Evening star., 1933-03-05
ROOSEVELT MOVES
SWIFTLY IN CRISIS
New Cabinet Meets-Wood-
in Summons Bank and
Business Leaders.
Continued From First Page.)

deposits in effect under such q pan
would become trust funds and held
entirely separate from the other funds
of the bank. The controller OF the
currency, 1t Is held, would have au-
thority to issue an order covering the
banks in the District Of Columbia, and
might be granted authority by Congress
to put such a plan into effect through
out the Nation.
It Is not believed that Congress would
undertake to enact general law guar
anteeing an bank deposits.
The Presidents address was widely
acclaimed, although variously inter-
preted. It was regarded as q definite
statement that drastic action, If neces-
sary, would soon be taken to relieve
Senator Hiram johnson Of
California, one Of the Republicans who
supported Mr.. Roosevelt in the last
campaign, expressed the sentiments Of
many ProgTessives, when he said:
President Roosevelt;s inaugural address
had In it hope and more than that, real
courage. We have a new era, and II
we can Judge from today we have the
new man."
Senator Huey Long Of Louisiana, an
apostle of the redistribution of wealth,
read into the Roosevelt speech support
for his own pet theory.
TT looks to me-" said Senator Long,
like he said In plain words that wealth
must be decentralized, and with that,
by God, thoroughly agree"
Democrats Hail Address.
The Democratic leaders In Congress
hailed the Roosevelt address as q great
public document They expressed the
conviction that he would follow 1t up
with a message to the new Congress
clearly defining the steps which must
be taken, and that he would have bills
prepared to put his program into effect
President Roosevelts assertion that
there must be strict supervision of all
banking and credits and investments
was taken as q backing for the passage
of the Glass bank reform bill by the
new Congress, although he made no
mention of that measure by name. The
sion Just closed. but was pigeonholed In
the Banking and Currency Committee
Of the House.
So serious is the banking situation
and the problem which it. raises that
Democratic congressional leaders pre-
dicted last night the President would
at the opening Of the new Congress call
upon the legislators to deal with 1t to
the exclusion of all other business.
However, it was pointed out, that when
the President calls Congress into legis-
lative session it IS impossible to limit
the subjects which are to be considered
Undoubtedly, 1t Is said, when the bank
ing legislation has been disposed Of, the
new Congress will turn its attention to
other problems. among them farm re-
lief, and unemployment relief. on which
President Roosevelt has set his heart.
Urges Jobless Relief.
The Roosevelt inaugural address
while it dealt primarily with the pres
ent financial situation, also emphasized
the need of employment relief, and OF
the adoption Of measures to raise the
value Of agricultural products.
President Roosevelt also entered briefly
into the field Of international rela-
tions. He said. II would dedicate this
Nation to the policy Of the good neigh
bor-the neighbor who resomtely re-
spects himself and, because he does so
respects the rights of others-the neigh
Dor who respects his obligations and re-
spects the sanctity Of his agreements In
and with a world Of neighbors."
Into this part Of his speech will be
read a demand that all nations respect
international treaties and also that the
better nations give due weight to their
obligation to pay.
The inaugural address Of President
Roosevelt was the briefest and perhaps
the most important since the second in
augural address Of Abraham Lincoln in
1865. 1t was regarded last night as a
state paper Of the utmost significance