Evening star., 1933-12-08
Mr.. A. HEAD LAUDS
ROOSEVELT DOLLAR
Johnson Tells Manufacturers
to Do Their Own Think
ing, Scoring Critics.
Continued From First Page.)

Continued From First Page.)
in Congress would instantly. on the
opening of the next session, impose or
him a fiat money law that would wreck
our economic system.
DO they now propose specific cut
in gold content, and If so what cut?
Nobody knows. One might as well f1iI
a coin and the President doesn't happen
to be a coin-f1ipper.
THE depreciationists say that prices
vary with the price of gold. They can't
prove It. They believe 1t. Well, the
President is giving that theory as care
full and complete a test as was ever
conceived.
But the test he has invented keeps
everything in his own control. II
preserves the credit of the United
States. BY buying gold he increases
tf2e gold reserve in our vaults and-i1
gold coverage Is an index of the sound
ness Of q currency-he increases that
coverage and fortifies that soundness.
He makes exports easier and import:
harder, so that, II a favorable balance
of trade be a criterion Of Federal credit
he enhances it. While-againSt the
terrors of a fifth hard Winter-he is
spending billions as we would spend
them in a war, he is balancing the
normal budget and covering emergency
spending with income sufficient for in
terest and amortization Of the debt fol
relief
I'm other words, from every measure
of currency value-gold coverage. favor
able trade balance, balanced budget
money on the face of the globe now
or Of opv other time
Experiment without Loss.
"The country is conducting monetary
experiment, but 1t did not throw away
body, soul and breeches to do 1t, as ii
would have done If it had gone head
long to the printing presses-either on
! the urging of the greenbackerS or on q
congressional rebound from the In
sistence of the inflexible 'one hundred
gold centers.'"
johnson listed as indications of ad-
ministration accomplishments: Ameri-
can Federation of Labor figures that
1000, 900 persons have been put on pay
rolls; codes operating; steel industry
asking code renewal; textile industry
reporting doubled pay rolls; mills pros
pering; continuous communities shar-
ing in the benefits; New York depart
ment stores reporting addition of 5000
to 1000 workers, and pay roll OF
S7,o00,00e: two mail order houses
with business $8,5O0,o0o above. Octo-
ber last year..
He recounted in detail the critical
labor of writing the coal code, noting,
ST have seen men get so sore at each
other they could commit mayhem some
time just because they got tired of see
ing the same face saying the same
things day after day, week after week,
and occasionally month after month. "
He urged his listeners to go to the
men who sat on those conferences and
ask If anybody tried to put them in
q straight jacket, or was dictatorial, or
they would give up the coal code. Ask
them how much Government has I'm
terfered with their business, and
whether they have self-government."
This administration has not i'm
posed one single code. It has never
delivered an ultimatum. Every code
came by agreement"
He emphatically asserted that N. r.
A. and President Roosevelt were COM
mitted to the principle of industrial
self f-government.
Il have been criticized for harsh
ness" he went on. IT have not been
harsh to the willing co-operators.
admit harshness to chiselers. I think
that is the very essence of our chance
for success.
An article in recent issue Of a
rabbidly opposing Chicago paper, by
the aid of two outright libels and a
score Of misstatements of fact sought
to create contrary picture about my
self-a clustering, roaring, fist-banging
martinez. No man can appraise him
self, and would not care except for its
effect on the public reaction on N. r. A.
! don't think I'm quite as loud as that. -
Referring to Representative Beck, Re-
publican of Pennsylvania, who recently
criticized the N. r. A., johnson said:
The Blue Eagle says he, is SYM
Dol Of economic bondage If it is, then
the Ten Commandments are q symbol
of social bondage and the Star OF Beth
lehem and the golden rule are stigmata
of slavery"
Securities Code Sought.
Robert e. Christie, jr., president of
the Investment Bankers Association,
sent letter yesterday to about $500
security dealers seeking their co-opera-
ton in the formulation of q code of
fair trade practices designed to compli-
ment the basic code already approved
by President Roosevelt.
Members who assent to the code,
Christie said, will be permitted to vote
on the fair practice provisions which
are being drafted and which must be
submitted to the National Recovery Ad-
ministration."
The New York retail code authority
was appealed to by the American Book
Sellers Association to stop predatory
price cutting" on books.
The book sellers delegation told the
authority that unless something Is done
some 1,500 retail book stores employing
5000 persons may be faced with bank
ruptcy.