The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1933-09-29

Al
shown by the declin-
ing price of the dollar on foreign ex-
changes-a few days ago it reached the
lowest level in fifty years-but this is
not enough for the downright intia-
tionists. 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
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 inf1a-
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:
1. 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.
President Roosevelt maintained ST.
lence on the matter of imitation, but
was especially concerned about the
welfare of the farmer. By his direc-
ton the Reconstruction Finance cor
poration made available to the fed
eral land banks another $15O,O0O,OO0
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 pro-
duce.
The administrations other plans for
credit expansion included:
Open market operations by the fed
eral reserve banks through which
members are piling up credits avail
able for commercial loans.
The Reconstruction Finance corpor-
alton plan making S1,0OO,OOO,0O0 avail
able to the banks for relending to in
Cash expenditures by the public
works administration out OF it's $780,
100000 fund.
Federal loans through such agencies
as the farm credit administration and
the home loan bank system.
Cash advances to farmers by the
agricultural adjustment administra-
ton.
Plans of the Deposit Guaranty cor
poration and other agencies to reopen
closed or restricted banks not hope
lessly insolyent.
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 4O-hour
work week.
Sets basic minimum wages for IN
derground workers ranging from 1915
to 1898 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 to
government review. The labor pro-
visions prescribed by the NRA are
contained intact in the code. Also the
workers are given the right to elect
their own check weighmen, and are
not to be required by their employers
to live in company rented houses or
to trade in company stores. There is
little change in the prevailing wage
rates.
RGANIZED labor may be well
" within its rights in seeking for it.
self every advantage to be obtained
from the NRA-certainly other groups
are doing the same-but employers
are not happy over the latest manifes-
to of William Green. president of the
American Federation of Labor. Set
ting forth the outlook for the labor
convention that opens in Washington
October 2, Mr.. Green asserts that the
federation intends to organize all I'M
organized labor in the country and
will not be stopped in this campaign.
Summing up the detectives of the con-
yention, he says: