Evening star., 1933-05-19

Five billion dollars out of the Fed
eral Treasury and into the pockets OF
the American people, through the
medium of titanic Government lending
and spending, as the supreme anti
dote for unemployment and the sure
specific for the revival of prosperity,
has long been vociferously championed
and as vigorously denounced as folly
by opposing economic and political
medicine men. This week it has
passed from the realm of theory to
the realm of reality. Mr.. Roosevelt
has given it his unconditional 20. K"
1t is the natural sequel to the Roose-
welt relation" policy. Expansion of
the currency has been authorized.
New issues of bank notes and Treasury
notes are authorized, but are of no
effect unless they are actually put into
circulation-into the hands of the peo-
pie. A new bond issue is in prospect,
and new taxes. But whatever the out
ward aspects Of the financing Of the
five billion, the reality will be imitation.
AL Smith was the pioneer exponent
OF the five billion-dollar public works
plan to combat unemployment. He
was advocating it year ago, when he
was bidding for the presidential nomi-
nation. The adoption of this program
by Mr.. Roosevelt ought to bring a
telegram of congratulations from Al.
X X X
The naming of Eugene r. Black of
Atlanta as governor of the Federal
Reserve Board to succeed Eugene
Meyer is regarded at the Capital as
purely a stop-gap appointment. In
making the announcement. Mr.. RooSe-
velt emphasized that Mr. Blacks per-
sonal business affairs in Atlanta" would
preclude his serving as governor of the
Federal Reserve Board for more than
few months. Federal Reserve bank
policies, as matters stand today, are an
integral part of the administrators s
fiscal and economic program. The
President has regarded it as essential
that the Federal Reserve Board order
its affairs in strict conformity with
Mr.. Roosevelt's own wishes. In appoint
ing new governor of the Federal
Reserve Board the President was not
looking for man who would be capable
Of exercising high independent judg-
ment, but rather for one who would
be amenable to White House sugges-
tions. This situation helps explain the
Black appointment.
The executive Office at the White
House was crowded with members of
Congress when the President signed
the Norris Muscle Shoals bill Thursday
and there were nowhere near enough
souvenir pens to go around. There are
only 18 letters in the Presidents sigma
ture, so even when he uses a separate
pen for each letter 18 pens is just
about the limit Representative AL
man of the Muscle Shoals Alabama
congressional district, one OF those
present at the ceremonies, brought with
him, carefully preserved under glass
and in a heavy oak frame, one OF the
pens with which Woodrow Wilson had
signed the original Muscle Shoals bill
l8 years ago. Mr.. Altman secured one
of the Roosevelt Muscle Shoals pens
and departed beaming with pride.
* X X X
President Roosevelt, like King George
of England, is an enthusiastic COL
lector of postage stamps, and the Roose-
welt stamp collection is extensive and
valuable. The President Is taking a
personal interest in the special COM
memorative issues of United States
stamps, which have been increasingly
numerous In recent years. Since March
there have been, as yet, only three
new commemorative United states
stamps, which have been increasingly
ing at Newburgh, N. Y, of the pact
which ended the Revolutionary War,
and two stamps celebrating the Chi
cago Worlds Fair this year. Mr.. Roose-
velt personally selected the designs OF
these stamps from the various samples
submitted for his approval. There are
pending in the Post Office Department
several hundred applications for COM
memorative stamps. Many stamps are
sought and few are chosen but 1t is
expected they will be more numerous
now than ever before.
The impeachment trial of Judge
Harold E. Louderbeck, now holding
forth in the Senate, Is proving to be
a dull affair. 1t Is a life-and-death
matter to the California jurist, but
there are few thrills in it for either the
senatorial jury or for the galleries.
Many Senators are giving private vent
to- the feeling the business is an un-
warranted trespass on the Senate's
time at . time when the legislative