The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1932-02-06
HOOVER OPENS
DRIVE TO END
BOARDING EVIL
Col. Frank Knox, Chicago
Publisher, Selected to
Head Campaign.
CALLS BUSINESS CHIEFS
President Hopes to Bring
Billion Out of u. S.
Hiding Places.
BY PAUL II. MALLON
United Press Stan Correspondent

WASHINGTON, Feb. 6.-Presi-
dent Hoover started organizing to-
day the kind of a campaign he used
to save sugar and wheat during the
war-this time TO drive ST.
3O0000,00O out of hiding in sugar
bowls, strong boxes and safety de-
post vaults.
Fifty influential organization
heads we're called to a White House
conference to plan the drive against
Stacker money, on the same basis
as the patriotic campaigns against
slackers during the war. Before
the end Of the day the President
plans to have the citizen leaders
grouped in a skeleton organization.
The President and his reconstruc-
ton finance corporation chief,
Charles c.. Dawes, have prepared
speeches to fan the patriotism Of the
conferees.
Their views are known Mr.. Hoo
yer thinks that if boarding can be
broken up the dehation can be
stopped. He believes the with
drawal of money from productive
enterprise was largely responsible
for the $4,000, 100000 dehation of
credits.
Knox Heads Campaign
He has appealed to the press to
help him in his campaign, and has
singled out one of the most prom
inent publishers, Colonel Frank
Knox of the Chicago Daily News,
to head the campaign organization.
The idea Mr.. Hoover wants to
stress is that the curtailment Of
boarding is not bankers relief
proposition. He takes the ground
that the problem is related closely
to employment and credits for small
business men and farmers.
The contraction of currency in
circulation has led the federal re-
serve banks, for instance, to cut rs
or 80 per cent of their reserves in
gold, whereas the law requires only
40 per cent.
Sees Business Revival
This corner on gold ties up funds
the banks otherwise would use for
loans to business men and farmers,
according to the view taken at the
White House.
Credits f1uctuate on basis of 10
to l in comparison with gold, in his
opinion. For every dollar drawn out
of hiding, he therefore expects to
create $40 in credits.
Naturally, such a credit expansion
would promote a commensurate in
crease in business, thereby touching
the employment problem.
His campaign will be conducted
hand in hand with the American
Legion drive to promote temporary
employment. The legion drive to
put a million men back to work will
start at a. m. Feb. Is and close
one month later.
The legion plans to canvass every
house in the country under the
''block system" Every citizen will
be asked to contribute some work
for unemployed men.
Chicago May Be Key City
Daily check will be kept on the
progress of the drive and newspa-
pers have agreed to give prominent
displays to these announcer ents.
Billboards and radio also will be
used. Advertisers on the radio have
agreed to devote thirty seconds
every fifteen minutes to campaign
announcements.
In making the announcement OF
Knox selection late Friday, Mr..
Hoover said headquarters might be
established in Chicago. He expects
Knox to come to Washington for
a conference within a few days.
Knox is 81 years old. He spent
his life in the newspaper business,
starting as a reporter on the Grand
RAPIDS (Mich.0 Herald in 1898. He
has published newspapers in Sault
ste. Marie, Mich; Manchester, N
II PoStor, and GhicapO