The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-06-14
u. s. LAUNCHES
EPOCHAL TEST
IN ECONOMICS
Roosevelt Will Keep Firm
Hand on Helm of New
Organization.
CODES READY SOON
Plan for Fair Competition
May Be Prepared Before
Week End.
CODES READY SOON
BY Ruth fINNE 4
Times Special Writer


WASHINGTON, June 1.-THE
United States started today toward
its greatest economic experiment.
an attempt to substitute planned
economy for economic Individual
ism.
President Roosevelt. through a
cabinet committee consisting of the
secretaries of labor, commerce, agri-
culture and interior, will direct
policy and maintain close super
vision over the industrial recovery
organization, which is to be headed
by Gen. Hugh S. johnson.
This was disclosed following a
conference late Tuesday night,
called by the President at the White
House and attended by Secretaries
Perkins, Roper, Wallace, Ickes, At
torney- General Cummings, Budget
Director Douglas and General John
son.
Actual signing of the bill, which
congress sent to the President Tues
day. May be delayed until the or
ganization is perfected and the
President is ready to announce the
personnel, including the two ad-
visory committee representing capt.
tai and labor.
Code Soon Ready
Before the week is ended, the first
of the codes Of fair competition
which are the basis of the new deal
for labor and business may be ready
for approval.
Importance of the new expert
mont was emphasized today by
those who supported it and those
who opposed it, as final steps were
taken to make it law BY both
groups it is considered the most far
reaching measure enacted at a ses-
sion which has broken all records
for the number of major issues dealt
with.
we have enacted twentieth CEN
fury law to help solve twentieth
century social and economic prob
lems," Senator Robert F. Wagner
(Dem., N. ", one of those most
active in framing the bill, said in
an address delivered soon after the
final legislative red tape had been
disposed of.
Il believe the depression occurred
and was prolonged unduly because
we were trying to meet new issues
with outworn remedies.
Wrecked Trade, Commerce
To-day we have learned that en-
forced planleSSneSS DISCREPANCIES and
even wrecks trade and commerce.
We are going to develop a scientific
technique of planning in industry
which will equal our technique OF
producing goods.
we are going to solve the
economic problems of today with the
same realism and directness which
we applied to the problems of the
past. We shall move a step near
err to the social and economic justice
which we always have protested tc
approve"
Senator Wagner predicted that
the public works to be constructed
under the bill will provide a pay
roll for 3,000,00 men and women
which will be translated into q
rapid demand for consumers goods
Some Disappointment Voiced
The recovery bill becomes law with
tax provisions disappointing in some
respects to liberal members of the
senate and house of representatives
A final attempt to write compulsory
publicity for income tax returns into
the law failed in the senate Tuesday
afternoon by a close margin, whel
administration leaders rallied thei1
forces to try to bring about quick
adjournment.
Equally unsuccessful were at
tempts to force taxation of tax
exempt securities, to forbid price
fixing, and to require that the gov
eminent set a maximum profit fol
producers along with prices.
The measure, as finally approved
was almost exactly as prepared by
the administration.