gave I out the news that the Chief Executive ' had placed an embargo em-bargo on the further fur-ther export of gold, permitting the dollar dol-lar to depreciate In foreign exchange, and was ready to Rep. Fish such a step unless the admlnistra- Presldent Roosevelt managers are exempted; and certain cer-tain exemptions are made In the cases of seasonal or other emergencies. emergen-cies. Boards are set up to regulate such exemptions. 2. To limit and If necessary prohibit pro-hibit from Interstate commerce the production of any plant or Industrial Indus-trial group which Is overproducing. 3. To Investigate wages through a wage board, to fix and Impose minimum mini-mum fair wages; to publish the names of employers falling to raise wages In accordance with a direct order to do so: and to prohibit from interstate commerce goods produced by any employer refusing to comply com-ply with a wage order. RIGHT now the eyes of the world are turned on Washington, for the series of talks between President Presi-dent Roosevelt and representatives of many other nations have begun, and if the hopes of the Chief Executive Ex-ecutive are realized they will result in the finding of a way out of the world depression. Prime Minister J. Ramsay Mac-Donald Mac-Donald was the first of the visitors to arrive and the first to confer with Mr. Roosevelt and Secretary of State Hull. Edouard Herrlot, former premier of France, was close on MacDonald's heels, and the others are scheduled to follow rapidly. No one of the "conversationalists" "conversa-tionalists" 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 under-stood that MacDonald would not talk much about the war debts, but Herriot was authorized to state France's position on that subject. The whole series of conversations In Washington is a preliminary to the coming world economic conference, confer-ence, and the hope of President Roosevelt and Secretary Hull is that the way can be paved for rehabilitation re-habilitation of the world by the lowering of trade barriers and monetary stabilization. REPUBLICAN postmasters who have demonstrated their efficiency effi-ciency are to be permitted to complete com-plete their terms. So announces tion got busy very speedily. For a time Mr. Hull seemed averse to any Interference, but Mr. Roosevelt started things by calling the Cuban ambassador, Don Oscar B. Cintas, to the White House for a discussion discus-sion of the situation. The ambassador ambassa-dor also conferred with Sumner Welles, assistant secretary of state, and then Mr. Welles went to the White House for instructions. Mr. Roosevelt has no desire to order military Intervention In the affairs of Cuba, which he could do under the Piatt amendment, holding that this would cost us a lot of money and besides would enrage President Machndo and create an unpleasant diplomatic situation. Therefore his present plan is to take steps to redeem the island's financial situation, which Is wretched, and to relieve the unemployment unem-ployment and discontent that are at the bottom of Cuba's difficulties. He and the State department wish to Increase the sugar imports from Cuba by granting substantial reductions reduc-tions to the Island on the sugar tariff. This, naturally, will not please the domestic cane and beet sugar industries. There is a genuine fear among some officials in Washington that opponents of President Machado will. In their efforts to overthrow his regime, perpetrate some outrage against American Interests In Cuba, thus raising a situation in which the United States might be compelled com-pelled to Intervene. MOSCOW'S famous trial of six British engineers and eleven Russians on charges of espionage, sabotage and bribery ended in the conviction of five of the Britons 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 Monkhouse. John Cushny and Charles Nordwall were ordered deported de-ported ; A. W. Gregory was acquitted. acquit-ted. The ten Russians were given ask congress for authority to put Into action his policy of "controlled . inllation." Mr. Roosevelt himself calls this policy a program for control con-trol of commodity price levels, and says It la designed to raise prices but to keep them from going too far up. He gave assurance that there would be no resort to "printing press money." Senators Thomas, Byrnes and Pittman drafted the measure to carry out the President's 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 $3,000,000,000 through purchase of government obligations by the federal fed-eral reserve banks. (This means the purchase In the open market of government gov-ernment bonds and was tried In the Hoover administration.) 2. As an alternative, for the Inflation In-flation of the currency by Issuance of greenbacks up to $3,000,000,000 undor tho act of 1S62, such currency to be legal tender for all debts, public pub-lic and private. 3. For use of such greenbacks to moot maturing government obligations obliga-tions and to purchase government obligations. 4. For retirement of such greenbacks green-backs at the rate of 4 per cent a year. 6. For reduction of the gold content con-tent of the dollar not more than 60 per cent for the purpose of protecting protect-ing American foreign trade from the effects of depreciated foreign currencies cur-rencies and to enable the President to negotiate an international agreement agree-ment stabilizing monetary standards. stand-ards. 6. For acceptance of war debt payments up to an aggregate of $100,000,000 In silver at a value of not more than 50 cents an ounce. 7. For coinage of such silver and deposit in the treasury for redemption redemp-tion of silver certificates Issued against It, such certificates to be used for paying obligations of the United States. Secretary Woodin drew up the order or-der concerning gold exportation. Under Un-der it no gold is allowed to leave the country except that earmarked for foreign account before April 15 and such amounts as are required to save American business men from loss on consignments in foreign trade incurred prior to the proclamation proclama-tion of the new policy. The United States thus has placed Itself on the same footing as Great Britain and many other foreign nations. na-tions. Its money is unstable in value In international trade. It was pointed point-ed out that Mr. Roosevelt could now with greater propriety propose that all nations go back to the gold standard stand-ard together. Effects of our plunge Iuto the Inflation In-flation pool were Immediate. Prices on the stock exchanges and especially espe-cially In the commodity markets f. - J Postmaster General James A. Farley, to the Joy of several thousand G. O. P. office holders and the corresponding dismay of a great army of Democrats who would like the jobs. Mr. Farley says his party has long stood for the civil service system of competitive ex- prison terms up to ten years. There was nothing surprising in the outcome out-come unless it were the mildness of the penalties Inflicted. The British government, which had been watching the case with Intense Interest, struck back at the Soviet union promptly. King George and the privy council declared an 80 per cent embargo on Russian imports and the Metropolitan Vick-ers Vick-ers Electrical Equipment company, employer of the convicted men, ordered or-dered an immediate appeal in behalf be-half of the two defendants who were sent to prison. J. A. Farley nminations and "will not abandon that high ground," so he gives out this message: MYRON C. TAYLOR, chairman of the United States Steel corporation, has added his voice to the chorus of Industrial executives ix X A who believe the course of the depression de-pression has turned. At the annual meeting meet-ing of stockholders In Hoboken, Mr. Taylor, who Is noted not-ed In the financial district for the cautiousness cau-tiousness of his utterances, ut-terances, declared : "Better times are ahead." And in support of went up with a rush and trading was heavier than fo. many months. Millions of dollars 'ere added to the farm value of ail grains, and cotton and sugar also moved upward, up-ward, as did provisions. On the London and Paris exchanges ex-changes the dollar sati decidedly. Neither the British nor the French were pleased with the President's action. The London Daily Telegraph Tele-graph said: "Following America's latest action a demand will arise in every country for fresh depreciation so that exporters may not lose their power of competition in world markets. mar-kets. The new task of the statesmen states-men Is to prevent a chaotic process of competitive depreciation of currencies." cur-rencies." POLICIES of the Roosevelt ad-' ad-' ministration are being expanded end extended so fast and so far Chat congress and the country are M.C.Taylor "No incumbent whose term has I not yet expired and who has been rendering loyal and effective service serv-ice to the government need have the slightest fear of removal. It will be the policy of the Post Office department to allow every efficient post master to fill out his term." District attorneys, marshals and collectors are not under civil service serv-ice and In time these places probably prob-ably will be filled with deserving Democrats. Also there are hundreds hun-dreds of vacancies In the postmas-terships postmas-terships to be filled Immediately, and these will be filled as soon as Mr. Farley's department has completed com-pleted 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. He aims to save $72,000,000 in the coming fiscal year, and this, he believes, will sultice to balance his budget. JAPAN'S armies in China continued contin-ued their advance south of the great wall, driving before them disorganized dis-organized or traitorous Chinese troops. The Japanese at latest reports re-ports had occupied the entire triangle tri-angle between the wall and the Lwan river, with its base on the gulf of Pohal, and were moving onward toward Tientsin. They crossed the river near Lwanchow and bombarded that city and the surrounding region. There was great alarm in Tientsin, where some 400 Americans, mostly business busi-ness men and their families reside. When the Japanese started their push into the undisputed Chinese territory south of "the great wall the Lwan river was Sv.'t as the limit lim-it But the- Japanese command now has announced that they will I - j X f s-t scarcely able to keep up with the race set. One of the broadest and most revolutionary of its proposals was submitted to the house committee on labor by Secretary of Labor Frances Ferkitis In the form of a draft bill offered of-fered as a substitute substi-tute for Senator Black's 30-hour this belief he 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. Following his address Mr. Taylor presented to the meeting a motioD by a stockholder for a vote of confidence con-fidence In the Roosevelt administration. adminis-tration. It was carried without dissent dis-sent by a standing vote. RUTH BRYAN OWEN, the new minister to Denmark and the first American woman to be given such a diplomatic post, has told the. newspaper men that she intends to serve beer in the legation in Copenhagen, Copen-hagen, which is something for the daughter of William Jennings Bryan, Bry-an, lifelong advocate of prohibition. "Yes," she said, "I will serve 3.2 per cent beer. It is in keeping with the law of my own country and the custom of the land to which I am going. But I don't consider that important. I am really interested in the progressive development in Denmark which I hope to study for my country." , Western Newspaper Union. Secretary Perkins week measure which was passed by the senate and for the almost Identical Iden-tical Connery house bill. It Is designed de-signed to give the federal government govern-ment full control not only over the hours of labor but also over Industrial Indus-trial production and prices. The passage of this legislation and of the pending farm marketing bill would |
