The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1933-06-16
payment clauses in existing or future

payment clauses in existing or future
contracts.
The securities act;
The measures putting federal agri
culture credit institutions under tn
; farm credit administration;
The $1,000 900 900 public works pro
gram, passed as part Of the indus
trial control bill;
The measure voting $500, 600, 900 TO,
direct relief grants to states;
The $500, 900, 900 deficiency bill
which provided the funds for many
: OF the ventures previously decided up.
on.
Can Bring Imitation
Among these latter falls the propos.
! al which gives him authority to bring
about initiation through open market
operations. Through the issuance Of
So 900 100000 in greenback currency
or by reducing the gold content Of the
dollar.
1t is doubtful that Roosevelt in
tended to ask any such power when
he took office but it soon was appar-
ent to him that billions were i'm
pounded in closed banks and that the
results of his governmental economies
were increasing deflation's downward
spin.
Initiation sentiment in congress was
running a high temperature. It was
doubtful that it could be cooled per-
manently even by q 4rigid white
house.
Roosevelt, with the quick assent Of
the majority Of congress, called fol
inflationary powers to use when and
If he saw fit.
A rise in commodities and securities
followed
Prior to the initiation venture the
administration had launched its farm
price raising program. It Jumped
many of the proposals congress has
talked about since the war and gave
Henry A. Wallace, secretary of agri-
culture, power to try any or all Of
them.
The president frankly described the
combination as an experiment.
The bill names nine basic commo-
dities, wheat, cotton, corn, hogs, cat.
tie, sheep, rice, tobacco and dairy
products.
AS an example OF how 1t can oper-
ate, Wallace could attempt to raise
the price of wheat by leasing land and
taking it out of production.
Tax Goes to Farmer
Or he might decide to cause the
miller to pay few cents q bushel ir
tax on the grain he processed. This
tax would 60 to the farmer to hoist
his original price. Then the levy
would be passed on to the consumer
the theory being that the farmers
purchasing power must be restored be.
fore prosperity settled down for any
thing resembling q permanent stay.
There were other ways provided *
boost the price Of wheat. Trade agree.
ments could be worked out with the
handler of the commodity whereby hi
would pay minimum price for it. In
turn, the government would work on,
an agreement about the charge to the
customer.
All, any, or q medley could be ap.
piled to the other commodities.
The proposal framed for industry
was just as embracing, even more 50
perhaps. It followed the failure Of thu
Black bill, which would have re-
duced the number of working hour
for individuals to 80 hours weekly II
most plants.
The antitrust laws are set aside II
the industries control plan to permit
manufacturers to join In voluntar!
trade agreements. Their primary prr
pose would be to control production
spread employment and boost wages
Under these trade agreements TIL
government retains the power to force
recalcitrants into line by requirinl
them to obtain licenses before the!
may operate. The licenses will b.
forthcoming only on promises to com
ply with wage and production agree
ments which the federal authorities
will lay down.
Got Through At Close
This bill got through in the clos
Ing hours but so certain was the chle
executive 1t would pass that Hugh 8
Johnson, chosen in advance as ad
ministrator, had already been at worl
for weeks on plans to put 1t into ef
feet.
Conferees on the Glass Steagal
measure argued for weeks without re
suit but in the closing hours Of tn
session they tried once again.
Aided by a telephone call to tn
white house to hear once more wha
Roosevelt had to say, they emerge'
in a little while and announced a.
agreement.
This statute, unless modified, wi
lead to q unified national bankin
system. It directs enforcement Of Sc
curity affiliates from national banks
requires private banks to give u
either their investment business Q
deposit business. After July /, 1873
deposits up to 10000 will be guaran
teed and there are limited guarantee
for larger sums.
Passed weeks before, the securitie
act, as President Roosevelt said, tel
the seller also to beware. Protectio