The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1933-02-03

aDly TO revise the natlondl DdHhihS
and federal reserve laws, is going no
where in this session.
So IL is easy to see what gigantic
forces will be exerted against two
measures which it appears Mr.. Roose-
Welt favors. Each of these bills has
opposition spreading from coast to
coast, but it remains to be seen wheth-
er that opposition is strong enough to
break the unit of Democratic strength.
The character of the fight that Is
to come over the Glass banking bill
has been thoroughly demonstrated by
that which took place in the senate
recently. 1t is no game at which chill
dren can play. There are tremendous
goodly number of little bankers
against it. Their objections are not
to the same sections, but that is imma-
terial.
This banking legislation links right
into the problems of domestic debts,
and that, in turn, is tied like knot
about the use of the Federal Reserve
system as an aid to economic restora-
ton.
Back of it all obviously are the two
camps, one urging imitation of the cur
rency even to the point of abandoning
the gold standard and the other group
preaching sound money and retention
of the gold standard. This phase OF
the problem that win be left on Mr..
Roosevelt's lap provides an entree in
to the picture for all Of the varied
patent medicine legislators who have
their own plans for curing everything
from the hives to an economic break
down.
Into this picture also is seen the
probable advent of leaders in the
movement to pay the soldiers bonus
Immediately. Many of them want to
pay in currency that has just come
from the government presses, and with
nothing behind 1t. There is consid-
cradle number of them. They cannot
be pushed aside without an answer de-
spite the fact that the incoming Pres
ident has announced his opposition so
such program.
The domestic debt situation also
gives the self-appointed type of econo-
mic doctors another opportunity.
There are farm debts and debts OF
city home owners over whose heads
mortgages hang. Plenty of words will
rend the atmosphere about these con-
ditions.
Probably some legislation will come
out of the situation centering around
debts. Changes in the bankruptcy
laws are now impending, as I ex-
planned In an earlier dispatch. The
consensus is that this legislation is
moving in the right direction and that
something worthwhile will eventuate.
That legislation, however, has only
a very slight connection with the
general farm problem. 1t may. and
probably WILL result in help in the case
of mortgages of city property, but 1t
will not deal with mortgages on farm
lands. Those mortgages are so great
that distinctive and separate consid-
Grafton must De given tnem.
Complex Foreign Questions.
Mr.. Roosevelt lately has given much
thought to the whote category Of for
eign questions, too. Some of them are
in situation at present that indicates
they are growing in complexity. / re-
fer to the Japanese-Far Eastern con-
dition, particularly, but there are dis
turbing elements In South and Central
America as well.
1t can be seen, without recourse to
imagination, that these are closely re-
lated to war debts. Any mention of
war debts connects up at once with in
ternational tariff policies, and Mr..
Roosevelt is proposing some sort of an
international new deal with respect to
the high tariff walls erected in so
many countries.
Congress has said it would have
nothing to do with any proposals for
war debt revision, but it is going to
have that subject before it whether it
likes the idea or not. It is extremely
improbable that there will be any re-.
vision, yet it must be recalled that
such men as Senator Borah (Rep), of
Idaho, have said they would not be
averse to scaling down Of the war
debts, provided they can enforce linn
itation on the other nations also to cut
down on their expenditures for arms
and munitions of war. Let it not be
forgotten, the Borah view is gaining.
Then, too, it must be recalled that
Senator Harrison, of Mississippi,
Democrat and an astute leader, is pro-
noting an idea about worldwide agree
ment on tariffs and is seeking to en-
force reduction in arms expenditures
along with it.
These are all of uncertain form at
present. But the ideas are not with
out merit in the opinion of leaders ev-
erywhere. They must be reckoned
with, and in the extra session, too
Thus, when one studies the picture
and observes all the detail, it can
hardly be doubted that the extra ses-
sion is in for peck of trouble. The
nature of the problems and the condi-
lions of the people of this nation and
of the world preclude any evasion.
Members of congress, however, will
stay with the job. If they solve the
budget problem or do anyone of sew
eral things that surely can be done in
the extra session, they can then go
back home to the folks with an answer
to otherwise embarrassing questions.
May be they will not be able to do ev-
erything the people want, or think
they want, but if they accomplish any
thing they can say they tried.
G. 1893. Western Newspaper Union