The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1933-11-17

JODS are uduc dNdlldDie IueTe Is
more spending by those given work.
1t Is obvious that each of these add
something to the country's buying pow
er, but the question is, how much?
That seems to be the weakness Of the
plan to help heavy industries, as 1t
was the weakness Of other plans in
volving expenditures. While the $780,
100000 that was loaned to about twen-
ty railroads, for example, will start
some folks to work. it will require
good many more millions to carry
that theory through to successful COM
pletion, according to the best judgment
l have been able to obtain.
But that fact is not one in criticism.
It is pointed out merely in emphasis of
another fact, namely, that this recov-
cry is and must of necessity be slow
process. 1t will be so slow that most
folks will lose patience and confidence
In the future. That will help never
one bit
Let us take the railroad loan up for
consideration, again. 1t is small, COM
paratively speaking, but repeating that
which was said above: it will result
in jobs. The heavy industries after
all are the big employers of labor, and
if they are able to increase their pay
rolls in however small amounts, there
will be just that much momentum CIV
en- to the wheel which must turn con-
tinuously If there is to be prosperity
throughout the world. So as the other
industrial and agricultural recovery
programs move forward with their
varying degrees of success, the at
tempt to get those heavy industries on
their feet surely must be considered
as unit OF the general plan and one
that is highly important in the struc-
ture Of economic life
One of my correspondents wrote me
an inquiry as to why the heavy indus
tries had to borrow from the govern
ment when the banks are loaded down
with money that is idle. The answer
simply is because there is and has
been lack of confidence among the
bankers. The thing that is disturbing
them is the uncertainty about the eur
rency They cannot tell, for instance,
whether Mr.. Roosevelt is going to use
any of the infiationary powers that he
possesses. If he said he did not con-
template using them, my information
/ is that goodly number of bankers
would be willing to make loans. But
he has not said yet that he will not
use those powers.
And l want to say this in justifica-
ton of the position the bankers have
taken: they are trustees of their de-
positors' money and If they make
loans, they have to feel reasonably
sure they can get it back With the
uncertainty about the currency. they
cannot be sure whether, If they loan
dollars as they now are, they will get
back fifty-cent dollar or pure
greenback without anything to back
it up. I hear a great deal of opinion
along this line and believe it is grow
ing.
The first payments to farmers under
the wheat acreage reduction program
have been made. The
Farmers Get first one was made
E:r.s De-, to farmer in Iowa
from which state
Secretary Wallace Of the Department
of Agriculture comes. was told at
the department that 1t just happened
the first payment went out there. All
details of the contract had been ar
ranged and so the check went forward.
1t so happened, however, that Iowa
was one of the trouble spots in the
farmers strike, and the quick action
to get money out there might naturally
have been taken In hope of providing
some of those farmers with a reason
to quit the strike.
1t is the expectation of the Depart
ment Of Agriculture that the wheat pro-
gram will result in distribution of
around S102,O00,O0O to the farmers.
The acreage reduction signed up will
take about 100000 acres out of pro-
duction next year, and the payments
now being made represent about 20
per cent of what each farmer will re-
ceive. The remainder will be paid
next spring when the farmers con-
tracts will have been fully executed
in the sense that the acre concerned
has not been planted either this fall
or next spring.
Despite their "wet" leanings, Post
master General Farley and Attorney
General Cummings have had to decree
that liquor advertisements In newspa-
pers and magazines may not go into
"dry" states. They have ruled that It
is proper for newspaper or maya
zine, carrying liquor advertisement,
to circulate in state where prohibit
ton is not operative under state laws,
but otherwise the advertisement must
not be circulated.
| do not imagine it was a pleasant
thing for big Jim" Farley to do, be-
cause it was he who fought harder
for repeal than any other high Demo-
cratic leader. And possibly the action
was made more distasteful to Mr. Far
ley because it was another Democrat,
jim ANCCu. Va HioSouil 1, VIM hdu
sponsored the law that barred liquor
advertising from the mails, when he
was member of the senate. Senator
Reed. always a wet. had put forward
the amendment barring advertisements
of liquor for the purpose of seeing
how far the drys will CO." They went,
and Senator Reed had to vote for a
provision of law that he knew was
absurd.
have made numerous inquiries
lately and can find no logical reason
for barring the advertising. except thet
IL is in the law. 1t does not occur to