The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1933-06-14
APPLICATION OF VAST new
LAWS YET TO PROVE VALUE
IN ENDING THE DEPRESSION
Roosevelt Potentially the Most Powerful Man in the
World, Through Il Acts, All But One
We're Conceived by Him

prOpUiatCS $4,000, OOO,OUO lpt
giant public works program and
holds out the hope that eventual
ly 100000 Of the nations TO-
100000 unemployed will be put
back to work.
Second. Farm relief initiation
bill. Gives the president permls-
sive power to expand federal re-
serve credit by as much as 3d.
OOO,OOO,OOO or to issue S3,OOO;-
600, 600 in treasury notes which
will not be secured by gold but
by credit of the United States.
Authorizes the president to re
duce the gold content Of the dol
lar bv as much as so per cent
and to accept up to $2OO,OOO,-
coo in silver in payment OF war
debts owed to the. United States.
Empowers the secretary OF ag-
ricuIture to attempt a price rals-
ing program in farm commodities
through land leasing, allotment
of production among farmers and
pavment Of bounties. The boun-
ties are to be raised by leyylng
tax on professors.
Third. Securities law. Requires
filing with the federal trade COM
mission Of complete information
ON any flotation of securities.
Approval of the trade commission
is necessary before the securities
are sold, but that approval does
not remove the obligation to the
company to cling to honest prac-
tees 1t is an application of the
lule of "let The seller also be-
ware"
Fourth. Beer bill. Legalizes
The manufacture and sale of beer
and wine of not more than 81
per cent alcoholic content by
weight. Levies tax Of So a
barrel.
Fifth, Wagner-Lewis emerg-
ercy relief law. Creates a direc-
tor of, federal emergency relief
and authorizes the Reconstruc-
ton Finance corporation to spend
$500, 100000 for such relief.
Sixth, ReforestatiOn bill. En-
powers the president to employ
men on refOrestation and flood
control work at a salary of 81 a
day. The immediate goal set at
employment of 100000 jObless.
Authorizes the president to use
any money previously voted for
public works.
Seventh, Emergency bank law.
Gives the president wartime con-
troll over currency and precious
metals including foreign ex-
changes. Authorizes the appoint
ment of conservators to be plac-
ed in national banks and have
charge of assets. 1t was under
this law that the bank mora
forum was declared. Gives the
R. F. c. permission to purchase
stock of national banks.
Eighth, Railroad reorganization.
Appoints a co-ordinator for the
railroads to work out economies
in operation with the stipulation
that wages shall not be sacri-
feed. Appoints co-ordinating
committees for the eastern, south
ern and western groups of roads
to work out terminal pooling and
TO eliminate duplicate trackage.
Ninth, Economy law. Repeats
existing laws relating to compen-
sation paid to veterans, and gives
the president power to make new
schedules. Under those schedules
Mr.. Roosevelt and Director of the
Budget Douglas are planning to
save about S4O0,000,000 annually
rim an attempt to achieve bal
anced budget.
Tenth, Home owners act. Es-
tabhshes a home owners loan cor
poration with $2O0,00O,000 cap
ital provided by the Reconstruc-
ton Finance corporation. The
corporation is empowered to issue
| S2,000,O0O,0OO in bonds which
are exchanged for the mortgages.
Eleventh. Muscle Shoals. Gre
ates a board of three members to
have charge of the Tennessee
River Valley development Of
flood control, reforestation and
power lines. Authorizes manu-
facture and sale of fertilizer.
! Twelfth, Gold clause repeal.
Makes all obligations payable ir