Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1933-06-15
CONGRESS HAS
Been ACTIVE
Pass Many Bills Designed
to Aid Return of Nor
NAL Times.
Emergency Bank Act First
to Get Signature of New
Deal Leader.
BY CONG. HENRY ARENS.


the first day of the session. Under
this bill the President has the power
to stop any business of banking, to
stop transaction in foreign exchange,
export, boarding, melting, earmarking
of gold, silver coin and bullion or
currency. The bill greatly extends
the list of securities that member
post with the Federal Reserve Bank
receiving therefore, currency which
gives the local bank a large addi-
tional amount of cash.
In bill passed later, this privilege
was extended to all State Banks if
they were able to pass the, same in
spection, provided by the President
for National Banks.
The Economy Act.
In order TO balance the budget this
bill provided, a cut in all govern
mental salaries by 1870 at a saving
to the government Of approximately
$50,0O0,000. 1t authorized the Presi-
dent to eliminate the compensation to
ex-Service men of the World war that
are not service connected disability
cases and to reduce the rest as he
deems proper. 1t also provides the
elimination of compensation to vete-
rams of the Spanish American war,
under the age of go, provided they are
not permanently disabled. The Pres
ident has the power to reduce those
above the age of 60 as he deems
proper. Under this provision a saving
of S46O,00O,0O0 is anticipated.
The enforcement of this act brought
SO many complaints that the President
and his supporters have consented to
an amendment, that no service con-
nected cases should be cut more than
$50. This will reduce the saving to
the government by S100,000,OOO.
The Beer Bill.
ing the manufacturing and sale of
drinks having not to exceed 1920 al
cohol and levying a tax of $500 per
barrel on same. Also later bill was
passed, submitting an amendment to
the states to repeal the 18th Amend
ment.
Agricultural Relief Bill.
Gives power to the Secretary of
Agriculture to fix the price of agri-
cultural products. This enables the
products to have the same purchasing
value of the pre-war period, the aver
age from 1909 to 1914. The activities
OF the Farm Board are turned over to
the Department of Agriculture and the
Farm Board is dismissed.
The secretary has a right to buy
or store surplus agricultural products
and to levy prosessor's tax to pay
for operating this phase. He shall
license dealers in agricultural pro-
ducts where they enter interstate bus
mess in order to eliminate unfair
practices or charges.
One hundred million dollars are ap-
propriated for the operation of this
act.
The Bill to Establish Agricultural
Credits.
Under this bill $4,000, 100000 is au-
thorized to be loaned to farmers
through the Farm Loan Commission
er or through Joint Stock Land Banks.
The interest rate will not exceed $50
the first 5 years, amortization to be
added thereafter. The amount of the
loan shall not exceed 500 of the nor
NAL value of the land and 20&o of
the buildings.
The Industrial Recovery Act.
The Industrial Recovery Act was
passed by both Houses and there is a
slight difference between the two
bodies relative to this legislation and
i am of the opinion that the bill may
be slightly changed by this evening.
This bill appropriates $3,300,00O,O00
to be spent on public improvements.
$400.000,0O0 as direct gifts to the
states to be spent on public roads,
Minnesota in this case will receive
about $1O,00O,00O of this.
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