The midland journal. (Rising Sun, Md.) 1885-1947, 1933-10-06

VIC OH CdOJ -
o.. us..;... degree Of Imitation,
shown by the declin-
ing price Of the dollar on foreign ex-
changes-a few days ago 1t reached the
lowest level in fifty years-but this Is
not enough for the downright infla-
ti0nists. Great pressure was being
brought on the President, the leaders
In this being Senator Pat Harrison Of
Mississippi, chairman of the senate
finance committee; Senator Fletcher
Of Florida, of the banking and cur
rency committee; Senator Thomas of
Oklahoma and Representative Byrns
Of Tennessee, house majority leader.
Harrison predicted adoption of a
new administration monetary policy
In the near future, indicating it would
be in full swing by mid-October when
the movement of cotton from the farms
reaches its peak.
IF the administration does not act
before congress meets" he said, ''con-
gress will compel adoption of an infla-
tiOnary policy and not leave 1t to the
discretion of the administration as was
the case with the Thomas imitation
amendment"
Declaring that the dollar is too high
and the price Of gold too low, the
Mississippian proposed an imitation pro-
gram that would include some or all
Of these methods:
L Issue treasury notes.
2 Raise the price of gold in the
domestic market.
8. Purchase silver and issue treas
ury notes against it, regardless wheth-
er French and British cooperation
could be obtained
4. Create dollar sterilization fund
to force the value of the dollar down
and to keep It there.
Washington correspondents said the
administration was planning to act In
accord with d report from the Presi-
dents secretly appointed committee
Of monetary experts, which Is opposed
to radical imitation. Its proposal is
that about November an agreement
shall be sought between the federal
reserve board and the central banks Of
Europe for the immediate sterilization
Of American, British, French and Ger
man currencies by process of peg
ging" them to one another. The dol
lar would be pegged at point be-
tween 20 and 80 cents
President Roosevelt maintained ST.
lence on the matter of imitation, but
was especially concerned about the
welfare Of the farmer. By his direc-
tion the Reconstruction Finance cor
poratlon made available to the fed
eral land banks another $150,O00, 900
to assist in the immediate refinancing
Of farm mortgages held by banks
whose operations have been restricted
by heavy portfolios of such paper.
This step, 1t was believed. would help
toward boosting prices for farm prod
uce.
A ADMINISTRATOR JOHNSON and
- his co-laborers finally succeeded
in producing code for the bituminous
coal industry that was accepted by all
the operators except two small groups
and by the miners unions and was
approved by President Roosevelt. The
principal points in this code are:
Provides for fixing Of minimum
prices; prescribes a maximum 40-hour
work week.
Sets basic minimum wages for un.
derground workers ranging from 1915
to 1888 in 16 districts.
Recognizes right of miners to or.
ganize.
Creates regional and national boards
to govern the industry and settle labor
disputes.
; The sale Of coal at less than "fair
market prices" is forbidden. and these
prices are to be determined by region
al marketing agencies and subject tt
government review. The labor pro
visions prescribed by the MIRA are
contained intact in the CODE Also the
workers are given the right to cleo,
their own check weighmen. and are
. not to be required by their employers
to live in company rented houses Of
TO trade in company stores.
CPEAKING to the convention of tn,
~ Grain and Feed Dealers Nationa
association in Chicago. Secretary O
Agriculture Wallace uttered the warn
ing that all plans for fixing prices o
agricultural products must surely fai
unless the law of supply and deman,
Is complied with. Farmers. he de
clared. must control production. and
II they do not, even imitation will no
save them. He said the production
control measures already adopted b.
the government. such as the plowlni
under Of cotton, the curtailment o
wheat acreage, and the slaughter ant