Evening star. [volume] (Washington, D.C.) 1854-1972, 1933-03-05
Woodin Summons White House
Farley Of Reserve Officials
and Business Leaders.
ADNJTNTSTR ALTON BEGINS TASK
OF DRAFTING EMERGENCY LAWS
Inaugural Address Presages Presidential
Demand for War Powers,
if Necessary.
BY G. GOULD LINCOLN.

G.
the hirys Pres-
dent yesterday acted promptly last
night domestic problems that have existed IN
this country in almost 10 years.
Immediately reviewed the inaugural pa
his cabinet previously having been confirmed o
the Senate hurredy White House and went
special dealing with the banking crisis
meeting the announcement that Sec
summoned Federal Reserve Bank officials and
here this morning for conference at
unprecedented situation which has closed OF
restricted the operations of banks in 48 States
administration already was
drafting legislation and quick call for special session
of Congress early Wednesday appeared possible
President Roosevelt night, will announce the date
after meeting today with leaders
cabinet members assembled at the White House with
the address still ringing in their
ears Roosevelt had declared OF
public OF recent years that ne wouo ask
necessary for powers only President of the United
foreign foe to meet the emergency
Among Those to COME at White House.
Among conference at the White House
today Senator Robinson Of Arkansas DEM
Representative Raney OF Illinois, who
is soon to Speaker Tennessee
Democratic floor leader OF the House In the
President Roosevelt in his inaugural his
from the policy of lending lending
means bringing financial and industrial recovery He bit
tery Of this and other countries for
existing conditions
Plenty doorstep but generous use Of it languishes
is because the exchange mankind goods have failed
through and their have
admitted their failures Faced by failure OF credit
they have proposed only Stripped OF
profit which to induce people to follow their false
leadership they exhoons pleading teauy tor
restored confidence They rules Of generation of
They vion and when there no vision the
people perish"
President Declares for Quick Action
The President declared for quick action he
pared stricken nation require
fails to enact measures to meet ne naona
emergency, Roosevelt declared:
shall of duty that will then confront
me- for the remaining instrument 10
the crisis executive power TO wage war asaS VIC
emergency the that would be given 10 me we
invaded by foreign foe'
TWO safeguards the required to prevent
return of old there must be strict supervision
of all banking and Investments there must be an eno 10
speculation with other peoples money ana there must DC
adequate but sound These are the lines OF
presently Congress IN special session detained
fuhment and shall seek immediate assistance
of the 48 States"
10 days the National Legislature assemblies
nssenc that the President should not move
in this direction until his plans had been fully matured
Various Under Consideration.
MEANWHILE discussion of present crisis
can from suspension of gold payments to
of deposits and included possible suspension under the FED
era reserve act periods the basis Moth
ing came from indicate the President cone
plated the suspension Of gold payments which would
have the effect taking States of the gold standard
On there those in high places who ndi
step inevitable In vie" OF tne IRE
mendous gold Withdrawals from the banks
The suspension of the would in the opinion
o some of the leading members Of Congress- have bene
fetal would make an openly
limitation OF gold Withdrawals which way phras
inc of gold payments abandonment OF the strict
gold standard avoided Indicated II possible Revival
~ m Of clearing also
is being considered quarters came the demand
that placed under the Federal Reserve system
v doing awav with banking system which State
banks the Federal Reserve system This last plan
has method bringing about unified banking
banks Of deposits
called of all business shom loans Other kinds of bust
ness now banks would left to investment
panieS.
One proposal looked to the Government guarantee Of de-
posts in banks would be merely for the in checking
accounts and
Continued g.