Historical Newspapers of South Carolina

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V*' —'—^ . \ Tit Baniwdl Peopl»-8—tiaeL Barawen. R C« Thnrej^ > MarA^ Be News Review of Current Events the World Over V r President’s Proposal to Eliminate Utility Holding Com panies Brings Storm of Criticism—Treasury Seeks to Simplify Nation’s Currency Structure. By EDWARD W. PICKARD C. Western Newspaper Union. T HE President's special message calling for abolition of Qtillt; bold ing companies stirred op a storm that probably surprised even such an astute R. L* who l##«ed an luJuncUon re- ’ J| He ^politician as Mr. Roosevelt The Presi dent urged legislation to abolish those hold ing companies which were unable to show they were operated In the public interest Representative Bert rand H. Snell, Repub lican leader, immedi ately attacked the Senator N.rrlo cl ’ , ' m ' n * ' h ' P real dent had de nounced propaganda against the pro posed legislation, and was himself propagandizing for It. Utility compa nies also swung Into the battle, and thousands of investors In utility stocks are reported to have sent In protests to congress. In the senate, Norris, Ne braska Republican, offered a resolu tion calling upon the federal trade commission 'to Investigate propaganda regarding the legislation. The senate approved without debate. Charges were made by utility companies that because of the administration’s cam paign against public utilities “the val ue of utility securities has declined by three and one-half billion dollars since 1933.’' Enactment of legislation to halt holding companies will cause enormous loss to the American family, one power official testified before the house interstate commerce committee. G REECE is mopping up the loose ends of the revolt. Some fighting is reported near the Bulgarian border where one regiment, part of the re bellious Fourth army corps, has de clined to surrender, but the revolution Is definitely over. Kleutherlos Venl- zelos, ex-premler, and leader of the futile revolt, was reported a refugee at Rhodes, the tiny Island where Julius Caesar was Interned by pirates some 2,r>0U years ago. Venlzelos was trans ferred there by the Italian government after he hud been landed In Italy by one. of the rebel warships. Gen. George Karmenos, rebel commander, is safe In Bulgaria, where ofllcials have re fused extradition. Rebel prisoners are being concentrated in camps, alid courts martial are functioning In Salonikl, Kuvala and Larissa, and mili tary trials have begun in Athens. It is believed tbat only a few oP the most flagrant rebels will suffer the death penalty. Venlzelos Is almost certain to be court-martialed in absen-“ tla, and banished forever. His elab orate home in Athens, and bis valuable library have already been confiscated and will likely be converted to public use. Italy has refused to extradite him, although it is possible tbat new demands will be made by the Greek government, .who will claim that he took funds from a bank In Crete. Un less he is surrendered, he will prob ably move to Furls where his two sons now reside. T HE senate smacked down Senator Huey Long for his filibustering tactics and his efforts to amend the administration's $4,880,000,000 work relief measure. The Kingflsb had de manded alterations in the work relief bill whlcn would take $100,000,000 away from the $600,000,000 earmarked for CCC work and allot it to students in colleges and universities. Long’s amendment was defeated by S'vote of 68 to 27. To "^rove that old adage of “politics makes strange bedfel lows," Long was aided by Senator Hiram Johnson of California, who de dared that the senate should have something to say about methods for spending the huge sum soi^-bt by the President Johnson has heretofore been considered a supporter of the President. Long’s amendment brought forth other proposed changes which should keep the senators busy arguing for several dtp-s. The bonus bill may be dragged in and an attempt made to make it a rider to the relief measure, and inflationists and leaders of other “ists" will insist on having their say. ly. The AAA was declared iDvalld Al regards intrastate business by Federal Judge Ira Lloyd Ivetta at Providence, ‘HE house appropriations commit tee favorably re|M»rted out-the De partment of Agriculture appropriations MU for the 1090 fiscal year. A cut of $513,878,758 was due largely to a $411,022,- 428 slash In the AAA Item. The total bill calls for $653,278,758, of which $570,000,000 wonld go to the Agri culture Adjuatment ad ministration activities. At committee bearings It was explained that it la impossible to etftl- mate how much would «Mfy Wallace have to ^ ob]lgated because of the crop control program, hot the AAA Item was a rough eatl- mate of processing tax collections wad e 0 National Topics Interpreted by William Bruckart National Press Building y Washington, D, C. A LL outstanding first Liberty loan bonds have been called for re demption by Secretary of the Treasury Morgenthau. The $2,000,000,000 out standing has been called for June 15, before which time the treasury will likely offer lower Interest-bearing securities in exchange for the first Liberties, saving the government some $14,000,000 in annual Interest charges straining Secretary of AgrteuHnre Wal lace from enforcing the act against three Rhode Island retail milk dealers, on the grounds thht their bualness was conducted entirely within the state, and the national government had no right to Interfere. At Newark, N. J., Fed eral Judge Guy L. Fake ruled the na tional recovery act unconstitutional as applied to Intrastate commerce “be cause it attempts an unlawful delega tion of legislative authority." The lat ter decision agrees with that handed down by Federal Judge Nlelds In the controversial Welrton steel dispute. pHANCELLOR ADOLPH HITLER S “diplomatic” cold is over, and he will welcome Sir John Simon, Brltlkn foreign secretary, to a conference be ginning March 24. Accompanying Sir John will be Capt Anthony Eden, lord privy seal, and disarmament authority. After the Berlin visit Eden will go to Moscow to talk with Soviet leaders The Berlin conferences will discuss legaliza tion of Germany's rearmament in ex change for an air I .oca r no pact with Great Britain, France. Italy, and Bel gium, and an eastern security pact with Poland and Russia. Limitation of arm ament by all nations will also be taken up. The visit Is complicated by a re cent announcement that Germany pos sesses military aviation in violation of the Versailles treaty. Because of this, France may Invoke the Rome accord w4th Italy and Franco-Brltlsb declara tion at London In support of Its move to keep the reich from giving the air force official sanction. Secretary Morgenthau Deal policies took two more batterings as Federal courts held both the AAA and-NRA unconstitution al as regards intrastate business. The administration might find some conso lation in another ruling which held the - radical FrazleV-Lemke farm mortgage bill was valid. Federal Judge Merrill E. Otia, at Kansas City, declared the Frazler-Lemke law waa constitutional, “although unwise In many of Its prd- visions and almost Incomprehensible ' matter." Judge Otis said his ruling was not the first In which the act waa upheld, and that an appeal waa already . * toefort the United States Supreme court 'jad • decision might be expected short- ■.' ^ . . . - S ECRETARY OF THE TREASURY MORGENTHAU revealed plans to dip into profits from gold seizure to re tire $674,625,630 of the national d*ebt through the use of gold certificates. Po tentially Inflationary. It will deprive nation al banks of the power to Issue currency, and save the government an annual Interest charge of $13,500,000 Questions on Inflation ary Implications were avoided by ..treasury officials, bu* thev ad-, mitted the plan would “put gold back to work which can be expanded.” The maneuver will place in the hands of the federal reserve banks $874,625,630 of gold certificates, which must be used as backing for issue of the same sum In federal reserve notes to retire the bonds. Note issue against the bondf could be expanded if cor rency demands- warranted, to about $1,687,500,000, since a federal reserve note need not be backed by more than 40 per cent gold or gold certificates In like percentage. What will happeu will be the immediate simplification oi our currency system. The treasury and federal reserve banks will have all the authority to issue money. The piarv Involves retirement on August 1 of $674,625,630 of 2 per cent federal securities and substitution of federal reserve notes for $657,937,080 of out standing national bank currency. I’nese bonds will be retired with anr- plus funds created by devaln«rg the Roosevelt dollar from 100 cents to 59.06 cents, gold. The total profit was $2,812,000,000. National bank notes Issued by na tional banks against federal securities represent more than one-tenth of th*? nation’s circulating currency. The ad ministration’s program likely means the permanent abandonment of the na tional hank note viilch has been used since the Civil war. The circulation privileges expire on all bonds deposit ed by hanks and held In trust by the treasury on July 22, 1935, except on two issues. By calling for redemption, the treasury will retire all securities bearing “circulation privilege” and na__ tlonal hanks will no longer have suit able security for issuance of their own notes. , „ U not controlling, Henry Wallace, sec retary of agriculture, told the coinmtF tee that the farmers' share of the na tional Income la now about 10.2 per cent, and that It should be 13 to 16 per cent. , Wallace said "true prosperity" can not come “until there has been a very material increase in the output of phys ical goods. Industrial goods.”. “If In some way It were possible to turn out 50 per cent more Industrial goods aya price definitely lower than- Hhe present price.” the secretary testi fied, "the result would be to make It possible for agriculture to’ buy more with the agricultural dollar and there “Would be more factory workers to be fed in the cities." Washington.—Most observers and thinking citizens have been Inclined to take little stock - *n - Long and the talks of Huey Coughlin I>od$ and Father Coughlin, the radio priest, concerning plana for redtsliibu" tlon of wealth. Th6 consensus has |3|KMONSTRATORS* numbering ap- LJ proximotely 2,000 marched Into the Minnesota state capito) at 8L Pail and harangued legislators with de mands In behplf of the Idle ranks. Threats were made to picket the captto) unless demands ware toet. p*VEN though the senate will not act Immediately on the “pink slip” bill to repeal Income tax publicity, Income tax figures will not be available to the public for six months, according to. Internal revenue ofllcials. While It H likely the publicity act will be repealed, the house having so voted, It is not an ticipated that the senate will act on the measure for some time. Even though the latter might not act favor ably, there remains considerable work * . • ■ ■;f \ to be done before the figures can be made public, and Income tar payers may be confident that prying neigh bors cannot have immediate access to such information. In the seijnte a drive has been started for higher fed eral Income and corporation taxes F RENCH courts have formally In dieted 19 persons, including Mrs. Stavisky, for the Stavisky scandal that' rocked the government after the financial debacle, which caused losses of millions of francs to investors, had broken, Stavisky, known as “Hand some Alex,” died f rom a gunshot. wound as police tried to arrest him in January, 1934. A FTER twenty months of bar- gaining, the documents conveying full title to the Chinese Eastern rail way to Manchukuo were initialed In Tokyo, thus eliminating Russia as a factor In Manchukuo. The written ap proval of the agreements was signed by Koki Hirota, Japanese foreign min Ister; Dr. Constantine Youreneff. So vlet ambassador to Japan : and by Gen. Ting Shih-Yuan, Manchukuban minis ter of finance. The consideration was 140,000,000 yen, or about $39,300,000 The documents require that all three governments approve them before their formal signing about March 23. Thus is ended forty years of Russo-Japanese contention for domination. been that their plans sooner or later would fall of their own weight But it can be denied n« longer that Long and Coughlin have developed a gigantic fol lowing of people who lack Information as to the fallacies of the arguments, hqwever logical they sound, that hav been spread by these politically smarf showmen. One reason that serious attention to their proposals is now necessary Is that some of their arguments are being ad vanced from high places In the federal government Prefer specifically to the testimony before the house committee on banking and currency by Marriner S. Eccles, governor of the Federal Reserve board and as such the titular head of the nation’s banking system. Mr. Eccles did not qtiite take a leaf out of Huey Long’s book. He ap proached the position of the Louisiana senator, however, when he proposed a redistribution of income, whereas Sen ator Long has urged a redlstribuflon of wealth. Mr. Eccles suggested In his testimony. In effect that It would be all right for a man with say ten million dollars in capital to keep that sum, provided his Income was redistributed. Mr. Eccles went back to the days Immediately fol lowing the World war to illustrate his argument and showed that at the' top of the post-war boom “one tenth of one per cent of the families at the top of the Income received as much as 42 per cent of the families at the. bottom of the list." J Furthermore, he said that the single average family in the big In come class got as much as four hun dred families at the bottom of the in come list. ‘This one-tenth of 1 per cent was unable to use all the income in con sumption," he. continued. “They there fore had to find an outlet In the In vestment field. As a result, the capacity to produce increased out of all propor tion to the capacity to consume." So Mr. Eccles took the position that a solution of the depression was a re distribution of this income with the idea that it would increase purchasing power in the lower brackets. The gov ernor offered no _explanation of how those In the lower income class were going to obtain possession of the redis tributed income of the rich because his argument stopped at the point where the government.would take this money by taxation. hat is the recognized weakness of programs advanced by Senator and Father Coughlin, ami Gov ernor Eccles showed no ability to solve the problem. out of banks must fail for lack of bor rowers. I think everyone acquainted with conditions must agree that the Eccles Idea and the Nye legislation mean absolutely nothing in the way of recovery aids, for it has always been true, you can lead a horse to w’ater but a«4%^»^cannot make him drink. •ffj • • • The fallacies being put forward by Senator Long and Father Coughlin, and „ ju»w being iilhbled-at Stop and by Governor Eccles - Consider and Senator Nye ob viously have been ac- loan unless ^»e has at least reasonable assurances 9# repayment. It will be recalled that President Roosevelt at one time spoke disparag ingly of the "refusal" of the bankers to make loans. The Presidfent subsequent- ly learncfflbat attempts lo pump money- HORSE STILL SURVIVES In its first enthusiasm over the Machine age, the world prepared to say farewell to the horse. But horse flesh remains as hardy as ever and refuses to be shoved Into oblivion. One of the predictions was the dis appearance of the war horse. In fa vor of motor cars, trucks, tanks and motorized artillery batteries. Motor ized artillery was given a thorough test by the United States army, and the verdict was that the horse could never be entirely displaced, for his superiority In rough country and over muddy roads was clear. The War department now has announced Its plans for mechanization; and the "horse gets ample recognition. Effec- tlye December 1, 41 artillery units will be motorized, but 33 horse- drawn batteries will be retained. Dr. Pierce’s PeUets are best for liver, bo we Li and stomach. One little Pellet for a laxative—three for a cathartic.—Adv. — v Altered Relationship Boss—My wife heard that I took you out to dinner the other evening. Secretary—Well, what does that make me? Boss—That makes you my former I secretary.—Kansas City Star. /COMPLETE collapse of the adqiln- ^ istration’s long battle to regulate prices in the steel Industry is seen Ih an NRA offer to give up, and In charges by the federal trade commis sion of a fiasco of collusion. The trade commission Insists that price- fixing be scrapped, and no prosecution of steel companies under the anti trust laws. The trade commission charges that under the code the steel companies have fixed and raised prices on government contracts. In defiance of competitive bidding requirements. Bids were Identical, and then steel executives slapped fines of $10 t ton on members who let the government have steel cheaper," the commission says. A NEW gold suit Is menacing admin istratlOD financing and money pol icies. The suit reopening the question of investors’ claims for payment of 1,800 million dollars of government bonds in gold or an equivalent, is brought by Robert A. Taft, son of the late chief justice, over the sum of $1.07. Taft demands either payment 1 of bonds in gold or suspension of ail refunding of the gold clause certificates. Before going to court, Taft presented to the treasury a $50 gold clause Liberty bond and four $1.07 Interest coupons at tached, and demanded gold for both, but waa refused. The suit may force the administration to Close the loop holes left by the Supreme court de cisions, if that Is possible. A Cuba has established a military dictatorship over the island, constltu tional law has been suspended, the death penalty for rebels imposed, and military governors designated for Havana and provinces. Washington is watching the situation with keen in terest Bombings and rioting are lo creasing, according to reports, with ten dead and fifteen injured. The ob Jectlves of the opponents of the gov eroment Is the removal from efi1ce^>t President Mendieta and Cqlonel Fui gencio Batista, chief of the army The strike hast become almost general, nearly paralyzing all activities In the island. Repressive measures taken by the government to quell the strikers strongly resemble the strong-arm methods prevalent In. the Machado regime, according to observers. *-■ T he senate passed the army appro priation bill, and ft now goes to the bouse. The measure adds $20,000. 000 to the original bill, making the total appropriation of $400,000,000 al most a record high, and will add 46. 250 to our army strength, making the total of enlisted men 165.000. Wirm talk flowed freely as the senate de bated the measure. Senator Lewis said that conflict might come between Ruasia and Japan and he asked: “With the army of Rnsala and the navy of Japan, where do we stand?" Senator McAdoo also speaking in favor of the bill laid: “Unless wa want to continue to be a boob nation, wa will not hesitate to make this Increase in the army. It la Justified by the wisdom and the necea sltlee of national defense." ^ OaTop of thc o 11 i bu rsts hy Lung aTuT Coughlin and the serious testimony by Governor Eccles Proposes comes Senator Nye Central Bank the North Dakota progressive, with a bill In the senate to create a central hank. Senator Nye’s action has caused many'humorous expressions. Here we have a senator who has fostered, even boasted about, progressive ideas and has called himself a liberal. It is nec essary only to recall that the father of the central bank idea was the ultra conservative Alexander Hamilton, the first secretary of the treasury. Senator Nye advances a bill with the thought that the central hank would avoid hamstringing of credit.- 1 think financial experts all, agree that this Is true. The thing which Senator Nya overlooked, however, If that Mr. Hamilton’s central bank collapsed and brought ruin and grief to thousands. The reason It collapsed was because in removing control of the banking facili ties from experienced bankers, the whole thing had been turned over to the control of politicians who, general ly speaking, are experienced only In politics. Ft seems paradoxical that the North Dakota senator should advance as a liberal scheme the creation of a central bank which one hundred and fifty years ago represented the height of conservatism. ~ 1 ' The Nye legislation was offered In the same week that Governor Eccles had proposed In his testimony on the hanking bill In the house that the Fed eral Reserve board should have com plete control of the credit expansion and contraction In this country. I be lieve most persons will have difficulty in considering the two schemes as sep- erate and distinct It Is to be noted that there are at least ninety-nine radical members of the house of representatives who are convinced that the federal reserve sys tem has failed of Its purposes. Most of them have been refilling without rhyme or reason {he* acdUsation that bankers are “refusing" to make loans. They think, therefore, that tf there Is a central bank or tf-credit control Is placed In the reserve boardTand taken away from the federal reserve banks where It now reposes there'Wni be ad ditional loans forced out of the com mercial banka. History Indicates, how ever, that this la fallacious. No busi ness la going to borrow money when it cepted by thousands of people. Senator Long claims that at least six million persons are supporting his scheme. It would seem to be the time, therefore, for citizens to begin to analyze the trend of events, if they are influenced by such leadership. In connection with this trend, it Is interesting to observe how much trouble Senator Long and Father Coughlin already have caused for the administration. It must be said frank ly, Mr. Roosevelt and his advisers thus far have not found a way to deni with it. They have tried fighting back and each time they have succeeded only In furnishing fresh ammunition for the Long-CoughHn team. Senator Robln,- son of Arkansas. Democratic lender In the senate, made one of his greatest speeches of criticism of Senator Long’s schemes, but the result *wa.s only a fresh outburst by the Ixmlsiana sena tor who took Senator Robinson’s own words and convened them to his use. I reported tit^ffiOreviously that the administration Wro. prepared at one time to take action against Senator Long on income tax questions. But apparently the powers that be have de cided that such a course, instead of putting Long back In his place, would make a martyr of him. Among the ob servers here the belief prevails that the only way ling’s attacks can he stopped and his tactics broken up Is by ridicule. No politician, however thick-skinned, can stand being made the butt of jokes. • • • The administration lias told congress that it wants to keep the NRA. Through Donald R. Rtchherg. New Plans sometimes called the for NRA Assistant president, the administration’s position was laid’ before the senate committee on finance the other dav with the suggestion that the proposed new NRA should be confined to matters of interstate commerce. That Is. the administration proposes that In, extend ing the NRA for turn years from the oomJug^Jime Wi expiration date, tt would apply only to Industry engaged 14n - 4inea-of- com n 1 e rceaTTiTendeavor that carries across state lines. By the same token, the proposal would elim inate the codes of fair practices from application to the so-called service In dustry and could not, therefore, apply even to hours and wages In those local plants now under codes. - ^ WHEN YOU TAKE A LAXATIVE ...usea spoon It isn’t what brand of laxative you take that’s so imjjortant—it’s the form. A liquid laxative ian be taken in any required amount. If only e little is needed, you need never take e bit too much. Doctors favor the easily measured liquid laxatives. Instead of any form that does not encourage variation from the fixed dose. A fixed dose may be an overdose for you—or your thild. Always remember this one thing - about constipation: the secret of any real relief is reduced dosage. • Give the bowels only as much help as may be needed, and less help a» „ the need grows less. You will find Dr. Caldwell’s Syrup Pepsin an excellent aid in regulating the bowels. It »i$, tains senna . and mascara '.natural laxatives) and it will cleanup any bilious, sluggish condition without upset. .Delightful taste, and pleasant action. Your druggist has it. &*..(?a£ceu7e&j SYRUP PEPSIN That Point Settled First tiling made sure of at a fam lly reunion Is plenty to eat.' CREOMULSION Mr. Richherg’g statement Immediate ly provoked discussion which certainly can be expected to increase in volume because it is in the nature of protests from those who claim to speak for la bor. Sidney Hillman, of the NRA high command, immediately protested as did William Green, president of the Amer ican Federation of Labor. Each of these Individuals contended that the NRA would be a worse failure than »t Is now If it were confined to the nar row definition of interstate commerce and applied only to those Industries. Mr. Hillman, who is labor’s representa tive on the National*Industrial Recov ery board, when he learned of Mr. Rlchberg’s statement promptly struck back with an emphatic observation that the country would not permit such ac tion. - . “It Is unthinkable,” he said, “that congress will withdraw the only protec tion that the three million or four mil lion underpaid, overworked and help- less workers in the service trades now have. Some of them as a result of the NRA are for the first time In .their lives getting one day of rest • week and something a little better than the coolie wages they hhve been paid in the past. “I am not Interpreting the Constitu tion. I leave that to the Supreme Court qf the United States. But I have been Imptessed by opinions given by out standing members of the bar that a condition of keeping millions of work ers at atarvatlon wage levels does af fect interstate commerce." Thus l£ presented the conflict - of views between administration ap pointees, and reconciliation of their views la not made easier by the activity of the labor leaders. It is to be re called that Mr. Green and some of his stalwart labor associates are not en thusiastic about Mr. Roosevelt And his labor policies any longer. They are not going to be satisfied as easily as they were 18 months ago when they accept ed various and sundry promises believ ing that those promises were to solve labor’s economic problems. The ad ministration, therefore, is confronted with genuine danger through the cons- OAitThmphfBlotchi Tied and nouqh? ir ii_- 'f If so. Use Qitfcura Soap and Ointment l«. Otntmwrt ate and so*. ^INDIGESTION? Mr. T. W. Lineo of 141* Sardis St, Metnpms. Trait, ■aid: “I didn’t feel right at all, had no appetite an* suffered from - indigestion. Dr. Pierce’s Golden Medi cs! Discovery built me up. gave me an appetite an* made me feel all right •gain." All druggists. New sice, tablets 50 WNU—7 12—85 dowit >Md it *nd l. P«- #( M , polities ritottloB. • J to Watam N*wssne>a Pal—. •os is Ms right mind going to WATCH YOU KINNEYS! Be Sore They Properly Cleanse the-Blood Y OUR kidneys are constantly fil tering impurities from the blood stream. But kidneys get function- ally disturbed—lag In their work— toil to remove the poisonous body wastes. & , Then you may suffer nagging backache, attacks of dizziness,' burning, scanty or too frequent urination, getting up at * night, aifollen feet and ankles, rheumatic pains; feel "all worn out." Don’t delay! For the quicker you gat rid qf these poisons, the bettor your chances of good health. Use Doan’s PiTls. Doan’s art for the kidneys only. They tend to pro mote normal functioning of tho kidneys; should help them pass off tho Irritating poisons. Doan’s aro recommended by users the country over. Get them from any druggist, mr f ILLS sywi&f-" . * i , i, • .A-** ^ • 1 ^