The Wateree messenger. (Camden, S.C.) 1884-1942, January 30, 1935, Image 2
BRISBANE
THIS WEEK
^One Thing Important
Paid for Not Doing
$40 a Month
What Do We Want of Japan?
One piece of news Id the world la
Important to the United States. If
Washington doesn't know It, the gov
ernments of -Europe and Asia do know
It
That news Is Amelia Earhart's Might,
nonstop In eighteen hours, across 2,400
miles of the Pacific ocean, from Hawaii
to the United States. All American
citizens, especially those on the Pa
cific coast, and elderly, out-of-date gen
tlemen who are supposed to provide
for the defense of this country, should
ask themselves:
If a young woman, entirely alone,
without sleep, no assistant to help with
navigation, can fly, unseen, across the
Pacific ocean ami land In California
to receive a bunch of roses, eighteen
hours from Hawaii, what do you think
five or ten thousand powerful bombing
and swift pursuit planes could do, com
ing from Asia or from Europe?
Pennsylvania is an Important tobacco
state. The government Is paying farm
ers not to grow tobacco, Just as It
pays them elsewhere not to grow cot
ton or wheat and not to raise pigs.
After you have spent your whole
life driven by necessity's lash to pro
duce the utmost possible, this brings
sweet peace to have the government
pay you for not doing It, even if you
can't quite understand It.
Nobody has yet arranged to pay
newspaper publishers for not writing
editorials, but that may come, in the
glorious new era, and, here and there,
it might be a great blessing.
Washington reports that President
Roosevelt's message to congress about
pensions for the oh| suggest "only"
$10 a month.
The Washington correspondent who
says "only" does not know what 940
a month would mean to millions of old
people whose lives are made bitter not
by deprivation, not by poverty, hunger
or cold, but by the tact that they de
pend upon the cold charity of others,
particularly on the charity of relatives.
Give $40 a month to the old that
are dependent and you will bring hap
piness into the last years of millions of
lives, and that would be worthy of a
great nation.
The honorable Japanese chief of in
formation in the foreign olllce says the
United States Is planning an attack on
Japan. Any Japanese who believes it
lacks the usual intelligence for which
you give all Japanese credit. NatTCWi'
'??BUM wars because they want some
thing. What does the United States
want from Japan?
Uncle Sam, in a mild fit of Idiocy, is
now giving away the Philippines, Asi
atic Islands richer in resources than
the Japanese Islands.
We got those islands from the Span
ish war. Should we start another war,
spend billions, kill many of our Jap
anese friends and burn up their conn
try by flre bombardment from airplanes
merely to get more Asiatic islands, to
be given away later?
The thirst of the people means profit
to the government. Uncle Sam during
1084 collected an average of more than
$1,000,000 a day in liquor taxes, a total
amount of $374,500,28*2. Beer alone
yielded $200,000,000; spirits distilled In
America, $121,000,000; Imported spirits,
$15,000,000 ; Imported wines. $0,000,000.
It is easy to understand why tens
of millions follow the trial of Bruno
Hauptmnnn for the kidnaping and kl'l
Ing of the Lindbergh baby with such
Intense Interest. The trial Is a mys
tery In Itself. Oradunll.v unwound In
court like the chapters In a detective
story, It holds public attention, the
horrible nature of the crime Increasing
the ir.lerest tenfold.
Eighty-nine Russian fishermen, liv
ing on the edge of the Caspian s;a,
ought to be grateful to the American
"Wright brothers that Invented the alr
pl ane. With their boats they had drift
ed ten days on an Ice floe and were
starving.
Along came a big Russian plane, fly
ing low, to drop tiny parachutes that
brought food, tobacco and alcohol.
Then the fishermen, hopelessly lost, out
of sight of land, got In their boats and
the airplane guided thein to the short
est route to shore.
This reporter sat next to Amelia
Earhart at a dinner recently, did not
recognize her, thought sho looked, ss
the Krench say, "like so ire body," asked
"Do yon write, fly, or what do yon do?"
She said "I fly a little, and I write a
little."
Europe continues "edging along" to
ward war. The Associated Press re
porta Italian troops being concentrated
along the Austrian border. Italy fears
that Germany may start an attack on
Austria, aiming at absorption, now the
ftaar voting Is over.
Italy call* this movement of troops
along the Austrian ?> border "Winter
maneuvers, H but Europe knows what
It really la
Frafic? probably will not be sur.
prised, Mussolini for ftirty and I^aval
for France recently had a very affec
tionate conversation, of whl<*h the snb
?tance was "Keep Germany under con
trol."
?, kin* F?Mur<* Syndic*!#, Ine.
WNII B?tvI<>*.
Gatun Locks "Dressed Up" After 20 Years
.The Panama canal Is In the throes of a "house cleaning." Once every twenty years the locks and buildings of th?
canal recel\e a thorough cleaning and painting, and the job has just beeu completed at Gatun locks.
Array of Hauptmann Defense Writing Experts
Handwriting experts, called by the defense in the Hauptmann trial. In conference with Hnuptnmnn's attorneys.
Floods Inundate Parts of New York State
lnun2tUedrr1flrreUnreanorChtlTVeled th?r0Ughfare' takes on a de8ol?te appearance after the overflow of Black creek
Interned Strikers Are Happy
Textile strikers who were arrested by Georgia National Guardsmen and
Interned nt Atlanta are here shown enjoying the chow provided for them.
Five Children Die in Bus Wreck
tflve children were killed nnd 20 Injured when a bun and truck collided
at Itapld City, 8. I). The picture ahowa a view of the wreck.
R. DOUGLAS STUART
Mr. Stunrl succeeds Oeorge II. Monti
na clinlrinnn of Hip Industrial ndvlsory
board of the Nit A.
HENRY FORD TODAY
Thin la tho latest portrait of llonrj
Kord, tho automobile mngnnte, and if
hnn bonn kIvoii >i In approval.
SEEN--' HEARD
around th?
National Capital
I T By CARTER FIELD-HH=
Washington. ? A drive against "ruck
eta" In so-culled protective committees
of stock or bondholders of corpora
tions, especially those In receiverships.
Is about to begin us nn altogether un
expected development of the securities
and exchange commission activities.
Every Investor lias realized for some
time that there were grave abuses
In these committees, that they ran up
fees and charges even when they were
legitimate, and that ull too often their
muln purpose was to be bought off bv
those really trying to revamp the cor
poration In the interest of the stock
holders.
So far there Is no Indication that
tho commission Is going any further,
but its reports to congress, which will
be made In a few months, will, accord
ing to very reliable sources, at least
start a move ? whether it gets very fur
or not ? at doing something about the
high cost of receiverships.
For the present the commission is
aiming chlelly at men who have made
practically u business of gottlug un
thinking stock and bondholders, al
ready faced with the prospect of losing
purt of their Investments, to go Into
moves which benelltted the operators,
but In the long run only Increased the
loss of the investors.
The next logical step, senators fa
miliar with the plan declare, is to go
after the perfectly exorbitant legal
and other fees being charged for ail
ministering financially crippled or
ganizations.
One senator cited a case where a
hotel property Is being administered
by three lawyers, no one of whom ever
hail any experience in the hotel busi
ness, but who are being paid $HUHX)
a year each for their services In direct
ing this property's operations. Actual
ly, of course, no one of the three de
votes very much time to the actual
oi>eratiou of the hotel.
Hits Bondholder
The point this senator emphasized
Is; what chance does a stock or bond
holder have of getting anything when
a property, already crippled or it
would not be in receivership, has this
additional load put upon It?
More to the point Is the case of an
otlice building where two lawyers,
after performing a very minor le^al
service for one of the bondholders' pro
tective committees, sent bills for $15,
000 -each 1 It so happens that If this
particular olllce building had possessed
$30,000 at the time ? just the total of
this lawyers' bill ? it would not have
had to go Into receivership at all 1
And It so happens that there are sev
eral other "protective" committees op
erating at the moment In behalf, al
legedly, of the bondholders of this par
ticular enterprise.
"The trouble about anything per
manent being done, "the senator re
marked, "is that there are too many
lawyers In congress. 1 happen to be
one myself, but the fnct Is ? and if you
quote me by name 1 will deny I even
had such a thought ? the boys do stick
together. And the judges who appoint
receivers nnd who pass on the fees of
attorneys for protective committees,
are all lawyers. 1 do not know Just
what ought to be done about It, but
certainly It bos approached the stage
of a scandal. And beyond the shadow
of a doubt the property of Investors
who or'- unfortunate enough to have
put their money in enterprises which
get Into receiverships, is actually
looted vby the present system. I
hope that what the securities commis
sion startB will bear fruit."
New Dealers Fussed
New Dealers are torn between pride
and alarm over the actUm of New York
state electric companies In proposing
a substantial reduction In rates. They
are proud that President Roosevelt's
policy of doing everything possible to
lessen the cost of electricity to con
sumers Is meeting with such success.
They are u little alarmed as rn what
these particular cuts In this parMinhir
territory may do to the fight ap|>n?a< li
Ing In the senate over ratification <>f
the St. Lawrence seaway treaty.
Not that the votes of the New York
senators are Involved. Hoih of them
are strongly against the treaty, and
are expected to stand firmly against
It regardless of the power question.
Their concern Is with the port of New
York, and the railroads lending
through New York state to It, arid with
the Erie canal. The question of
cheaper power Is very mild In im
portance Indeed to them In contrast
with the threat to the prosperity of
their big port and the communication
lines leading to It.
Hut this cut In power rates In New
York state, presupposing further cuts
later on, hits h very serious blow at
the project as n whole, so to speak.
It makes far more difficult the problem
of convincing other parts of the United
States that the whole scheme Is eco
notnicully sound.
At present there are two sections
of the country arrnyed against each
ftthor on this treaty, for local reasons.
All of the Atlantic and (Julf s<?a
hoards nre against if for the same ren
son that New York Is against It. Most
of the Central and Northwestern
States are for It on the theory that It
would provide cheaper freight rates
for their export products hv letting
ocean going ships come Into tho (Jreat
Lakes.
Illinois Is nn exception. Its goo
graphic position would nnturnlly
mnko It for the Treaty Just ns Mich
igan. Wisconsin nnd Mlnnosotn are for
IL The canal would make Ohlcngo
virtually nil ocean port. Hut this Is
complicated by the fact that Illinois
ami Chicago want to take more water
out of Lake Michigan. Ami P^erldent
Roosevelt has not rli *? slightest Inten
tion of giving In to Illinois on this.
Might Be Liability
This leaves the Southwest and tho
Pacific coast not directly Interested
one way or the other except as the
project may tend to prove an addi
tional harden on their taxpayers. And
there is where the possibilities 'of these
rate cuts already planned, and those
obviously In prospect, come Into the
picture.
For they mean that the current pro
duced by the St. Lawrence seaway
project may actually turn from what
has been regarded as an asset, in con
sideration of the project as an eco
nomic whole. Into it liability. It Is
even conceivable that the President
may lose some of his keen Interest In
the project, though he has said noth
ing to Indicate this..
Hut If the proposed cuts of electric
rate are followed shortly by such a
program of future cuts as has been
suggested, actually the chief reason
for his being so strong for the treaty
will ^a>e disappeared. He has never
said so ? publicly ? hut ail his close
friends know that since the beginning
of Ids interest in the project his chief
concern was not the seaway to mako
cheaper freight rates to Europe for
the Middle and Northwest, hut the
power. It was part and parcel of his
plan for forcing down electric rates
all over the country.
He never said so lor the simple rea
son that the St. Lawrence seaway has
been a very popular Issue ? as a sea
way, not a hydroelectric scheme ? in
the Middle and Northwest for many
years. Hut the fact stands out that
unless he pulls wires with really ex
traordinary success, the treaty will he
defeated again this year. And lie may
just content himself with a strong
public appeal, perhaps a vigorous mes
sage, favoring the treaty, Instead of
turning on the heat in private, which
Is the only way the thing can possibly
he gotten through the senate.
President Optimistic
President Loose wit is much more
optimistic about the linancial future
ol' this government, providing lie cau
hold the bonus compromise down to a
reasonable figure, than either his bud
get message or his explanations of It
to newspaper men, senators ami mem
bers of the house Indicate.
To begin with, there is a $ I.IHHJ.OOO,
(HM> "kitty," to use his own word In
conversations about it. Only he does
not speak of ifl.tXM.OUO.lHHK ? he speaks
of j $2,(KK),(HK),(RK). Which Is another
indication of how his mind is working.
For It will he recalled that in each of
his budget messages he has gone out
of his way to put the worst foot for
ward, the aim always being to be able
to make the picture look better ? by
contrast ? at some future date.
As a matter of fact, had his strategy
been of a different variety ? bad he
been trying to make the financial pic
ture look Vosy instead of dark with
doubt ? he could have [minted a rather
optimistic picture. Instance: He
could have made a fair calculation,
say somewhere from 50 cents to SK)
cents on the dollar, of the debts owed
the Reconstruction Finance corpora
tion. Actually the corporation expects
a net profit when it finally winds up.
This would have deducted a few bil
lions from the total apparent debt to
be reduced by the government by the
end of the fiscal year 11).' 10 ? or July 1,
1037.
He could have used the
(XX) "kitty" as another offset. This
"kitty" consists of $2,000, 000, (XX) profit
made on the revaluation of gold, and
?2,000,000,tX)0 additional In the equal
ization fund, which wao voted by con
gress, and Is being administered In
absolute secrecy by Secretary of the
Treasury Morgenfhau.
Profit in Silver
Experts who tiave tried to figure,
without inside Information which Is
not obtainable, all agree that there
Is a considerable profit already. On
the silver purchase, for example.
Some estimate It as being more than
half a billion dollars profit right now,
without calculating any further ad
vance In the price of silver.
i Hut the President did not want to
make the budget statement any morn
optimistic than he could help. Il?
' w noted us blue a picture as possible
lor two reasons,
? >ne Is that the more rosy the bud
get outlook, the greater difficulty ho
would have restraining the bonus
seekers. That Is fairly obvious. It
fits In Willi Ills direct threat Unit If
congress boosts the expenditures pro
posed In the budget In any substantial
particular, congress must provide the
money by imposing additional taxation.
The other, n:nl In n way the more
Important, Is lor the effect at some
time In the future There will be an
other budget message one year from
now, which will he in the year of a
Presidential election. If things should
not be so rosy for the administration
nt that time as they are now. It might
he very helpful to present a more op
timistic picture to the country
TIiIr Is not, however, a pari <>f tho
present strategy Itoosevell l? looking
further ahead than that,/ lie Is con
cerned. not about the Election or lit,' tfi.
for in the Judgment <)f KepnhlP n ns an
well as Meritocrats as far as can be
told now, there Is nothing to concern
him In that, but with (lie future Mo
does not want to Jeopardize the re
forms the New Meal Is working. Ho
wants If to look as bright as possible
on the eve of HMO, when ii new admin
istration will fie elected. He wants tho
country to fie thoroughly won fo tlio
New Meal then.
Copyright. ? WNII Rfrvlc*.